SCHEDULE: Co-CEO Teoh Pui Pui Reduces Stake in Mobile-health

Mobile-health Network Solutions' Co-CEO, Teoh Pui Pui, has reduced her beneficial ownership to 4.0% of Class A Ordinary Shares after recent transactions.

Summary

• Teoh Pui Pui, Co-CEO, COO, and Chairwoman of Mobile-health Network Solutions, filed an amendment to her Schedule 13D.
• Between November 21, 2025, and December 18, 2025, she purchased 18,800 Class A Ordinary Shares for an aggregate consideration of $21,480.56 and sold 2,950 Class A Ordinary Shares for an aggregate consideration of $11,689.03.
• Following these transactions, her beneficial ownership stands at 126,446 Class A Ordinary Shares.
• This represents approximately 4.0% of the outstanding Class A Ordinary Shares, based on 3,186,999 shares outstanding as of January 20, 2026.
• Her ownership fell below the 5% threshold on November 25, 2025, triggering this amendment.
• The stated purpose of the transactions was for investment.

Sentiment

Score: 4

Explanation: The sentiment is moderately negative due to the Co-CEO reducing her stake below 5% and the company's ongoing share sales through ATM/SEPA programs, which could signal dilution or a need for capital, despite some insider purchases.

Positives

• The Co-CEO maintains a significant beneficial ownership of 126,446 Class A Ordinary Shares, representing 4.0% of the company.
• The Co-CEO also purchased 18,800 shares for $21,480.56 during the reporting period, indicating some continued investment.

Negatives

• The Co-CEO's beneficial ownership percentage has decreased, falling below the 5% threshold on November 25, 2025.
• The Co-CEO sold 2,950 shares for $11,689.03 during the reporting period.
• The company itself has been selling shares through its ATM and SEPA programs, which could indicate dilution or a need for capital.

Risks

• The company's Co-CEO reducing her stake below 5% could be perceived negatively by investors, potentially signaling a lack of confidence or a shift in personal investment strategy.
• The Issuer's use of ATM (At-The-Market) and SEPA (Standby Equity Purchase Agreement) programs suggests ongoing share sales, which can lead to dilution for existing shareholders.

Future Outlook

The filing does not provide specific forward-looking statements or guidance regarding the company's future performance or strategic direction, focusing solely on the reporting person's share ownership changes.

Management Comments

• The Reporting Person purchased 18,800 Class A Ordinary Shares for an aggregate consideration of $21,480.56 and sold 2,950 Class A Ordinary Shares for an aggregate consideration of $11,689.03.
• Following these transactions, the Reporting Person beneficially owns 126,446 Class A Ordinary Shares.
• The Reporting Person's ownership of Class A Ordinary Shares fell below 5% for the first time and has remained below 5% as of the date of this filing.
• The purpose of the transaction was for investment.

Industry Context

This filing, a Schedule 13D/A, primarily details an insider's change in beneficial ownership. While it doesn't directly discuss broader industry trends, the mention of the Issuer selling shares through ATM and SEPA programs suggests potential capital-raising activities, which are common across various industries for growth or operational funding, but can also signal financial needs or a strategy to manage dilution.

Comparison to Industry Standards

• Insider selling, especially by a Co-CEO and Chairwoman, can be viewed with caution by investors, as it might suggest a lack of confidence, although personal financial planning is also a common reason.
• The company's use of ATM and SEPA programs for share sales is a standard mechanism for public companies to raise capital efficiently, but the frequency and volume of such sales would need to be compared to peers in the mobile-health sector to assess if it's an aggressive or typical approach.
• Without specific financial performance metrics or strategic updates in this filing, a direct comparison to industry benchmarks like revenue growth, profitability, or market share of comparable mobile-health companies (e.g., Teladoc Health, Amwell, Livongo Health before acquisition) is not possible.

Stakeholder Impact

• Shareholders: Potential dilution from the company's ATM and SEPA programs. The Co-CEO's reduced stake might lead to concerns about insider confidence.
• Management: The Co-CEO continues to hold a significant stake, aligning her interests with the company's performance, though at a reduced percentage.

Next Steps

• The filing does not explicitly mention any future actions, events, or milestones beyond the reporting of the ownership change.

Key Dates

Recommendation

While the Co-CEO's reduction in stake below 5% and the company's ongoing share sales through ATM/SEPA programs could be viewed negatively, the Co-CEO still retains a substantial 4.0% ownership and made some purchases during the period. This mixed signal, combined with the lack of broader financial or strategic updates in this specific filing, suggests a 'hold' recommendation. Investors should monitor future filings for more comprehensive financial results and strategic direction before making a definitive 'buy' or 'sell' decision.

Keywords

Mobile-health Network Solutions, Teoh Pui Pui, Schedule 13D/A, Insider Trading, Share Ownership, Class A Ordinary Shares, Beneficial Ownership, CEO Stake, Dilution, ATM Program, SEPA Program