Alset

Share issuance and related‑party deals dominate.

In July 2025 Alset acquired NEAPI from its CEO for an 83 million convertible note promptly converted into 27.67 million shares, lifting shares outstanding from 9.2 million to 39.4 million in 2025. 2025 also recorded a 30.08 million equity‑method impairment and 2.42 million of stock‑based compensation, and the company actively trades/loans with affiliates.

In 2026 a planned 19.9 million Hapi Metaverse share sale to HWH was announced and then terminated. This pattern does not meet our standard for disciplined, outsider‑quality capital allocation.