SEC FORM 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person ^*

Hugreat Ltd

(Last)

(First)

(Middle)

C/O ALPEX ACQUISITION CORPORATION

300 DELAWARE AVE. SUITE 210 #494

(Street)

WILMINGTON

19801

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Alpex Acquisition Corp [ ALPX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Ordinary Shares	06/26/2026		P		187,500 ⁽¹⁾ ⁽²⁾	A	⁽²⁾	187,500	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Private Warrants	$ 11.5	06/26/2026		P		187,500 ⁽¹⁾ ⁽²⁾		⁽⁴⁾	⁽⁴⁾	Class A Ordinary Shares	187,500 ⁽³⁾	⁽²⁾	187,500	D
Private Rights	$ 0 ⁽⁴⁾	06/26/2026		P		187,500 ⁽¹⁾ ⁽²⁾		⁽⁶⁾	⁽⁶⁾	Class A Ordinary Shares	46,875 ⁽⁵⁾	⁽²⁾	187,500	D

Explanation of Responses:

1. Hugreat Ltd., a British Virgin Islands company (the "Sponsor"), is the record holder of the securities reported herein. Ms. Ningdi Shi is the sole member and director of the Sponsor, which entitles her to voting, dispositive or investment power over the Sponsor. As such, Ms. Ningdi Shi is deemed to have voting and dispositive rights over the securities of Alpex Acquisition Corporation (the "Issuer") held by the Sponsor.

2. Simultaneously with the consummation of the initial public offering of the Issuer, the Sponsor acquired 187,500 private units (the "Private Units") of the Issuer in a private placement (the "Private Placement") at a purchase price of $10 per Private Unit. Each Private Unit consists of one Class A ordinary share, one redeemable warrant, and one right to receive one-fourth (1/4) of one Class A ordinary share.

3. Represents 187,500 Class A ordinary shares issuable upon exercise of 187,500 private warrants of the Issuer underlying the Private Units acquired by the Sponsor in the Private Placement. Each private warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share.

4. As described in the Warrant Agreement dated June 24, 2026, between the Issuer and Vstock Transfer LLC, which is filed as Exhibit 4.6 to the Issuer's Registration Statement on Form S-1 (File No. 333-294978)(the "Registration Statement"), the private warrants will become exercisable on the later of (i) 30 days after the completion of an initial business combination and (ii) one year from the date that the registration statement is declared effective, and will expire five years after the completion of the Issuer's initial business combination or earlier upon redemption or liquidation, as described in the Registration Statement.

5. Represents 46,875 Class A ordinary shares of the Issuer issuable upon conversion of 187,500 private rights of the Issuer, each private right of the Issuer entitling the holder to receive one-fourth (1/4) of one Class A ordinary share of the Issuer, underlying the Private Units acquired by the Sponsor in the Private Placement.

6. As described in the Rights Agreement dated June 24, 2026, between the Issuer and VStock Transfer, LLC, which is filed as Exhibit 4.4 of the Registration Statement, each private right of the Issuer will automatically convert into one-fourth (1/4) of one Class A ordinary share of the Issuer upon the completion of the Issuer's initial business combination.

	/s/ Ningdi Shi as Director of Hugreat Ltd.	07/02/2026
	** Signature of Reporting Person	Date
	/s/ Ningdi Shi	07/02/2026
	** Signature of Reporting Person	Date
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