# EDGAR Filing Document

**Accession Number:** 0001782941
**File Stem:** 0001104659-25-082120
**Filing Date:** 2025-8
**Character Count:** 20366
**Document Hash:** f4f900826bce46c465031171e7fccf78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-082120.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001104659-25-082120

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**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 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92589
- **FILM NUMBER:** 251247895

**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:** Eastern Bell International XXVII Ltd
- **CENTRAL INDEX KEY:** 0002082873

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 149 YOUCHENG ROAD, PUDONG NEW AREA
- **STREET 2:** 40TH FLOOR, SHANGHAI SK BUILDING
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **ZIP:** 200120
- **BUSINESS PHONE:** 86 021-61652668

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 149 YOUCHENG ROAD, PUDONG NEW AREA
- **STREET 2:** 40TH FLOOR, SHANGHAI SK BUILDING
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **ZIP:** 200120

## Exhibit 99.1

**Exhibit 99.1**

**<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 share, par value of US$0.025 per share, of TIAN RUIXIANG Holdings Ltd, a Cayman Islands Corporation, 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 August 22, 2025.

**Eastern Bell International XXVII Limited**

/s/ Yingchun Zhu

**By (Signature)**

Yingchun Zhu, Director

**By (Name/Title)**

08/22/2025

**Date**

**Eastern Bell Capital Fund II, L.P.**

/s/ Li Yan

**By (Signature)**

Li Yan, Authorized Signatory

**By (Name/Title)**

08/22/2025

**Date**

**Eastern Bell Capital II, Limited**

/s/ Li Yan

**By (Signature)**

Li Yan, Authorized Signatory

**By (Name/Title)**

08/22/2025

**Date**

**Yan Capital Limited**

/s/ Li Yan

**By (Signature)**

Li Yan, Sole Member

**By (Name/Title)**

08/22/2025

**Date**

**Li Yan**

/s/ Li Yan

**By (Signature)**

Li Yan

**By (Name/Title)**

08/22/2025

**Date**

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** TIAN RUIXIANG Holdings Ltd

**Title of Class of Securities:** Class A ordinary shares, par value $0.025 per share

**CUSIP Number:** G8884K128

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Eastern Bell International XXVII Limited | Names of Reporting Persons<br>Eastern Bell International XXVII Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>D8 | Citizenship or Place of Organization<br>D8 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>14595114.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>14595114.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14595114.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14595114.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>12.09% | Percent of Class Represented by Amount in Row (9)<br>12.09% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** The numbers in Rows 5, 7, and 9 consist of  14,595,114 Class A ordinary shares, par value $0.025 per share, of TIAN RUIXIANG Holdings Ltd (the "Issuer") held by Eastern Bell International XXVII Limited. The percentage in Row 11 is calculated based on a total of 120,757,154 Class A ordinary shares outstanding as of June 30, 2025, as provided by the Issuer.

---

| 1. | Names of Reporting Persons<br>Li Yan | Names of Reporting Persons<br>Li Yan |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>F4 | Citizenship or Place of Organization<br>F4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>14595114.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>14595114.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14595114.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14595114.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>12.09% | Percent of Class Represented by Amount in Row (9)<br>12.09% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** The numbers in Rows 5, 7, and 9 consist of  14,595,114 Class A ordinary shares, par value $0.025 per share, of TIAN RUIXIANG Holdings Ltd (the "Issuer") held by Eastern Bell International XXVII Limited. The percentage in Row 11 is calculated based on a total of 120,757,154 Class A ordinary shares outstanding as of June 30, 2025, as provided by the Issuer.

---

| 1. | Names of Reporting Persons<br>Eastern Bell Capital Fund II, L.P. | Names of Reporting Persons<br>Eastern Bell Capital Fund II, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>14595114.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>14595114.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14595114.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14595114.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>12.09% | Percent of Class Represented by Amount in Row (9)<br>12.09% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** The numbers in Rows 5, 7, and 9 consist of  14,595,114 Class A ordinary shares, par value $0.025 per share, of TIAN RUIXIANG Holdings Ltd (the "Issuer") held by Eastern Bell International XXVII Limited. The percentage in Row 11 is calculated based on a total of 120,757,154 Class A ordinary shares outstanding as of June 30, 2025, as provided by the Issuer.

---

| 1. | Names of Reporting Persons<br>Eastern Bell Capital II Limited | Names of Reporting Persons<br>Eastern Bell Capital II Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>14595114.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>14595114.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14595114.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14595114.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>12.09% | Percent of Class Represented by Amount in Row (9)<br>12.09% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** The numbers in Rows 5, 7, and 9 consist of  14,595,114 Class A ordinary shares, par value $0.025 per share, of TIAN RUIXIANG Holdings Ltd (the "Issuer") held by Eastern Bell International XXVII Limited. The percentage in Row 11 is calculated based on a total of 120,757,154 Class A ordinary shares outstanding as of June 30, 2025, as provided by the Issuer.

