SCHEDULE: Kunlun Entities Adjust Opera Stake Amid Buyback

Opera Limited's major shareholders, Kunlun entities, have updated their Schedule 13D filing to reflect ongoing share repurchases by the company, maintaining their proportionate ownership.

Summary

• This filing is an amendment to a Schedule 13D, reporting changes in beneficial ownership of Opera Limited's ordinary shares.
• The reporting persons, including Hong Kong Kunlun Tech Holding Limited (KTL), Kunlun Group Limited (KGL), Kunlun Tech Co., Ltd. (KTC), and Mr. Yahui Zhou, have updated their disclosures.
• KTL sold 1,134,770 ordinary shares to Opera Limited on September 22, 2026, for approximately $21.4 million.
• Additionally, KTL sold 665,995 ordinary shares to Opera Limited on June 26, 2026, for approximately $10.7 million.
• These sales are part of a Stock Purchase Agreement allowing KTL to realize liquidity through Opera's share repurchase program on a pro-rata basis.
• Following these transactions, the reporting persons collectively beneficially own 59,280,804 ordinary shares, representing approximately 67.9% of the outstanding shares.
• The percentage of shares outstanding is based on 87,311,171 ordinary shares as of September 22, 2026.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as neutral to slightly positive, reflecting ongoing share repurchases and a stable, albeit adjusted, ownership structure. The continued participation in the buyback program indicates management's confidence in the company's valuation.

Positives

• The company continues its share repurchase program, indicating confidence in its valuation.
• The reporting persons are maintaining their proportionate ownership interest despite ongoing share sales.
• KTL is able to realize liquidity through participation in the company's buyback program.

Negatives

• Ongoing sales of shares by KTL, even if pro-rata, represent a reduction in direct holdings by a major shareholder.
• The aggregate beneficial ownership percentage, while high, has decreased from previous filings due to the share sales.

Risks

• The Stock Purchase Agreement remains in effect, suggesting potential for further share sales by KTL.
• Future market conditions, the Issuer's business and financial position, and other investment opportunities could lead to further changes in investment strategy by the reporting persons.

Future Outlook

The reporting persons expect that KTL will continue to sell additional Ordinary Shares to the Issuer at subsequent closings under the Stock Purchase Agreement, in amounts determined by Annex A, as long as the agreement is in effect and the Issuer continues its ADS repurchase program. The reporting persons will continue to review their investment and may take actions such as purchasing or disposing of shares.

Management Comments

• The purpose of these dispositions remains, as previously reported, to allow KTL to realize liquidity through participation in the Issuer's share repurchase program on a pro rata basis while the Reporting Persons generally maintain their approximate proportionate ownership interest in the Issuer.
• The Reporting Persons intend to review their investment in the Issuer on a continuing basis and, depending upon various factors, including market conditions, the Issuer's business and financial position, and other investment opportunities, the Reporting Persons may take such actions with respect to their investment as they deem appropriate, including purchasing additional Ordinary Shares, disposing of Ordinary Shares, or engaging in discussions with management or the Board of Directors of the Issuer.

Industry Context

StockSavvy.ai notes that this filing pertains to a Schedule 13D amendment, which is common for significant shareholders adjusting their stakes. Opera Limited's engagement in share repurchases, coupled with a major shareholder's participation via a stock purchase agreement, suggests a strategy to manage shareholder returns and potentially signal undervaluation, a trend seen across various tech and internet companies.

Related Party Transactions

• Sale of 1,134,770 Ordinary Shares by KTL to Opera Limited on September 22, 2026, for approximately $21.4 million.
• Sale of 665,995 Ordinary Shares by KTL to Opera Limited on June 26, 2026, for approximately $10.7 million.
• These transactions are conducted under a Stock Purchase Agreement between KTL and Opera Limited, facilitating KTL's participation in the Issuer's share repurchase program.

Stakeholder Impact

• Shareholders: The ongoing share repurchases by Opera Limited could potentially increase earnings per share and the value of remaining shares. The continued significant ownership by Kunlun entities suggests stability in the major shareholder base.
• Creditors: No direct impact mentioned.
• Employees: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Customers: No direct impact mentioned.

Next Steps

• KTL is expected to sell additional Ordinary Shares to the Issuer at subsequent closings under the Stock Purchase Agreement.
• The reporting persons will continue to review their investment and may take further actions regarding their holdings.

Key Dates

Recommendation

The filing indicates ongoing, planned transactions under an existing agreement related to share repurchases. While the sales by KTL reduce their direct stake, the maintenance of proportionate ownership and the company's continued buyback program suggest a stable, albeit evolving, shareholder structure. There are no new significant strategic developments or financial performance indicators that would warrant a change in investment stance based solely on this amendment.

Keywords

Opera Limited, Schedule 13D, Beneficial Ownership, Share Repurchase, Stock Purchase Agreement, Kunlun Tech, Hong Kong Kunlun Tech Holding Limited, Insider Trading