SMART SH GLOBAL LTD

Ticker: EM CUSIP: 83193E102 Class: ADS

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (8)

Verdad Advisers, LP

Value ($000) $353 Shares 301,884

Quadrature Capital Ltd

Value ($000) $69 Shares 59,126

MARSHALL WACE, LLP

Value ($000) $82 Shares 70,223

JANE STREET GROUP, LLC

Value ($000) $66 Shares 56,314

Point72 Asset Management, L.P.

Value ($000) $39 Shares 33,304

Kestra Advisory Services, LLC

Value ($000) $15 Shares 13,158

GSA CAPITAL PARTNERS LLP

Value ($000) $0 Shares 16,362

HRT FINANCIAL LP

Value ($000) $0 Shares 14,626

Institution	Shares	Value ($000)
Verdad Advisers, LP	301,884	$353
Quadrature Capital Ltd	59,126	$69
MARSHALL WACE, LLP	70,223	$82
JANE STREET GROUP, LLC	56,314	$66
Point72 Asset Management, L.P.	33,304	$39
Kestra Advisory Services, LLC	13,158	$15
GSA CAPITAL PARTNERS LLP	16,362	$0
HRT FINANCIAL LP	14,626	$0

Increased Positions (7)

GLAZER CAPITAL, LLC

Value ($000) $13 (+4.7%) Shares 11,301,928 (+20.9%)

PenderFund Capital Management Ltd.

Value ($000) $154 (+56.1%) Shares 131,500 (+80.1%)

Pictet Asset Management Holding SA

Value ($000) $7,326 (+25.8%) Shares 6,261,656 (+45.2%)

UBS Group AG

Value ($000) $76 (+9474.5%) Shares 64,812 (+10941.2%)

CITADEL ADVISORS LLC

Value ($000) $217 (+16.7%) Shares 185,735 (+34.6%)

XTX Topco Ltd

Value ($000) $107 (+12.0%) Shares 91,261 (+29.2%)

TWO SIGMA INVESTMENTS, LP

Value ($000) $77 (+33.2%) Shares 65,476 (+53.7%)

Institution	Prev Shares	Curr Shares	Change
GLAZER CAPITAL, LLC	9,350,882	11,301,928	+1,951,046 (+20.9%)
PenderFund Capital Management Ltd.	73,000	131,500	+58,500 (+80.1%)
Pictet Asset Management Holding SA	4,313,119	6,261,656	+1,948,537 (+45.2%)
UBS Group AG	587	64,812	+64,225 (+10941.2%)
CITADEL ADVISORS LLC	137,948	185,735	+47,787 (+34.6%)
XTX Topco Ltd	70,619	91,261	+20,642 (+29.2%)
TWO SIGMA INVESTMENTS, LP	42,600	65,476	+22,876 (+53.7%)

Decreased Positions (4)

Rangeley Capital, LLC

Value ($000) $558 (-34.0%) Shares 476,600 (-23.9%)

MORGAN STANLEY

Value ($000) $5 (-99.5%) Shares 3,922 (-99.4%)

TWO SIGMA ADVISERS, LP

Value ($000) $16 (-76.0%) Shares 13,400 (-72.3%)

Verition Fund Management LLC

Value ($000) $274 (-18.1%) Shares 234,419 (-5.5%)

Institution	Prev Shares	Curr Shares	Change
Rangeley Capital, LLC	626,000	476,600	-149,400 (-23.9%)
MORGAN STANLEY	631,553	3,922	-627,631 (-99.4%)
TWO SIGMA ADVISERS, LP	48,300	13,400	-34,900 (-72.3%)
Verition Fund Management LLC	247,952	234,419	-13,533 (-5.5%)

Exited Positions (10)

Palliser Capital (UK) Ltd

Value ($000) $13,608 Shares 10,080,095

Silver Point Capital L.P.

Value ($000) $4,333 Shares 3,209,904

Murchinson Ltd.

Value ($000) $1,350 Shares 1,000,000

HHLR ADVISORS, LTD.

Value ($000) $5,332 Shares 3,949,700

Schonfeld Strategic Advisors LLC

Value ($000) $2,633 Shares 1,950,478

OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AM

Value ($000) $100 Shares 74,100

MILLENNIUM MANAGEMENT LLC

Value ($000) $164 Shares 121,126

Clear Creek Financial Management, LLC

Value ($000) $20 Shares 15,000

Qube Research & Technologies Ltd

Value ($000) $26 Shares 18,933

BNP PARIBAS ARBITRAGE, SA

Value ($000) $16 Shares 11,600

Institution	Prev Shares	Prev Value ($000)
Palliser Capital (UK) Ltd	10,080,095	$13,608
Silver Point Capital L.P.	3,209,904	$4,333
Murchinson Ltd.	1,000,000	$1,350
HHLR ADVISORS, LTD.	3,949,700	$5,332
Schonfeld Strategic Advisors LLC	1,950,478	$2,633
OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AM	74,100	$100
MILLENNIUM MANAGEMENT LLC	121,126	$164
Clear Creek Financial Management, LLC	15,000	$20
Qube Research & Technologies Ltd	18,933	$26
BNP PARIBAS ARBITRAGE, SA	11,600	$16