Cheer Holding, Inc.: 5%+ holders

As of November 7, 2026, one holder's latest Schedule 13D or 13G filing report owning 5% or more of Cheer Holding, Inc. The largest reported stake is Lioness Ltd's, at 100%. 16 filings are on record since August 6, 2025 (Schedule 13D, September 23, 2026).

Shah Capital Management also filed stake reports on 3 other companies ↓

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Key facts

• Filing 2026-09-23 · Reporting person: Lioness Ltd · Sole voting: 0 · Shared voting: 500,000 · Sole dispositive: 0 · Shared dispositive: 500,000 · SCHEDULE 13D, 2026-09-23
• Filing 2026-09-17 · Reporting person: Bing Zhang · Sole voting: 507 · Shared voting: 12,636 · Sole dispositive: 507 · Shared dispositive: 12,636 · SCHEDULE 13D/A, 2026-09-17
• Filed 2026-08-13 · Holder: Brueckner Frank Ulrich · SCHEDULE 13G/A
• Filing 2026-07-29 · Reporting person: Bigger Capital Fund L P · Sole voting: 0 · Shared voting: 16,915 · Sole dispositive: 0 · Shared dispositive: 16,915 · SCHEDULE 13G/A, 2026-07-29
• Filed 2026-04-27 · Holder: Bigger Michael · Percent: 9.95% · SCHEDULE 13G/A

Cheer Holding, Inc. has 16 Schedule 13D or 13G filings on record since 2025-08-06. 1 holder's latest filing reports 5% or more of class a ordinary shares, par value $0.15 per share. Each figure below is the holder's own, as filed, with the filing linked.

Holders

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More on Cheer Holding, Inc. and the records around it.

Cheer Holding, Inc. elsewhere on the record

• Who owns it

Companies that share a holder

• Shah Capital Management also filed stake reports on 3 other companies: NOVAVAX, INC. (Oct 2026), VEON Ltd. (Oct 2026)
• BIGGER CAPITAL FUND L P also filed stake reports on 13 other companies: ClearPoint Neuro, Inc. (Nov 2026), Dermata Therapeutics, Inc. (Nov 2026), BTC Digital Ltd. (Oct 2026)
• S.H.N. Financial Investments Ltd. also filed stake reports on 19 other companies: PRF Technologies Ltd. (Nov 2026), INLIF Ltd (Oct 2026), DarkIris Inc. (Oct 2026)

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What the Full Report on Cheer Holding, Inc. covers

1. The Short Answer

2. Which Company This Is

3. What They Do, And How The Money Works

4. Who Runs It, And How To Reach Them

5. The Money: Funding, Valuation, Runway

6. Who Pays Them, And Who They Are Up Against

7. Warning Bells

8. Sources

   16 cited sources found

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Voting and dispositive power, as filed

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The latest filing identifies Cheer Holding, Inc. by CUSIP G39973139 and gives its principal executive office as 19F, BLOCK B, XINHUA TECHNOLOGY BUILDING, NO. 8 TUOFANGYING SOUTH RD, JIUXIANQIAO, CHAOYANG DISTRICT, BEIJING (SCHEDULE 13D, 2026-09-23).

What the percentages are based on

The following percentages are based on 1,562,083 Class A Ordinary Shares issued and outstanding based upon the Issuer's Form 6-K filed with the Securities and Exchange Commission on April 2, 2026.Bigger Capital Fund L P, SCHEDULE 13G/A, 2026-07-29

Source of funds (Item 3)

Pursuant to the Share Purchase Agreement, dated as of September 16, 2026 (the "Purchase Agreement"), by and between Lioness and Bing Zhang (the "Seller"), Lioness purchased from the Seller all 500,000 Class B Shares, constituting all issued and outstanding Class B Shares, for aggregate consideration of US$500.00. The Class B Shares were transferred to Lioness on September 22, 2026. The funds used by Lioness to pay the US$500.00 purchase price were derived from its working capital.Lioness Ltd, SCHEDULE 13D, 2026-09-23

Purpose of Transaction (Item 4)

