Alset Inc (NASDAQ: AEI) is a diversified holding company that operates across real estate, biohealth, financial services, and food and beverage through a collection of majority-owned subsidiaries. Revenue comes from rental income on single-family homes in Texas, food and beverage sales at cafe outlets in Singapore and South Korea, and activity across financial network subsidiaries targeting banking and nonbanking financial companies in the United States and Asia. The company trades on the Nasdaq Capital Market under the symbol AEI, formerly operated under the name HF Enterprises Inc. and later Alset EHome International Inc., and has been listed on Nasdaq since November 24, 2020. As of March 31, 2026, the company had five shareholders of record. Alset has not paid any dividends on its common stock since inception. Chairman, CEO, and largest stockholder Chan Heng Fai controls the company and is also a counterparty in material related-party transactions, including a $103,750,000 convertible promissory note for the proposed acquisition of New Energy Asia Pacific Inc.

Revenue model

Rental income from 132 single-family homes in Montgomery and Harris Counties, Texas, acquired by December 31, 2022 at an aggregate cost of $30,998,258. Food and beverage sales through Killiney Kopitiam franchise restaurants and Hapi Cafe outlets in Singapore and South Korea. Financial services activity through American Pacific Financial Inc., which targets equity positions in banks and nonbanking financial companies.

Products and services

Single-family residential rental homes in Texas (132 homes as of December 31, 2022). Killiney Kopitiam franchise restaurants in Singapore (traditional coffee, tea, and local dishes). Hapi Cafe outlets in Singapore and Seoul, South Korea. American Pacific Financial Inc., a financial network holding company targeting banks, loan syndication, mortgage banking, trust and escrow, banking technology, and SPAC consulting services. New Energy Asia Pacific Inc. (NEAPI), which owns 41.5% of New Energy Asia Pacific Limited, a Hong Kong corporation.

Customers and end markets

Residential tenants in Montgomery and Harris Counties, Texas. Cafe and restaurant customers in Singapore and South Korea. Financial institution investors and banking sector targets in the United States, Southeast Asia, Taiwan, Japan, and South Korea.

Value-chain role

Holding company that acquires and operates subsidiaries across real estate, food and beverage, biohealth, and financial services. Acts as acquirer of equity stakes in banks and financial companies through American Pacific Financial Inc. Manages single-family rental homes through subsidiary American Home REIT Inc. Sold substantially all real estate assets via a distribution through Alset Real Estate Holdings Inc. completed August 18, 2025, with an aggregate fair market value of approximately $34.8 million.

Geographic exposure

United States (Texas, single-family rental homes). Singapore (Killiney Kopitiam restaurants, Hapi Cafe). South Korea (Hapi Cafe, Seoul). Target markets for financial services include the United States, Southeast Asia, Taiwan, Japan, and South Korea.

Source: SEC 10-K, filed 2026-03-31

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