Vault-13

TH INTERNATIONAL LIMITED THCH

ORDINARY SHARES · Common Stock · CUSIP G8656L106

24 institutional holders -7 vs Q3 2023
19,729,95819.7m shares reported held*
$34.4mreported value*
1 new 5 added 8 reduced 8 sold out net sold ≈ $1.7m (-965.0k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $1.74. Options: 3 managers hold calls ($34.5k notional), 2 hold puts ($7.0k).

Trends to Q4 2023

Institutional holders

Managers reporting a position, each quarter

02040Q3 22: 19Q4 22: 17Q1 23: 26Q2 23: 40Q3 23: 31Q4 23: 2424Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23
Numbers
QuarterHolders
Q3 202219
Q4 202217
Q1 202326
Q2 202340
Q3 202331
Q4 202324

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q4 22: 7 bought or addedQ4 22: 13 cut or sold outQ4 22Q1 23: 19 bought or addedQ1 23: 11 cut or sold outQ1 23Q2 23: 28 bought or addedQ2 23: 13 cut or sold outQ2 23Q3 23: 9 bought or addedQ3 23: 20 cut or sold outQ3 23Q4 23: 6 bought or addedQ4 23: 16 cut or sold outQ4 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022713
Q1 20231911
Q2 20232813
Q3 2023920
Q4 2023616

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$1m$2m$3m$4mQ1 23 calls: $3.8mQ1 23 puts: $1.2mQ1 23P/C 0.31Q2 23 calls: $1.5mQ2 23 puts: $2.1mQ2 23P/C 1.34Q3 23 calls: $18.0kQ3 23 puts: $239.2kQ3 23P/C 13.28Q4 23 calls: $34.5kQ4 23 puts: $7.0kQ4 23P/C 0.20
Numbers
QuarterCallsPutsP/C
Q1 2023$3.8m$1.2m0.31
Q2 2023$1.5m$2.1m1.34
Q3 2023$18.0k$239.2k13.28
Q4 2023$34.5k$7.0k0.20

Biggest buyers

ZAZOVE ASSOCIATES LLC Added +285,386+285.4k
GEODE CAPITAL MANAGEMENT, LLC Added +9,450+9.4k
XTX Topco Ltd Added +6,280+6.3k
Tower Research Capital LLC (TRC) New +5,676+5.7k
JPMORGAN CHASE & CO Added +1,062+1.1k
JANE STREET GROUP, LLC Added +222+222

Biggest sellers

Portolan Capital Management, LLC Reduced -426,131-426.1k
CANTOR FITZGERALD, L. P. Reduced -332,671-332.7k
1060 Capital, LLC Sold out -135,843-135.8k
Shaolin Capital Management LLC Reduced -82,530-82.5k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -67,295-67.3k
Walleye Capital LLC Sold out -64,724-64.7k
SIMPLEX TRADING, LLC Reduced -47,518-47.5k
Walleye Trading LLC Sold out -37,633-37.6k
GROUP ONE TRADING LLC Reduced -24,583-24.6k
MARSHALL WACE, LLP Sold out -23,565-23.6k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $26.2k15.0k shares
GROUP ONE TRADING LLC New $8.2k4.7k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SIMPLEX TRADING, LLC Reduced $7.0k4.0k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q4 2023

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q4 2023.

Holders, Q4 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HSG Holding Ltd 2.90% of their portfolio NA, K3 14,503,03214.5m $25.2m $25.2m 2.90% Unchanged
2 Portolan Capital Management, LLC 0.32% of their portfolio BOSTON, MA 2,071,4792.1m $3.6m $3.6m 0.32% Reduced -426.1k -426,131
3 ZAZOVE ASSOCIATES LLC 0.30% of their portfolio INCLINE VILLAGE, NV 1,376,4651.4m $2.4m $2.4m 0.30% Added +285.4k +285,386
4 SONA ASSET MANAGEMENT (US) LLC 0.08% of their portfolio NEW YORK, NY 500,000500.0k $875.0k $875.0k 0.08% Unchanged
5 CANTOR FITZGERALD, L. P. 0.18% of their portfolio NEW YORK, NY 493,775493.8k $864.1k $864.1k 0.18% Reduced -332.7k -332,671
6 LMR Partners LLP 0.01% of their portfolio LONDON, X0 150,929150.9k $264.1k $264.1k 0.01% Unchanged
7 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 145,641145.6k $254.9k $254.9k 0.00% Added +9.4k +9,450
8 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 133,095133.1k $232.9k $232.9k 0.00% Reduced -14.9k -14,899
9 Shaolin Capital Management LLC 0.00% of their portfolio Miami, FL 63,00063.0k $110.2k $110.2k 0.00% Reduced -82.5k -82,530
10 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 50,72250.7k $88.8k $88.8k 0.00% Added +222 +222
11 TENOR CAPITAL MANAGEMENT Co., L.P. 0.00% of their portfolio NEW YORK, NY 42,00042.0k $73.5k $73.5k 0.00% Unchanged
12 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 32,68832.7k $57.0k $57.0k 0.00% Reduced -6.9k -6,947
13 Oasis Management Co Ltd. 0.02% of their portfolio GRAND CAYMAN, E9 32,10032.1k $56.2k $56.2k 0.02% Unchanged
14 GROUP ONE TRADING LLC 0.00% of their portfolio CHICAGO, IL 30,79530.8k $53.9k $53.9k 0.00% Reduced -24.6k -24,583
15 Covalent Partners LLC 0.25% of their portfolio CONCORD, MA 26,20826.2k $45.9k $45.9k 0.25% Unchanged
16 Antara Capital LP 0.16% of their portfolio New York, NY 24,00024.0k $42.0k $42.0k 0.16% Unchanged
17 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 21,22821.2k $37.1k $37.1k 0.01% Added +6.3k +6,280
18 KIM, LLC 0.00% of their portfolio WICHITA, KS 15,00015.0k $26.2k $26.2k 0.00% Unchanged
19 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 10,08810.1k $17.7k $17.7k 0.00% Added +1.1k +1,062
20 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 5,6765.7k $9.9k $9.9k 0.00% New
21 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 1,3071.3k $2.0k $2.0k 0.00% Reduced -47.5k -47,518
22 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 630630 $1.1k $1.1k 0.00% Reduced -4.0k -3,986
23 Cutler Group LLC / CA 0.00% of their portfolio SAN FRANCISCO, CA 100100 $0 $0 0.00% Unchanged
24 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged