# EDGAR Filing Document

**Accession Number:** 0001782941
**File Stem:** 0001104659-25-056576
**Filing Date:** 2025-6
**Character Count:** 22438
**Document Hash:** e19b743b9adf3b1871b7cf81107ca7d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-056576.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001104659-25-056576

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIAN RUIXIANG HOLDINGS LTD
- **CENTRAL INDEX KEY:** 0001782941
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92589
- **FILM NUMBER:** 251024913

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 21A JINGYUAN ART CENTER, 3 GUANGQU ROAD,
- **STREET 2:** CHAOYANG DISTRICT,
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** 01087529409

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 21A JINGYUAN ART CENTER, 3 GUANGQU ROAD,
- **STREET 2:** CHAOYANG DISTRICT,
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gao Mufang
- **CENTRAL INDEX KEY:** 0002070931

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO. 37 LINHONG ROAD, FENGTAI DISTRICT
- **STREET 2:** ROOM 2102
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100068

## Exhibit 99.5

**Exhibit 5**

**<u>JOINT FILING AGREEMENT</u>**

In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with all other Reporting Persons (as such term is defined in the Schedule 13D referred to below) on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Class A ordinary shares, par value of $0.025 per share, of TIAN RUIXIANG Holdings Ltd., a Cayman Islands company, and that this Agreement may be included as an exhibit to such joint filing. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of June 4, 2025.

---

| | |
|:---|:---|
| **Mufang Gao** | **Mufang Gao** |
| /s/ Mufang Gao | /s/ Mufang Gao |
| **Unitrust Holdings Limited** | **Unitrust Holdings Limited** |
| By: | /s/ Mufang Gao |
| Name: | Mufang Gao |
| Title: | Director |
| **Plenty Holdings Company Limited** | **Plenty Holdings Company Limited** |
| By: | /s/ Mufang Gao |
| Name: | Mufang Gao |
| Title: | Director |
| **ES-Shining Unity Holdings Limited** | **ES-Shining Unity Holdings Limited** |
| By: | /s/ Mufang Gao |
| Name: | Mufang Gao |
| Title: | Director |

---

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**TIAN RUIXIANG HOLDINGS LTD**

*(Name of Issuer)*

**Class A ordinary share, par value $0.025 per share**

*(Title of Class of Securities)*

**G8884K128**

*(CUSIP Number)*

**Mufang Gao**<br>Room 918, Jingding Building,<br>Xicheng District<br>Beijing F4 100000<br>(010) 87529554

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/18/2024**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **G8884K128** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Mufang Gao** | Name of reporting person<br>**Mufang Gao** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CHINA** | Citizenship or place of organization<br>**CHINA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3250900.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3250900.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3250900.00** | Aggregate amount beneficially owned by each reporting person<br>**3250900.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**29.07%** | Percent of class represented by amount in Row (11)<br>**29.07%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Row 8, 10, and 11 include: (a) 570,100 class A ordinary shares, 1,050,000 class B ordinary shares, and the right to purchase up to 388,800 class A ordinary shares held by Unitrust Holdings Limited; (b) 270,000 class A ordinary shares and the right to purchase up to 270,000 class A ordinary shares held by Plenty Holdings Company Limited; and (c) 351,000 class A ordinary shares the right to purchase up to 351,000 class A ordinary shares held by ES-Shining Unity Holdings Limited.

Each Class B ordinary share can be converted to one Class A ordinary share at any time at the option of the holder. Mufang Gao, as the sole director and controlling shareholder of Unitrust Holdings Limited, Plenty Holdings Company Limited, and ES-Shining Unity Holdings Limited, has the dispositive and voting power over the shares held by each of these entities.

Row 13 is calculated based on 11,181,721 shares, consisting of 9,121,921 Class A ordinary shares (1 vote per share) outstanding as of May 22, 2025, 1,050,000 Class B ordinary shares (600 votes per share), and the right to purchase up to 1,009,800 class A ordinary shares.

| **CUSIP No.** | **G8884K128** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Unitrust Holdings Limited** | Name of reporting person<br>**Unitrust Holdings Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2008900.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2008900.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2008900.00** | Aggregate amount beneficially owned by each reporting person<br>**2008900.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**19.02%** | Percent of class represented by amount in Row (11)<br>**19.02%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Row 8, 10, and 11 include 570,100 class A ordinary shares, 1,050,000 class B ordinary shares and the right to purchase up to 388,800 class A ordinary shares held by Unitrust Holdings Limited.

