ESYN on Nasdaq

HWH International Inc.

HWH International Inc. is an American wholesale-drugs company that raised $10.5 million in 2026 (SEC Form D).1 It is headquartered in Bethesda, Maryland.1 Its shares trade on Nasdaq under the symbol ESYN.1

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Last updated Oct 20, 2026.

Overview

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  • TickerESYN on Nasdaq1
  • IndustryWholesale-Drugs, Proprietaries & Druggists' Sundries1
  • HeadquartersBethesda, Maryland1
  • Incorporated inNV2
  • Business address4800 Montgomery Lane, Suite 210, Bethesda, Md 208142
  • Filer category, Emerging growth company2
  • Legal formCorporation

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Marketplace. On November 4, 2024, the Company announced the launch of its business-to-consumer marketplace, Hapi Marketplace.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

53.0%Gross margin5
-303.4%Net margin5
-30.8%Revenue growth, 20255
-100.4%Return on equity5
-$1.8MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue47¢$407.2K
  • Other costs48¢$412.3K
  • Income tax5¢$47.5K

Out of $866.9K in revenue.5 The company lost money this year.

Financial statements

Revenue65$866.9K in 2025+73120% since 2023
0$500.0K$1.0M$1.5M2023: $1.2K$1.2K20232024: $1.3M$1.3M2024+105776%2025: $866.9K$866.9K2025−31%
Gross profit65$459.7K in 2025−7% since 2023
0$200.0K$400.0K$600.0K$800.0K2023: $495.7K$495.7K20232024: $601.9K$601.9K2024+21%2025: $459.7K$459.7K2025−24%
Net income765-$2.6M in 2025
-$3.0M-$2.0M-$1.0M0$1.0M2022: $113.5K$113.5K20222023: -$1.1M-$1.1M20232024: -$2.7M-$2.7M2024+155%2025: -$2.6M-$2.6M2025−4%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Food & Beverage Revenue$866.9K$1.3M
Cost of revenue-$407.2K-$651.7K
Gross profit$459.7K$601.9K
General and administrative expenses-$3.5M-$2.8M
Impairment of convertible note receivable related party, and equity method investment - related party-$42.3K
Impairment loss on goodwill-$116.6K-$323.9K
Impairment of investment in Joint Venture-$14.2K
Total Operating expenses-$3.6M-$3.2M
Other income$121.5K$346.0K
Interest expense-$52.2K-$72.1K
Foreign exchange transaction gain (loss)$292.9K-$55.2K
Loss on disposal of marketable securities-$4.4K
Unrealized loss on marketable securities-$737
Gain on disposal of subsidiaries$383.7K
Loss from deconsolidation of subsidiaries-$21.6K
Gain on equity method investment - related party$5.8K
Loss on equity method investment - related party-$20.1K
Unrealized loss on convertible note receivable and warrants related party-$146.6K-$379.9K
Total Other non-operating income (expense)$578.2K-$181.3K
Loss before provision for income taxes-$2.6M-$2.8M
Income taxes-$47.5K
Net Loss-$2.7M-$2.8M
Less: Net loss attributable to non-controlling Interests-$27.3K-$15.8K
Net loss attributable to common stockholders-$2.6M-$2.7M
Foreign currency translation adjustment-$647.4K-$60.6K
Total comprehensive loss, net of tax:-$3.3M-$2.8M
Less Comprehensive loss attributable to non-controlling interests-$27.7K-$15.9K
Total Comprehensive loss attributable to common stockholders-$3.3M-$2.8M
Basic-$0.40-$0.76
Diluted-$0.40-$0.76
Basic6.6M shares3.6M shares
Diluted6.6M shares3.6M shares

Compare HWH International Inc. with another company

Corporate structure

HWH International Inc. sits at the top of its group. 12 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of HWH International Inc.

  • Ming Hui Liu Filed SCHEDULE 13D on HWH International Inc., latest Aug 17, 2026
  • Fai Chan Filed SCHEDULE 13D/A on HWH International Inc., latest Aug 11, 2026 (15 filings since Feb 10, 2022)
  • Hudson Bay Capital Management LP Filed SCHEDULE 13G/A on HWH International Inc., latest May 8, 2026 (4 filings since Dec 9, 2022)
  • FIR TREE CAPITAL MANAGEMENT LP Filed SC 13G/A on HWH International Inc., latest Nov 14, 2024 (2 filings since Feb 14, 2024)
  • AQR CAPITAL MANAGEMENT LLC Filed SC 13G/A on HWH International Inc., latest Feb 14, 2024 (2 filings since Feb 14, 2023)
  • Lighthouse Investment Partners, LLC Filed SC 13G/A on HWH International Inc., latest Feb 14, 2024 (2 filings since Feb 14, 2023)
  • WOLVERINE ASSET MANAGEMENT LLC Filed SC 13G/A on HWH International Inc., latest Feb 14, 2024 (2 filings since Feb 8, 2024)
  • ATW SPAC MANAGEMENT LLC Filed SC 13G/A on HWH International Inc., latest Feb 13, 2024 (2 filings since Feb 14, 2023)
  • BOOTHBAY FUND MANAGEMENT, LLC Filed SC 13G/A on HWH International Inc., latest Feb 13, 2024 (2 filings since Feb 4, 2022)
  • Saba Capital Management, L.P. Filed SC 13G/A on HWH International Inc., latest Feb 7, 2024 (2 filings since Apr 12, 2022)
  • Yakira Capital Management, Inc. Filed SC 13G/A on HWH International Inc., latest Jan 11, 2024 (2 filings since May 9, 2023)
  • MANGROVE PARTNERS IM, LLC Filed SC 13G/A on HWH International Inc., latest Feb 14, 2023 (2 filings since Feb 18, 2022)
  • HWH International Inc. Bethesda, Maryland
    • Alset F&B Holdings Pte. Ltd. Subsidiary · Singapore
    • Alset Robot Inc. Subsidiary · Nevada, United States
    • Hapi Cafe Inc. Subsidiary · Texas, United States
    • Hapi Cafe Korea Inc. Subsidiary · South Korea
    • Hapi Cafe SG Pte. Ltd. Subsidiary · Singapore
    • Hapi iRobot Pte. Ltd. Subsidiary · Singapore
    • Hapi Robot Inc. Subsidiary · Nevada, United States
    • Hapi Wealth Builder Limited Subsidiary · Hong Kong
    • Health Wealth Happiness Pte. Ltd. Subsidiary · Singapore
    • Ketomei Pte. Ltd. Subsidiary · Singapore
    • LEH Insurance Group, LLC Subsidiary · Texas, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What HWH International Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$19.2K5 Dec 31, 2025$33.6K5 Dec 31, 2024−43.0%
Operating-lease assets (leased space)$92.7K5 Dec 31, 2025$548.8K5 Dec 31, 2024−83.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.1M5 Dec 31, 2025$4.3M5 Dec 31, 2024−52.0%
Marketable securities, current$13.3K6 Dec 31, 2024
Long-term investments$1.5K5 Dec 31, 2025$1405 Dec 31, 2024+993.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$116.6K5 Dec 31, 2025$05 Dec 31, 2024

Inventory

ItemLatestA year beforeChange
Inventory, total$1.1K5 Dec 31, 2025$1.6K5 Dec 31, 2024−32.8%
Finished goods$1.6K6 Dec 31, 2024$2.0K6 Dec 31, 2023−20.4%

Properties, in its own words

Our executive offices are located at 4800 Montgomery Lane, Suite 210, Bethesda, MD 20814, and our telephone number is (301) 971-3955.

At the present time, our majority stockholder is temporarily providing us office space at no cost. We consider our current office space adequate for our current operations.