---

| 1. | Names of Reporting Persons<br>Yan Capital Limited | Names of Reporting Persons<br>Yan Capital Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>D8 | Citizenship or Place of Organization<br>D8 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>14595114.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>14595114.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14595114.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14595114.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>12.09% | Percent of Class Represented by Amount in Row (9)<br>12.09% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** The numbers in Rows 5, 7, and 9 consist of  14,595,114 Class A ordinary shares, par value $0.025 per share, of TIAN RUIXIANG Holdings Ltd (the "Issuer") held by Eastern Bell International XXVII Limited. The percentage in Row 11 is calculated based on a total of 120,757,154 Class A ordinary shares outstanding as of June 30, 2025, as provided by the Issuer.

---

**Item 1(a). Name of Issuer:**
TIAN RUIXIANG Holdings Ltd

**Item 1(b). Address of Issuer's Principal Executive Offices:**
Room 918, Jingding Building, Xicheng District, District, Beijing, People's Republic of China

**Item 2(a). Name of Person Filing:**
1. Eastern Bell International XXVII Limited, a British Virgin Islands exempted limited company;
2. Eastern Bell Capital Fund II, L.P., as the sole member of Eastern Bell International XXVII Limited;
3. Eastern Bell Capital II Limited, as the General Partner of Eastern Bell Capital Fund II, L.P.;
4. Yan Capital Limited, as the owner of 50.01% share of Eastern Bell Capital II Limited;
5. Li Yan, as the sole member of Yan Capital Limited.

The Class A ordinary shares reported herein are directly held by Eastern Bell International XXVII Limited. Eastern Bell Capital Fund II, L.P. is the sole member of Eastern Bell International XXVII Limited. Eastern Bell Capital II Limited is the general partner of Eastern Bell Capital Fund II, L.P. Yan Capital Limited owns 50.01% of Eastern Bell Capital II Limited, and Li Yan is the sole shareholder of Yan Capital Limited. Accordingly, Li Yan may be deemed to indirectly beneficially own the Class A ordinary shares of the Issuer held by Eastern Bell International XXVII Limited. Li Yan disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

**Item 2(b). Address of Principal Business Office:**
1. Eastern Bell International XXVII Limited, a British Virgin Islands exempted company with the address at 40th Floor, Shanghai SK Building, 149 Youcheng Road, Pudong New Area, Shanghai, China
2. Eastern Bell Capital Fund II, L.P. a Cayman Islands exempted company having its registered office at Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman KY1-9008, Cayman Islands;
3. Eastern Bell Capital II Limited, a Cayman Islands exempted company having its registered office at Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman KY1-9008, Cayman Islands.
 4. Yan Capital Limited, a British Virgin Islands exempted company having its registered office at Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands
5. Li Yan: 40th Floor, Shanghai SK Building, 149 Youcheng Road, Pudong New Area, Shanghai, China

**Item 2(c). Citizenship:**
Eastern Bell International XXVII Limited, British Virgin Islands.
Eastern Bell Capital Fund II, L.P., Cayman Islands.
Eastern Bell Capital II Limited, Cayman Islands.
Yan Capital Limited, British Virgin Islands
Li Yan: China

**Item 2(d). Title of Class of Securities:**
Class A ordinary shares, par value $0.025 per share

**Item 2(e). CUSIP Number:**
G8884K128

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

14,595,114

**(b) Percent of class:**

12.09%

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

14,595,114

**(ii) Shared power to vote or to direct the vote:**

0

**(iii) Sole power to dispose or to direct the disposition of:**

14,595,114

**(iv) Shared power to dispose or to direct the disposition of:**

0

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### 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.

**Eastern Bell International XXVII Limited**

**Date:** 08/22/2025

**By:** /s/ Yingchun Zhu

**Name & Title:** Yingchun Zhu/Director

**Li Yan**

**Date:** 08/22/2025

**By:** /s/ Li Yan

**Name & Title:** Li Yan

**Eastern Bell Capital Fund II, L.P.**

**Date:** 08/22/2025

**By:** /s/ Li Yan

**Name & Title:** Li Yan/Authorized Signatory

**Eastern Bell Capital II Limited**

**Date:** 08/22/2025

**By:** /s/ Li Yan

**Name & Title:** Li Yan/Authorized Signatory

**Yan Capital Limited**

**Date:** 08/22/2025

**By:** /s/ Li Yan

**Name & Title:** Li Yan/Sole Member