Each Class B ordinary share can be converted to one Class A ordinary share at any time at the option of the holder. Mufang Gao, as the sole director and controlling shareholder of Unitrust Holdings Limited, has the dispositive and voting power over the shares held by this entity.

Row 13 is calculated based on 10,560,721 shares, consisting of 9,121,921 Class A ordinary shares (1 vote per share) outstanding as of May 22, 2025, 1,050,000 Class B ordinary shares (600 votes per share), and the right to purchase up to 388,800 class A ordinary shares.

| **CUSIP No.** | **G8884K128** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Plenty Holdings Company Limited** | Name of reporting person<br>**Plenty Holdings Company Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**540000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**540000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**540000.00** | Aggregate amount beneficially owned by each reporting person<br>**540000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.75%** | Percent of class represented by amount in Row (11)<br>**5.75%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Row 8, 10, and 11 include 270,000 class A ordinary shares and the right to purchase up to 270,000 class A ordinary shares held by Plenty Holdings Company Limited.

Mufang Gao, as the sole director and controlling shareholder of Plenty Holdings Company Limited, has the dispositive and voting power over the shares held by this entity.

Row 13 is calculated based on 9,391,921 shares, consisting of 9,121,921 Class A ordinary shares outstanding as of May 22, 2025 and the right to purchase up to 270,000 class A ordinary shares.

| **CUSIP No.** | **G8884K128** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**ES-Shining Unity Holdings Limited** | Name of reporting person<br>**ES-Shining Unity Holdings Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**702000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**702000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**702000.00** | Aggregate amount beneficially owned by each reporting person<br>**702000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.41%** | Percent of class represented by amount in Row (11)<br>**7.41%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Row 8, 10, and 11 include 351,000 class A ordinary shares and the right to purchase up to 3510,000 class A ordinary shares held by ES-Shining Unity Holdings Limited.

Mufang Gao, as the sole director and controlling shareholder of ES-Shining Unity Holdings Limited, has the dispositive and voting power over the shares held by this entity.

Row 13 is calculated based on 9,472,921 shares, consisting of 9,121,921 Class A ordinary shares outstanding as of May 22, 2025 and the right to purchase up to 351,000 class A ordinary shares.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A ordinary share, par value $0.025 per share

**(b) Name of Issuer:**
TIAN RUIXIANG HOLDINGS LTD

**(c) Address of Issuer's Principal Executive Offices:**
Room 918, Jingding Building, Xicheng District, Beijing, F4, 100000

This Schedule 13D amends and supplements the Schedule 13D filed with the U.S. Securities and Exchange Commission (the "SEC") on August 18, 2023, and the Schedule 13D/A filed with the SEC on June 10, 2024 (collectively, the "Original Schedule 13D"). Except as specifically provided herein, this Schedule 13D does not modify any of the information previously reported on the Original Schedule 13D. All disclosure in respect of items contained in the Original Schedule 13D where no new information is provided for such item in this Schedule 13D is incorporated herein by reference.

**Item 4. Purpose of Transaction**

On November 1, 2024, the Issuer entered into a subscription agreement with Unitrust, pursuant to Regulation S promulgated by the SEC under the Securities Act of 1933, as amended. Pursuant to the subscription agreement, Unitrust agreed to subscribe for and purchase from the Issuer, and the Issuer agreed to issue and sell to Unitrust, 388,800 Class A ordinary shares of the Issuer, par value US$0.025 per share, at a purchase price of $1.852 per share, for an aggregate purchase price of $720,000. After the closing of the transaction, Unitrust will be entitled to the following: (i) one demand registration with respect to its purchased shares (such demand registration right will be terminated on the thirty-six-month anniversary of the date of the subscription agreement); and (ii) the right to purchase up to 388,800 Class A ordinary shares of the Issuer at a per share price of $1.852 for a total purchase price of up to $720,000, pursuant to an agreement which shall be entered into by the parties in a customary form reasonably acceptable to the parties, and such right to purchase additional shares will be terminated on the three-year anniversary of the date of the subscription agreement, and can only be exercised if the market price of the Class A ordinary share of the Issuer is not lower than $1.852 per share on the exercising date.

