<SEC-DOCUMENT>0001213900-26-030654.txt : 20260318
<SEC-HEADER>0001213900-26-030654.hdr.sgml : 20260318
<ACCEPTANCE-DATETIME>20260318160154
ACCESSION NUMBER:		0001213900-26-030654
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260318
FILED AS OF DATE:		20260318
DATE AS OF CHANGE:		20260318

REPORTING-OWNER:	

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

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41516
		FILM NUMBER:		26768727

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>ownership.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0607</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2026-03-18</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001877333</issuerCik>
        <issuerName>TH International Ltd</issuerName>
        <issuerTradingSymbol>THCH</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002117349</rptOwnerCik>
            <rptOwnerName>Yu Peter Michael</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CARTESIAN CAPITAL GROUP</rptOwnerStreet1>
            <rptOwnerStreet2>15TH FLOOR, 505 FIFTH AVE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>ordinary shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>16153044</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Including (i) 11,440,401 ordinary shares held by Pangaea Two Acquisition Holdings XXIIA Limited (&quot;XXIIA&quot;), (ii) 2,063,983 ordinary shares held by Pangaea Three Acquisition Holdings IV, Limited (&quot;Holdings IV&quot;), (iii) 1,238,204 ordinary shares held by Pangaea Two Acquisition Holdings XXIII, Ltd., (iv) 968,078 ordinary shares held by Pangaea Two, LP, (v) 420,310 ordinary shares held by Pangaea Two Parallel, LP, (vi) 10,745 ordinary shares held by Pangaea Two Management, LP, (vii) 4,177 ordinary shares held by Pangaea Two GP, LP, and (viii) 7,146 ordinary shares held by Pangaea Two Parallel LP.</footnote>
        <footnote id="F2">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.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Yu Peter Michael</signatureName>
        <signatureDate>2026-03-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
