Chan Heng Fai Strengthens Stake in DSS Inc. While Market Struggles

Chan Heng Fai Ambrose, Executive Chairman of DSS Inc. (AMEX: DSS), and Alset Inc., a company under his control, have made substantial investments in DSS stock despite challenging market conditions. Over the past year, DSS shares have dropped nearly 63%, significantly below their 52-week high of $3.08. On December 10, 2024, Alset Inc. acquired 820,597 shares of DSS common stock, while Chan personally purchased an additional 205,149 shares. Both transactions were completed at a price of $0.9749 per share, representing a combined investment of nearly $1 million.

These purchases have further cemented Chan’s position as a major shareholder in DSS, bringing his total ownership to 5,148,664 shares. This figure includes shares held through entities he controls, such as Heng Fai Holdings Limited, Alset Inc., Alset International Limited, and Global Biomedical Pte. Ltd.

Meanwhile, DSS Inc., headquartered in New York, has been navigating a period of significant activity. The company recently restated its 2023 financial results after its Audit Committee identified errors in the March 2024 filings. These discrepancies, linked to a transaction involving Sharing Service Global Corporation (SHRG), resulted in an overstated loss of approximately $23.5 million.

In tandem with these financial adjustments, DSS announced changes in its executive team. Jason Grady was named Interim CEO following the departure of former CEO Frank D. Heuszel, who is transitioning to a leadership role at Impact Biomedical.

At the company’s annual meeting, DSS shareholders approved several key resolutions, including the election of seven directors to the board and the ratification of Grassi & Co. Certified Public Accountants, P.C. as the independent public accounting firm for the fiscal year ending December 31, 2024. Shareholders also gave advisory approval to compensate the company’s executive officers.

These developments align with DSS Inc.’s broader strategy of portfolio diversification through targeted acquisitions and asset growth. As the company recalibrates its operations, Chan Heng Fai’s continued investment underscores his commitment to DSS’s long-term vision and resilience in a challenging market.

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