On November 1, 2024, the Issuer entered into a subscription agreement with Plenty Holdings Company Limited, pursuant to Regulation S promulgated by the SEC under the Securities Act of 1933, as amended. Pursuant to the subscription agreement, Plenty Holdings Company Limited agreed to subscribe for and purchase from the Issuer, and the Issuer agreed to issue and sell to Plenty Holdings Company Limited, 270,000 Class A ordinary shares of the Issuer, par value US$0.025 per share, at a purchase price of $1.852 per share, for an aggregate purchase price of $500,000. After the closing of the transaction, Plenty Holdings Company Limited will be entitled to the following: (i) one demand registration with respect to its purchased shares (such demand registration right will be terminated on the thirty-six-month anniversary of the date of the subscription agreement); and (ii) the right to purchase up to 270,000 Class A ordinary shares of the Issuer at a per share price of $1.852 for a total purchase price of up to $500,000, pursuant to an agreement which shall be entered into by the parties in a customary form reasonably acceptable to the parties, and such right to purchase additional shares will be terminated on the three-year anniversary of the date of the subscription agreement, and can only be exercised if the market price of the Class A ordinary share of the Issuer is not lower than $1.852 per share on the exercising date.

On November 1, 2024, the Issuer entered into a subscription agreement with ES-Shining Unity Holdings Limited, pursuant to Regulation S promulgated by the SEC under the Securities Act of 1933, as amended. Pursuant to the subscription agreement, ES-Shining Unity Holdings Limited agreed to subscribe for and purchase from the Issuer, and the Issuer agreed to issue and sell to ES-Shining Unity Holdings Limited, 351,000 Class A ordinary shares of the Issuer, par value US$0.025 per share, at a purchase price of $1.852 per share, for an aggregate purchase price of $650,000. After the closing of the transaction, ES-Shining Unity Holdings Limited will be entitled to the following: (i) one demand registration with respect to its purchased shares (such demand registration right will be terminated on the thirty-six-month anniversary of the date of the subscription agreement); and (ii) the right to purchase up to 351,000 Class A ordinary shares of the Issuer at a per share price of $1.852 for a total purchase price of up to $650,000, pursuant to an agreement which shall be entered into by the parties in a customary form reasonably acceptable to the parties, and such right to purchase additional shares will be terminated on the three-year anniversary of the date of the subscription agreement, and can only be exercised if the market price of the Class A ordinary share of the Issuer is not lower than $1.852 per share on the exercising date.

On January 7, 2025, the Issuer entered into a subscription agreement with Unitrust. Pursuant to the subscription  agreement, the Issuer agreed to sell to Unitrust, and Unitrust agreed to purchase from the Issuer, 1,000,000 Class B ordinary shares, at a purchase price of $2.31 per share, for an aggregate purchase price of $2,310,000. On January 6, 2025, the last trading price of the Class A ordinary shares on Nasdaq was $1.82. The purchase price of the Class B ordinary shares was determined based on a third-party valuation report dated January 7, 2025 commissioned by the Issuer, reflecting a premium attributed to the voting and conversion rights associated with the Class B ordinary shares.

Except as set forth in this Item 4, the Reporting Persons do not have any present plans or proposals which relate to or would result in any of the transactions of this Item 4.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The responses of each Reporting Person to Rows (7) through (13) of the cover pages of this Schedule 13D are hereby incorporated by reference in this Item 5.

**(b)**
The responses of each Reporting Person to Rows (7) through (13) of the cover pages of this Schedule 13D are hereby incorporated by reference in this Item 5.

**(c)**
Other than as described herein, the Reporting Persons have not effected any transactions in the Issuer's securities during the 60 days preceding the date of this report.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information set forth in Item 4 of this Schedule 13D is hereby incorporated by reference into this Item 6.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Mufang Gao

**Signature:** /s/ Mufang Gao

**Name/Title:** Mufang Gao/Director

**Date:** 06/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Unitrust Holdings Limited

**Signature:** /s/ Mufang Gao

**Name/Title:** Mufang Gao/Director

**Date:** 06/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Plenty Holdings Company Limited

**Signature:** /s/ Mufang Gao

**Name/Title:** Mufang Gao/Director

**Date:** 06/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** ES-Shining Unity Holdings Limited

**Signature:** /s/ Mufang Gao

**Name/Title:** Mufang Gao/Director

**Date:** 06/04/2025