Think of Alset as a diversified holding company, much like a mini-Berkshire Hathaway, that directly operates in real estate, digital technology, and biohealth.

• Real Estate Development: Developing, managing, and participating in property projects, including land subdivision and house rental properties.
• Digital Transformation Technology Services: Providing consulting, implementation, and development services for technologies like blockchain, e-commerce, and social media, alongside a business-to-business technology platform.
• Biohealth Product Development & Distribution: Researching, developing, manufacturing, and distributing biohealth products and related services.
• Corporate Advisory & Management Services: Offering expertise in corporate strategy, business development, asset management, corporate restructuring, and leveraged buy-outs.

Major Customers of Alset (AEI)

Alset EHome International Inc. (AEI) operates across several diverse segments, including Real Estate, Digital Transformation Technology, Biohealth, and Other Business Activities. Based on the company's description, particularly the explicit focus on "business-to-business solutions" in its Digital Transformation Technology segment and the corporate services offered in its Other Business Activities segment (e.g., corporate strategy, business development, asset management, corporate restructuring, leveraged buy-out expertise), Alset primarily sells to other companies.

However, the provided background information does not list the names of specific customer companies for Alset. Its customers generally fall into the following categories:

• Businesses seeking Digital Transformation Services: Companies requiring consulting, implementation, and development services for various technologies such as blockchain, e-commerce, social media, payment solutions, communication, and workflow systems.
• Corporate and Institutional Clients: Businesses and institutions seeking expertise in corporate strategy, business development, asset management, corporate restructuring, and leveraged buy-outs.
• Property Developers and Investors: Other companies or investors involved in property development with whom Alset partners ("participates in third-party property development projects") or to whom it sells land subdivision developments.
• Healthcare Companies and Distributors: Businesses involved in licensing or distributing biohealth products and services manufactured or developed by Alset.

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

Mr. Chan Heng Fai is the Founder, Chairman of the Board, and Chief Executive Officer of Alset EHome International Inc.. An accomplished global business veteran with over 45 years of experience in banking and finance, he specializes in financial restructuring and corporate transformation. Mr. Chan has successfully restructured more than 35 corporations across various industries and countries. Notably, he has built, rescued, or transformed companies such as American Pacific Bank (USA), China Gas Holdings Limited, and Heng Fai Enterprises Limited. He served as the Managing Chairman of Hong Kong-listed Zensun Enterprises Limited (formerly Heng Fai Enterprises Limited) from 1995 to 2015. Mr. Chan has also been the Chief Executive Officer of Alset International Limited since April 2014 and serves on the boards of several other public companies.

Chan Tung Moe, Co-Chief Executive Officer and Director

Mr. Chan Tung Moe, the son of Mr. Chan Heng Fai, serves as a Co-Chief Executive Officer and Director of Alset EHome International Inc.. He possesses a diverse background and extensive experience in property, hospitality, investment, technology, and consumer finance. Previously, Mr. Chan was the Group Chief Development Officer and Executive Director of Singapore Exchange-listed Alset International Limited, where he was responsible for the Group's international property development business. He also held the position of Group Chief Operating Officer of Hong Kong Exchange-listed ZH International Holdings Ltd (formerly known as Heng Fai Enterprises Ltd), overseeing global business operations including REIT ownership and management, property development, hotels, and property and securities investment. Mr. Chan holds a Master's Degree in Business Administration from the University of Western Ontario, and Master's and Bachelor's degrees in Engineering from the University of British Columbia.

Wai Leung Lui, Co-Chief Financial Officer

Mr. Wai Leung Lui serves as a Co-Chief Financial Officer at Alset EHome International Inc.. In this key role, he shares responsibility for the company's financial strategy and management. His expertise is crucial in overseeing financial planning, analysis, budgeting, and reporting to ensure the organization's financial health and stability.

Rongguo Wei, Co-Chief Financial Officer

Mr. Rongguo Wei is a Co-Chief Financial Officer of Alset EHome International Inc.. He is a seasoned finance professional with more than 15 years of experience working in both public and private corporations within the United States. Mr. Wei has previously served as the Chief Financial Officer of LiquidValue Development since March 2017 and as the Chief Financial Officer of HWH International Inc. (formerly Alset Capital Acquisition Corp.) since October 2021.

Lim Sheng Hon Danny, Chief Business Officer and Executive Director

Mr. Lim Sheng Hon Danny holds the positions of Chief Business Officer and Executive Director at Alset EHome International Inc.. His primary responsibilities include driving business growth, forging strategic partnerships, and identifying new market opportunities for the company. Mr. Lim also serves as Senior Vice President, Business Development and Executive Director of Alset International Limited (SGX:40V), a publicly traded company on the Singapore Stock Exchange.