Item 2 of the 10-K filed Mar 26, 2026.4

Leadership

Who has led HWH International Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Fai Chan2022–now

Chair

  1. Fai Chan2022

Chief financial officer

  1. Rongguo Wei2022–now

Chief operating officer

  1. Anthony S. Chan2024
  2. Sheng Hon Danny Lim2026–now
2025
Board members and other officers (5)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorDANNY SHENG HON LIM named Aug 25, 202619
  • Executive Officer, DirectorHENG FAI CHAN named Jun 29, 2026 to Aug 25, 202619
  • DirectorCHANG HUI LIU named Aug 25, 202619
  • DirectorMING HUI LIU named Aug 25, 202619
  • DirectorMING XING LIU named Aug 25, 202619
  • DirectorWILLIAM WAI LEUNG WU named Jun 29, 2026 to Aug 25, 202619

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Alset F&B Holdings Pte. Ltd. Singapore3
  • Alset Robot Inc. Nevada3
  • Hapi Cafe Inc. Texas3
  • Hapi Cafe Korea Inc. Republic of Korea3
  • Hapi Cafe SG Pte. Ltd. Singapore3
  • Hapi Robot Inc. Nevada3
  • Hapi Wealth Builder Limited Hong Kong3
  • Hapi iRobot Pte. Ltd. Singapore3
  • Health Wealth Happiness Pte. Ltd. Singapore3
  • Ketomei Pte. Ltd. Singapore3
  • LEH Insurance Group, LLC Texas3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Alset Capital Acquisition Corp.Dec 20, 2021 to Jan 8, 20242

Timeline

  1. Sep 18, 20268-K Bylaws or fiscal year changed20
  2. Sep 11, 20268-K Entered a material agreement; Other events21
  3. Sep 1, 20268-K Executive or director change; Other events22
  4. Aug 10, 20268-K Entered a material agreement; Unregistered sale of shares; Change in control23
  5. Jul 29, 20268-K Other events24
  6. Jun 9, 20268-K Entered a material agreement; Unregistered sale of shares25
  7. May 29, 20268-K Listing notice or transfer26
  8. May 27, 20268-K Entered a material agreement; Unregistered sale of shares27
  9. May 7, 20268-K Entered a material agreement; Ended a material agreement; Executive or director change28
  10. Feb 6, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares29
  11. Dec 1, 20258-K Executive or director change30
  12. Nov 20, 20258-K Shareholder vote31
  13. Feb 10, 2022New chief executive Fai Chan becomes CEO11

Filings

261 filings to the SEC since October 2021: 4 annual reports, 14 quarterly reports, 68 major events, 40 insider forms, 44 large holders, 2 private raises, 89 other. The latest 20:

  1. Sep 18, 20268-K EDGAR
  2. Sep 11, 20268-K EDGAR
  3. Sep 1, 20268-K EDGAR
  4. Aug 25, 2026D EDGAR
  5. Aug 17, 2026SCHEDULE 13D EDGAR
  6. Aug 17, 20263 EDGAR
  7. Aug 17, 20263 EDGAR
  8. Aug 17, 20263 EDGAR
  9. Aug 11, 2026SCHEDULE 13D/A EDGAR
  10. Aug 11, 20264 EDGAR
  11. Aug 11, 20264 EDGAR
  12. Aug 11, 20264 EDGAR
  13. Aug 11, 20264 EDGAR
  14. Aug 11, 20264 EDGAR
  15. Aug 11, 20264 EDGAR
  16. Aug 10, 20268-K EDGAR
  17. Aug 7, 2026SCHEDULE 13D/A EDGAR
  18. Aug 7, 20264 EDGAR
  19. Jul 30, 202610-Q EDGAR
  20. Jul 29, 20268-K EDGAR

