# EDGAR Filing Document

**Accession Number:** 0001877333
**File Stem:** 0001213900-26-039718
**Filing Date:** 2026-4
**Character Count:** 7658
**Document Hash:** d0a0d0a52aa8c5fae661c208c734b3da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-039718.hdr.sgml**: 20260403

**ACCESSION NUMBER**: 0001213900-26-039718

**CONFORMED SUBMISSION TYPE**: 3/A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260318

**FILED AS OF DATE**: 20260403

**DATE AS OF CHANGE**: 20260403

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Yu Peter Michael
- **CENTRAL INDEX KEY:** 0002117349

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 3/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41516
- **FILM NUMBER:** 26836864

**MAIL ADDRESS:**
- **STREET 1:** C/O CARTESIAN CAPITAL GROUP
- **STREET 2:** 15TH FLOOR, 505 FIFTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TH International Ltd
- **CENTRAL INDEX KEY:** 0001877333
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** C/O CARTESIAN CAPITAL GROUP LLC
- **STREET 2:** 505 5TH AVENUE, 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (1) 917 294 1353

**MAIL ADDRESS:**
- **STREET 1:** C/O CARTESIAN CAPITAL GROUP LLC
- **STREET 2:** 505 5TH AVENUE, 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

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

## FORM 3/A

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Yu Peter Michael<br><sub>(Last) (First) (Middle)</sub><br>C/O CARTESIAN CAPITAL GROUP<br>15TH FLOOR, 505 FIFTH AVE<br><sub>(Street)</sub><br>NEW YORK, NY 10017<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-03-18 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>TH International Ltd [ THCH ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| ordinary shares |  |  |  |  |  |  |  | 16153040<sup>(1)</sup> | I | See footnote<sup>(2)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Series A Convertible Notes | $2.7822 |  |  |  |  |  |  | 2024-06-28 | 2029-09-30<sup>(3)</sup> | ordinary shares |  |  |  | I | See footnote<sup>(2)</sup> |
| Series A-1 Convertible Notes | $2.7822 |  |  |  |  |  |  | 2024-06-28 | 2029-09-30<sup>(3)</sup> | ordinary shares |  |  |  | I | See footnote<sup>(2)</sup> |

---

### Footnotes:

(1) Including (i) 11,440,400 ordinary shares held by Pangaea Two Acquisition Holdings XXIIA Limited ("XXIIA"), (ii) 2,063,983 ordinary shares held by Pangaea Three Acquisition Holdings IV, Limited ("Holdings IV"), (iii) 1,238,203 ordinary shares held by Pangaea Two Acquisition Holdings XXIII, Ltd., (iv) 968,077 ordinary shares held by Pangaea Two, LP, (v) 420,311 ordinary shares held by Pangaea Two Parallel, LP, (vi) 10,744 ordinary shares held by Pangaea Two Management, LP, (vii) 4,177 ordinary shares held by Pangaea Two GP, LP, and (viii) 7,145 ordinary shares held by Pangaea Two Parallel LP.

(2) The reporting person is the managing partner of Cartesian Capital Group, LLC, which is the sole and managing member of Pangaea Two Admin GP, LLC and Pangaea Three Global GP, LLC, and Pangaea Two Parallel LP. XXIIA and Pangaea Two Acquisition Holdings XXIII, Ltd are controlled by Pangaea Two, LP. The general partner of Pangaea Two, LP and Pangaea Two Parallel, LP is Pangaea Two GP, LP. The general partner of Pangaea Two GP, LP and Pangaea Two Management, LP is Pangaea Two Admin GP, LLC. Holdings IV is controlled by Pangaea Three-B, LP. Pangaea Three GP, LP is the general partner of Pangaea Three-B, LP. Pangaea Three Global GP, LLC is the general partner of Pangaea Three GP, LP.

(3) Represents the maturity date.

(4) Including two Series A Convertible Notes in the aggregate principal amount of $10,000,000 each issued to and acquired by Holdings IV and XXIIA.

(5) Including one Series A-1 Convertible Note issued to and acquired by Holdings IV in the aggregate principal amount of $741,340 and one Series A-1 Convertible Note issued to and acquired by Holdings IV in the aggregate principal amount of $15,000,000.

**Signature:** /s/ Yu Peter Michael  
**Date:** 2026-04-03

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**