Key Business Risks for Alset (AEI)

1. Over-diversification and Resource Allocation Challenges: Alset operates across a highly diverse range of segments including real estate development, financial services, digital transformation technologies, biohealth, and consumer products. Managing such disparate and complex business lines can strain corporate resources, dilute strategic focus, and make it challenging to develop deep expertise or achieve significant market share in any single area. This broad operational scope may lead to inefficiencies, increased operational costs, and difficulties in integrating varied business functions, potentially impacting overall profitability and growth.
2. Sensitivity to Real Estate Market Fluctuations: A significant portion of Alset's business is centered on real estate development, including property projects, land subdivision, and house rental. This segment is inherently vulnerable to macroeconomic factors such as economic downturns, fluctuations in interest rates, changes in consumer demand for housing, and evolving regulatory landscapes (e.g., zoning laws, environmental regulations). A sustained decline in real estate values or a slowdown in market activity could materially and adversely affect the company's revenues and financial performance within this core segment.
3. Rapid Technological Obsolescence and Intense Competition in Technology and Biohealth Segments: Alset's Digital Transformation Technology segment and Biohealth segment operate in industries characterized by rapid technological advancements, high research and development expenditures, and intense competition. The need to continually innovate, safeguard intellectual property (especially in biohealth), and compete against larger, more established, and well-funded industry players poses substantial challenges. Failure to keep pace with technological changes or to successfully develop and commercialize competitive products and services could significantly impact the long-term viability and profitability of these segments.

For Alset EHome International Inc. (AEI), the addressable markets for its main products and services are as follows:

• Real Estate (Land Subdivision): The market size for land development in the U.S. was estimated at $22.5 billion in 2025.
• Real Estate (House Rental Projects): The global housing rental service market was valued at $1.56 trillion in 2023 and is projected to reach $2.56 trillion by 2032. The global real estate rental market generated a revenue of USD 2,122.3 billion in 2024.
• Digital Transformation Technology (Blockchain): The global blockchain technology market size was valued at $12.5 billion in 2023, and is projected to reach $797.1 billion by 2032.
• Digital Transformation Technology (B2B E-commerce Solutions): The global B2B e-commerce market was valued at approximately USD 18.4 trillion. Other sources indicate values around USD 27.22 trillion in 2025.
• Digital Transformation Technology (B2B Payment Solutions): The global B2B digital payment market size was valued at USD 7.5 trillion in 2023. The global B2B payments transaction market size was calculated at USD 1.73 trillion in 2025.
• Biohealth (Biohealth Products and Services): The global biotechnology market size was valued at USD 1.85 trillion in 2025. The global pharmaceutical market, which includes many biohealth products, was estimated at USD 1,737.97 billion in 2025.

Alset (NASDAQ: AEI) is expected to drive future revenue growth over the next 2-3 years through strategic initiatives in emerging technologies and continued development within its core real estate segment.

Here are 3-5 expected drivers of future revenue growth:

1. Expansion into Electric Vehicle (EV) Distribution and Charging Infrastructure: Alset is strategically moving into the electric vehicle sector, as evidenced by its December 2023 execution of a binding term sheet to acquire a 41.5% interest in a company focused on the distribution of electric vehicles and charging stations. This expansion is further supported by an October 2025 partnership aimed at accelerating the electrification of taxis in Hong Kong, indicating a clear push into new product and service offerings and market expansion.
2. Growth in Digital Transformation Technologies, particularly Robotics: The company announced an engagement with the robotics sector in March 2025, signaling an intent to develop and offer new products or services within its Digital Transformation Technology segment. This initiative could open up new revenue streams in an evolving technological landscape.
3. Real Estate Development and Land Subdivision Projects: As a core business segment, Alset's ongoing involvement in property projects, including land subdivision developments and house rental projects across the United States, Singapore, Hong Kong, Australia, and South Korea, is expected to continue contributing significantly to revenue. The development, operation, and management of these real estate projects remain a foundational driver of the company's income.
4. Commercialization and Growth of Portfolio Companies: Alset has engaged Silver Birch Growth to accelerate the commercialization and revenue growth across its portfolio companies, with an immediate focus on Cedarcross. This indicates a strategy to enhance the performance and profitability of existing or newly acquired ventures, thereby contributing to overall revenue growth.

Share Repurchases

• Alset Inc. spent $21.1 million on share buybacks in fiscal year 2025.
• In June 2025, a new stock repurchase program was authorized for up to $1 million of outstanding common stock, to run through December 31, 2025.
• The existing stock repurchase program was expanded by an additional $1 million in September 2025, following the prior expenditure of $392,000 to buy back 284,462 shares.

Share Issuance

• Alset closed a $1.5 million registered direct offering in January 2025, selling 1,500,000 shares of common stock or pre-funded warrants.
• The company completed a $3.8 million underwritten public offering in February 2023.
• Stockholders' equity increased to $155,680,858, partly due to share issuances, including a non-cash $83,000,000 acquisition of New Energy Asia Pacific Inc. using issued shares.

Outbound Investments

• In March 2021, Alset EHome International Inc. completed acquisitions including warrants for 1.5 billion shares of Alset International, shares in LiquidValue Development, True Partners Capital, and American Pacific Bancorp.
• Alset's subsidiary GigWorld Inc. acquired an 18% interest in Value Exchange International, Inc. (VEII) in April 2021, a public holding company focused on mobile payment solutions.
• Alset expanded its investment in DSS, Inc. with an $800,000 stock purchase in January 2025 and increased its stake in HWH International Inc. to 88.8%, including the purchase of 6.5 million shares for a $4.095 million secured promissory note.

Capital Expenditures

• Alset Inc. invested $103,000 in capital expenditures in fiscal year 2025, which increased by 253.0% from the previous year, funding long-term assets and infrastructure.
• In 2021 and 2022, Alset's subsidiary acquired approximately 132 single-family rental homes and installed Tesla PV solar panels and Powerwalls in 96 of them, along with smart home technologies.