Bing Zhang and Happy Starlight Limited Report 0.8% Stake and 97% Voting Control in Cheer Holding, Inc.

This Amendment No. 7 to Schedule 13D was filed by Bing Zhang and Happy Starlight Limited (HSL) regarding their holdings in Cheer Holding, Inc. (CHR). As of April 16, 2026, Bing Zhang is deemed to beneficially own 13,143 Class A Ordinary Shares, representing approximately 0.8% of the 1,562,119 Class A shares outstanding. This total includes 507 shares held directly by Mr. Zhang and 12,636 shares held by HSL, a company where Mr. Zhang serves as the sole director and shareholder. Notably, Mr. Zhang also directly holds 500,000 Class B Ordinary Shares. While Class B shares are not convertible into Class A shares, they carry super-voting rights of 100 votes per share. Consequently, Mr. Zhang controls an aggregate voting power of 50,013,143 votes, representing approximately 97.0% of the total voting power of the Issuer. The filing also accounts for several historical share consolidations, including a one-for-fifty consolidation in December 2025 and a one-for-three consolidation in April 2026.