SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

The Company’s condensed consolidated financial statements include the financial position, results of operations and cash flows of the following entities as of March 31, 2026 and December 31, 2025, as follows:

Name of subsidiary	State or other jurisdiction of	Attributable interest as of,
consolidated under AEI	incorporation or organization	March 31, 2026			December 31, 2025
		%			%
Alset Global Pte. Ltd.	Singapore		100			100
Alset Business Development Pte. Ltd.	Singapore		100			100
Global eHealth Limited	Hong Kong		100			100
Alset International Limited	Singapore		85.8			85.8
Singapore Construction & Development Pte. Ltd.	Singapore		85.8			85.8
Singapore Construction Pte. Ltd.	Singapore		85.8			85.8
Global BioMedical Pte. Ltd.	Singapore		85.8			85.8
Health Wealth Happiness Pte. Ltd.	Singapore		62.5			62.5
SeD Capital Pte. Ltd.	Singapore		85.8			85.8
LiquidValue Asset Management Pte. Ltd.	Singapore		85.8			85.8
Alset Solar Limited	Hong Kong		85.8			85.8
Alset F&B One Pte. Ltd.	Singapore		72.5			72.5
BMI Capital Partners International Limited	Hong Kong		85.8			85.8
SeD Perth Pty Ltd	Australia		85.8			85.8
SeD Intelligent Home Inc.	United States of America		85.8			85.8
Winning Catering Group, Inc. (f.k.a. LiquidValue Development Inc.)	United States of America		85.8			85.8
Alset EHome Inc.	United States of America		85.8			85.8
SeD USA, LLC	United States of America		85.8			85.8
150 Black Oak GP, Inc.	United States of America		85.8			85.8
SeD Development USA Inc.	United States of America		85.8			85.8
150 CCM Black Oak, Ltd.	United States of America		85.8			85.8
SeD Texas Home, LLC	United States of America		100			100
SeD Ballenger, LLC	United States of America		85.8			85.8
SeD Maryland Development, LLC	United States of America		71.6			71.6
SeD Development Management, LLC	United States of America		72.9			72.9
Hapi Metaverse Inc.	United States of America		99.6			99.6
HotApp BlockChain Pte. Ltd.	Singapore		99.6			99.6
HotApp International Limited	Hong Kong		99.6			99.6
UBeauty Limited	Hong Kong		85.8			85.8
BioHealth Water Inc.	United States of America		85.8			85.8
Hapi Robot Pte. Ltd.	Singapore		85.8			85.8
American Home REIT Inc.	United States of America		100			100
Hapi Cafe Inc.	Texas, United States of America		62.5			62.5
HWH (S) Pte. Ltd.	Singapore		85.8			85.8
LiquidValue Development Pte. Ltd.	Singapore		100			100
LiquidValue Development Limited	Hong Kong		100			100
Alset F&B Holdings Pte. Ltd.	Singapore		62.5			62.5
Credas Capital Pte. Ltd.	Singapore		64.3			64.3
Credas Capital GmbH	Switzerland		64.3			64.3
Smart Reward Express Limited	Hong Kong		99.6			99.6
AHR Texas Two, LLC	United States of America		100			100
AHR Black Oak One, LLC	United States of America		85.8			85.8
AHR Texas Three, LLC	United States of America		100			100
Hapi Cafe Korea Inc.	South Korea		62.5			62.5
Alset Acquisition Sponsor, LLC	United States of America		93.6			93.6
Alset Spac Group Inc.	United States of America		93.6			93.6
Hapi WealthBuilder Pte. Ltd.	Singapore		62.5			62.5
Hapi iRobot Pte. Ltd.	Singapore		62.5			62.5
HWH International Inc.	United States of America		62.5			62.5
Hapi Cafe SG Pte. Ltd.	Singapore		62.5			62.5
Hapi Cafe Limited	Hong Kong		99.6			99.6
Hapi Group HK Limited	Hong Kong		99.6			99.6
AHR Texas Four, LLC	United States of America		100			100
Hapi Robot Service Pte. Ltd.	Singapore		99.6			99.6
Guangdong LeFu Wealth Investment Consulting Co., Ltd.	China		99.6			99.6
Dongguan Leyouyou Catering Management Co., Ltd.	China		99.6			99.6
Ketomei Pte. Ltd.	Singapore		34.8	*		34.8	*
Hapi Café Co., Ltd.	Taiwan		99.6			99.6
Hapi Robot Inc.	United States of America		64.8			64.8
Hapi Café Sdn. Bhd.	Malaysia		62.5			62.5
L.E.H. Insurance Group, LLC	United States of America		62.5			62.5
Hapi Wealth Builder Limited	Hong Kong		62.5			62.5
LVD Merger Corp.	United States of America		85.8			85.8
Alset Real Estate Holdings Inc.	United States of America		85.8			85.8
New Energy Asia Pacific Inc.	United States of America		100			100
Alset Robot Inc.	United States of America		68.2			68.2
Hapi Marketplace Limited	Hong Kong		100			-

*	Although the Company indirectly holds less than 50% of shares of these entities, the subsidiaries of the Company directly hold more than 50% of shares of these entities, and therefore, they are still consolidated into the Company.