Analogies for Alset (AEI):

• Lennar for smart, sustainable communities.

• Real Estate Development: Develops and sells residential properties, often integrating smart home technology and green living concepts.
• Biohealth Services: Provides healthcare solutions and wellness programs, including potential ventures in medical technology and diagnostics.
• Food & Beverage Operations: Owns and operates a portfolio of restaurants and other food-related businesses.

Alset Inc. (symbol: AEI) operates as a diversified holding company with three core business segments: Property Development, Hospitality, and Technology Solutions.

Based on its public filings, Alset Inc. does not disclose any specific major customers (individual companies or entities accounting for 10% or more of its revenue). This indicates that its revenue is derived from a diverse base of customers across its various business segments rather than being concentrated with a few large clients.

Given the nature of its operations and the lack of specific named major corporate customers, Alset serves the following categories of customers:

• Individuals purchasing residential properties: This includes homebuyers for its residential developments in the United States and Malaysia, as well as purchasers of luxury condominiums (e.g., within The St. Regis Chicago development).
• Individuals utilizing hospitality services: These are hotel guests and travelers staying at properties like The St. Regis Chicago, consuming hotel amenities, and related services.
• Businesses and Investors: This broad category includes entities that acquire commercial properties (e.g., office spaces, retail units) from Alset's property development segment, businesses that contract for IT solutions and services from its technology solutions segment, and corporate clients or organizations that book events, conferences, or group accommodations at its hospitality properties.

Chan Heng Fai, Chairman of the Board and Chief Executive Officer

Mr. Chan Heng Fai, also known as Ambrose Chan, founded Alset Inc. and has served as its Chairman of the Board and Chief Executive Officer since its inception in March 2018. With over 40 years of experience in banking and finance, he specializes in financial restructuring and corporate transformation. He has successfully restructured more than 35 corporations across various industries and countries. Notable companies he built, rescued, or transformed include American Pacific Bank (USA), which he acquired in 1987, brought out of bankruptcy, and grew into a NASDAQ-listed bank before its merger into Riverview Bancorp Inc. He also transformed China Gas Holdings Limited from a failing fashion retail company into an industry leader and grew Heng Fai Enterprises Limited (now Zensun Enterprises Limited) significantly before ceding controlling interest. Additionally, he served as the Managing Director of SingHaiyi Group Ltd., transforming it into a property investment and development company before ceding controlling interest.

Tung Moe Chan, Co-Chief Executive Officer and Executive Director

Mr. Tung Moe Chan was appointed Co-Chief Executive Officer of Alset Inc. in July 2021. He previously served as the Group Chief Development Officer and Executive Director of Singapore Exchange-listed Alset International Limited. His background includes significant leadership roles, such as the Group Chief Operating Officer of Hong Kong Exchange-listed ZH International Holdings Ltd (formerly Heng Fai Enterprises Ltd) and Executive Director and Chief of Project Development of Singapore Exchange-listed SingHaiyi Group Ltd. He possesses a diverse background and experience in property, hospitality, investment, technology, and consumer finance. Mr. Chan holds Master's Degrees in Business Administration and Electro-Mechanical Engineering, and a Bachelor's Degree in Applied Science. He is the son of Chan Heng Fai.

Wai Leung Alan Lui, Co-Chief Financial Officer and Co-Principal Accounting Officer

Mr. Wai Leung Alan Lui serves as a Co-Chief Financial Officer and Co-Principal Accounting Officer for Alset Inc.

Rongguo Ronald Wei, Co-Chief Financial Officer and Co-Principal Accounting Officer

Mr. Rongguo Ronald Wei holds the position of Co-Chief Financial Officer and Co-Principal Accounting Officer at Alset Inc. He has been actively involved in the company's financial reporting, as evidenced by his signing of an 8-K filing as Co-Chief Financial Officer in July 2025.

Charles W. MacKenzie, Chief Development Officer

Mr. Charles W. MacKenzie is the Chief Development Officer of Alset Inc. He possesses vast experience within the real estate industry.

The accelerating adoption of advanced construction technologies, such as large-scale 3D printing and highly industrialized modular construction, by competitors. These emerging methods enable significantly faster development cycles, lower construction costs, and reduced labor dependency, presenting a direct challenge to Alset's traditional real estate development processes and potentially leading to a loss of competitive advantage in efficiency and market responsiveness.

Alset Inc. (NASDAQ: AEI) is a diversified holding company with operations spanning several key sectors in various regions. The addressable markets for its main products and services are substantial, with a focus on real estate, digital transformation technologies, biohealth, and a growing presence in the electric vehicle (EV) sector.

Real Estate

Alset's Real Estate segment focuses on developing EHome communities, other real estate projects, land subdivision, and house rental properties. The company has operations in the United States, Singapore, Hong Kong, Australia, South Korea, and the People's Republic of China.

• Asia Pacific Real Estate Market: The real estate market in the Asia Pacific region generated approximately USD 2,198.1 billion in revenue in 2024 and is projected to reach USD 3,182.9 billion by 2030, with the residential segment being the largest. Another estimate values the Asia-Pacific real estate market at USD 1.2 trillion.
• Global Smart Home Market (relevant for EHome communities): The global smart home market was estimated at USD 183.2 billion in 2024 and is expected to grow to USD 414.2 billion by 2034. The Asia Pacific smart home market is projected to account for 33.2% of the global market in 2024 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.9% between 2025 and 2034. North America held the largest share of the global smart home market at 36.15%.

Digital Transformation Technology

This segment provides services in blockchain, e-commerce, social media, artificial intelligence (AI) customer service applications, and metaverse services, with a focus on business-to-business (B2B) solutions.

• Global Digital Transformation Market: The global digital transformation market was valued at approximately USD 721.6 billion in 2022 and is projected to reach USD 6.8 trillion by 2032, growing at a CAGR of 25.4% from 2023 to 2032. North America dominated this market with over 43.0% share in 2024, and the Asia-Pacific region is expected to experience the fastest growth.
• Global B2B E-commerce Market: The global business-to-business e-commerce market size was estimated at around USD 18.67 trillion in 2023 and is projected to reach USD 57.58 trillion by 2030. North America held approximately 40% of the market share in 2023 and is forecast to be the fastest-growing region with a 17.2% CAGR from 2025 to 2030.
• Global Blockchain Market: The global blockchain market was valued at USD 29.62 billion in 2024 and is expected to reach USD 2,264.66 billion by 2032. The Asia-Pacific region is noted as the highest-growing market, with a CAGR of 30.5% during the 2024-2030 forecast period.
• Global AI for Customer Service Market: The global AI for customer service market size was valued at USD 12.32 billion in 2024 and is expected to reach USD 75.14 billion by 2032. North America held the largest revenue share of 43.5% in 2024.

Biohealth

Alset's Biohealth segment is involved in developing, researching, testing, manufacturing, licensing, and distributing biohealth products and services through various channels.

• Global Nutraceuticals Market: The global nutraceuticals market, a relevant sub-segment, was valued at approximately USD 580.35 billion in 2024 and is expected to reach around USD 1,055.21 billion by 2034. The Asia Pacific region dominated this market with a 38.9% share in 2024. North America accounted for over 31.8% of the global revenue in 2024.

Electric Vehicle (EV) and Charging Infrastructure

Alset has recently been noted for its "New Energy" initiative, including a partnership to accelerate the electrification of taxis in Hong Kong, targeting 5,000 electric taxis.

• Hong Kong EV Charging Stations Market: This market is estimated at US$47.033 million in 2024 and is anticipated to expand to US$146.683 million by 2029. As of September 2025, there are approximately 15,578 public EV chargers in Hong Kong.
• Hong Kong Electric Vehicle Market: The EV market in Hong Kong is projected to grow at an annual rate (CAGR) of 8.3% between 2025 and 2029, reaching a market volume of HKD 2.0 billion by 2029.
• Global Electric Vehicle Charging Infrastructure Market: The global market size was estimated at USD 37.98 billion in 2024 and is predicted to grow to approximately USD 415.58 billion by 2034. The Asia Pacific region accounted for USD 25.43 billion of this market in 2025 and held a 67.4% share in 2024.

Here are 3-5 expected drivers of future revenue growth for Alset (AEI) over the next 2-3 years:

1. Expansion of EHome Communities and Sustainable Real Estate Projects: Alset Inc. is focused on the ongoing development of EHome communities and other real estate projects, emphasizing sustainable and healthy living solutions. This focus on specific, potentially in-demand real estate offerings is expected to drive future revenue.
2. Growth in Digital Transformation Technology: The company is actively exploring opportunities in digital transformation technology to diversify its revenue streams. While this segment did not generate significant revenue in 2024, its continued exploration and potential future development represent a growth driver.
3. Development of Biohealth Activities: Similar to digital transformation, Alset Inc. is exploring opportunities in the biohealth segment for revenue diversification. This emerging area, despite not being a significant revenue contributor in 2024, is identified as a potential future growth area.
4. Diversification into Other Business Activities and Consumer Products: Beyond its core real estate and nascent technology and biohealth segments, Alset Inc. is broadly exploring "other business activities to diversify its revenue streams" and operates in consumer products. This broad diversification strategy, across its operational geographies including the United States, Singapore, Hong Kong, Australia, and South Korea, presents multiple avenues for new revenue generation.

Share Repurchases

• In September 2025, Alset Inc. expanded its existing stock repurchase program by authorizing the repurchase of up to an additional $1 million of its common stock.
• Prior to this, the company had spent approximately $392,000 to repurchase 284,462 shares under its existing program.
• A new stock repurchase program authorizing up to $1 million of common stock buybacks was announced in June 2025, set to run until December 31, 2025, or until the authorized amount is fully utilized.

Share Issuance

• Shareholders have experienced substantial dilution, with total shares outstanding growing by 323.6% in the year leading up to a recent filing.
• As of September 29, 2025, Alset reported 39,117,324 shares of common stock outstanding.
• Alset's net common equity issued/repurchased from 2020 to 2025 has fluctuated, with specific details found in annual and quarterly reports.

Inbound Investments

• Alset Inc. entered into a convertible credit agreement with Value Exchange International Inc., providing a maximum credit line of $1,500,000, as detailed in its quarterly 10-Q report filed in November 2024.

Outbound Investments

• Alset Inc. completed a reorganization of its home rental business on January 13, 2023, becoming the direct owner of AHR and its subsidiaries that collectively owned 112 single-family rental homes.
• Alset F&B One Pte. Ltd. and Alset F&B (PLQ) Pte. Ltd., subsidiaries of Alset, each acquired restaurant franchise licenses at the end of 2021 and 2022, respectively, to operate Killiney Kopitiam restaurants in Singapore.
• Alset holds a 41.5% ownership interest in New Energy Asia Pacific Company Limited.

Capital Expenditures

• In the last 12 months, capital expenditures were approximately -$212,102, contributing to a free cash flow of $4.47 million.
• The company's real estate segment, including property sales from the Lakes at Black Oak Project and the development of Alset Villas near Houston, Texas, represents a primary focus for capital allocation.
• In 2021, a subsidiary, Alset EHome Inc., acquired approximately 19.5 acres of partially developed land near Houston, Texas, for the development of the Alset Villas community.