TH INTERNATIONAL LIMITED

Ticker: THCH CUSIP: G8656L130 Class: SHS NEW

Holders for Q4 2025 Position Changes for Q4 2025

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

Increased Positions (1)

CITADEL ADVISORS LLC

Value ($000) $105 (+48.2%) Shares 42,309 (+56.5%)

Institution	Prev Shares	Curr Shares	Change
CITADEL ADVISORS LLC	27,033	42,309	+15,276 (+56.5%)

Decreased Positions (4)

ZAZOVE ASSOCIATES LLC

Value ($000) $569 (-7.6%) Shares 228,387 (-3.9%)

Value ($000) $1 (-99.1%) Shares 205 (-99.1%)

LMR Partners LLP

Value ($000) $54 (-30.8%) Shares 21,727 (-28.0%)

SUSQUEHANNA INTERNATIONAL GROUP, LLP

Value ($000) $66 (-16.1%) Shares 26,354 (-11.4%)

Institution	Prev Shares	Curr Shares	Change
ZAZOVE ASSOCIATES LLC	237,693	228,387	-9,306 (-3.9%)
UBS Group AG	21,863	205	-21,658 (-99.1%)
LMR Partners LLP	30,185	21,727	-8,458 (-28.0%)
SUSQUEHANNA INTERNATIONAL GROUP, LLP	29,743	26,354	-3,389 (-11.4%)

Exited Positions (2)

GROUP ONE TRADING, L.P.

Value ($000) $0 Shares 100

Value ($000) $0 Shares 63

Institution	Prev Shares	Prev Value ($000)
GROUP ONE TRADING, L.P.	100	$0
MORGAN STANLEY	63	$0