Bing Zhang

On September 16, 2026, Mr. Bing Zhang, the Chairman of the Board of Directors, Chief Executive Officer and interim Chief Financial Officer of the Company, entered into a Share Purchase Agreement (the "Share Purchase Agreement") with Lioness Limited, a company organized under the laws of Hong Kong (the "Purchaser"), pursuant to which Mr. Zhang sold and assigned to the Purchaser all 500,000 Class B ordinary shares of the Company, par value US$0.001 per share (the "Class B Shares"), held by Mr. Zhang, constituting all the issued and outstanding Class B Shares of the Company, for aggregate consideration of US$500.00. Pursuant to the third amended and restated memorandum and articles of association of the Company as adopted by special resolution passed on August 28 2024, as further amended on May 12, 2025 and July 7, 2026 (each the "Memorandum" and the "Articles"), holders of Class A ordinary shares, par value $0.15 per share ("Class A Shares") and Class B Shares shall at all times vote together as one class on all resolutions submitted to a vote by the shareholders of the Company. Pursuant to the Articles, each Class A Share is entitled to one (1) vote on all matters subject to vote on a poll at general meetings of the Company, and each Class B Share is entitled to one hundred (100) votes on all matters subject to vote on a poll at general meetings of the Company. Further, a Class B Share is not convertible into a Class A Share but may be redeemed by the Company at the option …The first part of Item 4 of the SCHEDULE 13D/A filed 2026-09-17; the filing has the rest

Lioness Ltd

The Reporting Persons acquired the Class B Shares for investment purposes and to obtain voting control of the Issuer. On September 16, 2026, pursuant to the Purchase Agreement, Lioness purchased from the Seller all 500,000 Class B Shares, constituting all issued and outstanding Class B Shares, for aggregate consideration of US$500.00. The Class B Shares were transferred to Lioness on September 22, 2026. Voting rights and class terms. Under the Issuer's memorandum and articles of association, the Class A Shares and Class B Shares vote together as one class on resolutions submitted to shareholders. Each Class A Share is entitled to one vote, and each Class B Share is entitled to 100 votes. The Class B Shares are not convertible into Class A Shares and may be redeemed by the Issuer at par value at the option of the holder. Voting control. Based on 1,845,453 Class A Shares and 500,000 Class B Shares issued and outstanding as of September 16, 2026, the Class B Shares represent 50,000,000 votes and approximately 96.44% of the aggregate voting power of the Issuer's issued and outstanding share capital. Accordingly, the Reporting Persons may be deemed to control the shareholder vote of the Issuer. Management and governance. The Purchase Agreement does not provide for any change to the Issuer's board of directors or management. Following the sale, the Seller continues to serve as the Issuer's Chairman of the Board of Directors, Chief Executive Officer and interim Chief …The first part of Item 4 of the SCHEDULE 13D filed 2026-09-23; the filing has the rest

Timeline

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Questions about who owns Cheer Holding, Inc.

Who owns Cheer Holding, Inc.?

On this page, one holder's latest ownership filing reports 5% or more of Cheer Holding, Inc.: Lioness Ltd (100%, Schedule 13D, filed 2026-09-23).

When did Lioness Ltd buy into Cheer Holding, Inc.?

The filings give report dates, not purchase dates. The earliest filing from Lioness Ltd on this page is the Schedule 13D, filed 2026-09-23, reporting 100%.

Is this an audit or a full list?

Neither. The ownership list on this page covers only Schedule 13D and 13G filings, which holders make once they own 5% or more of a class of shares (an amendment can report a stake that has since fallen below 5%); 16 such filings are shown here. It is not an audit and not a full cap table: holders who never reached 5% are not listed, and a stake can change after its latest filing.

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Where this comes from

Anyone who comes to own more than 5% of a class of a listed company's voting shares has to tell the SEC. A holder who may seek to change or influence the company files Schedule 13D, and has to say in Item 4, "Purpose of Transaction", what it intends to do. A holder with no such intent, such as many index and passive funds, may file the shorter Schedule 13G. Both are amended when the stake changes, including when it falls below 5%.

Every row here is one of those filings, linked to the filing itself. Percentages and share counts are exactly as the holder filed them, for the holder the filing names; an amendment showing a lower figure is shown as filed. Item 4 text is quoted word for word. Where a 13D's Item 4 contains a sentence stating a definite intent to influence the company, that sentence is marked and quoted; the page does not describe the holder or its motives beyond the words it filed. Nothing here is investment advice.

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