The 261 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

15 open-market trades by officers, directors and large owners since October 2021: 8 buys and 7 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 8, 2026Chan Heng Fai AmbroseChief Executive OfficerBuy250,000$2.00$500.0KForm 4
Mar 30, 2026Alset Inc.10% ownerSale100,390$0.98$98.4KForm 4
Dec 24, 2024Alset Inc.10% ownerBuy1,300,000$0.45$585.0KForm 4
Nov 25, 2024Chan Heng Fai AmbroseChief Executive OfficerBuy4,411,764$0.68$3.0MForm 4
Sep 24, 2024Alset Inc.10% ownerBuy6,034,537$0.63$3.8MForm 4
Jan 10, 2024WOLVERINE ASSET MANAGEMENT LLCBuy200,165$10.66$2.1MForm 4
Nov 30, 2023Chan Heng Fai AmbroseChief Executive OfficerSale40,400$10.60$428.2KForm 4
Oct 17, 2023Yakira Capital Management, Inc.Sale114$10.79$1.2KForm 4
Sep 14, 2023Yakira Capital Management, Inc.Sale4,565$10.77$49.2KForm 4
Sep 11, 2023Yakira Capital Management, Inc.Sale8,221$11.11$91.3KForm 4
Aug 28, 2023Yakira Capital Management, Inc.Sale12,000$10.83$130.0KForm 4
Aug 25, 2023Yakira Capital Management, Inc.Sale45,792$11.08$507.4KForm 4
Aug 4, 2023Chan Heng Fai AmbroseChief Executive OfficerBuy410$7.39$3.0KForm 4
Aug 3, 2023Chan Heng Fai AmbroseChief Executive OfficerBuy31,871$7.68$244.7KForm 4
Aug 2, 2023Chan Heng Fai AmbroseChief Executive OfficerBuy32,519$6.53$212.4KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 10, 2026Raised $10 million in a private offering of equity Form D: 1 investor so far Form D
  2. Jun 8, 2026Raised $500,000 in a private offering of equity Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Citadel Advisors LLC31,455$44.7K0.0%New
Geode Capital Management, LLC21,539$30.6K0.0%−614
Vanguard Capital Management LLC17,751$25.2K0.0%No change
Vanguard Fiduciary Trust Co3,241$4.6K0.0%−19
UBS Group AG319$4530.0%−125
Clear Street Group Inc.20$280.0%No change
Virtu Financial LLC10,580$150.0%New
Citigroup Inc9$130.0%−1,735

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How HWH International Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHWH International Inc.1
  • CIK0001897245
  • Employer ID (EIN)87-32961004
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company4
  • Incorporated inNevada4
  • Fiscal year endsDecember 311
  • Industry code (SIC)5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address4800 Montgomery Lane, Suite 210, Bethesda, MD 208141
  • Phone301-971-39551
  • Shares outstanding7,726,400 as of Jul 30, 20269
  • Public float$2.0M as of Jul 1, 20254
  • AuditorHTL International, LLC, Houston, Texas PCAOB ID 7000; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceDec 20, 20211
  • Filings267 in all: 8-K (66), 4 (30), CORRESP (22), 3 (16), 10-Q (14), SC 13G (13), SC 13G/A (13), UPLOAD (13)1
    All 38 form types

    S-4/A (8), SC 13D/A (7), SCHEDULE 13D/A (7), S-1/A (6), DEF 14A (5), DEFA14A (5), 10-K (4), EFFECT (4), DEF 14C (3), PRE 14A (3), PRE 14C (3), S-1 (3), 424B3 (2), 424B4 (2), 8-K/A (2), D (2), 144 (1), 25-NSE (1), 8-A12B (1), CERT (1), DEFM14C (1), DRS (1), DRS/A (1), PREM14C (1), S-4 (1), S-8 (1), SC 13D (1), SCHEDULE 13D (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 26, 2026
    Quarterly report (10-Q) Jul 30, 2026
    Proxy statement (DEF 14A) Oct 9, 2025
    Latest 8-K (8-K) Sep 18, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per shareHWHNasdaq

From the cover page of the 10-K filed Mar 26, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

Legal proceedings

The Company is not a party to any material pending legal proceedings.

There are no material proceedings to which any director, officer or affiliate of the Company, or any owner of record or beneficially of more than five percent of any class of voting securities of the Company, or any associate of any such director, officer, affiliate of the Company, or security holder is a party adverse to the Company or any of its subsidiaries or has a material interest adverse to the Company or any of its subsidiaries.

The opening of Item 3, Legal Proceedings.4

Sources

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