<SEC-DOCUMENT>0001213900-26-039718.txt : 20260403
<SEC-HEADER>0001213900-26-039718.hdr.sgml : 20260403
<ACCEPTANCE-DATETIME>20260403082607
ACCESSION NUMBER:		0001213900-26-039718
CONFORMED SUBMISSION TYPE:	3/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260318
FILED AS OF DATE:		20260403
DATE AS OF CHANGE:		20260403

REPORTING-OWNER:	

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

	FILING VALUES:
		FORM TYPE:		3/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41516
		FILM NUMBER:		26836864

	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/A
<SEQUENCE>1
<FILENAME>ownership.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0607</schemaVersion>

    <documentType>3/A</documentType>

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

    <dateOfOriginalSubmission>2026-03-18</dateOfOriginalSubmission>

    <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>
            <rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
            <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>16153040</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Series A Convertible Notes</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.7822</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2024-06-28</value>
            </exerciseDate>
            <expirationDate>
                <value>2029-09-30</value>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>ordinary shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityValue>
                    <value>20000000</value>
                    <footnoteId id="F4"/>
                </underlyingSecurityValue>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Series A-1 Convertible Notes</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.7822</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2024-06-28</value>
            </exerciseDate>
            <expirationDate>
                <value>2029-09-30</value>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>ordinary shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityValue>
                    <value>15741340</value>
                    <footnoteId id="F5"/>
                </underlyingSecurityValue>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Including (i) 11,440,400 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) 1,238,203 ordinary shares held by Pangaea Two Acquisition Holdings XXIII, Ltd., (iv) 968,077 ordinary shares held by Pangaea Two, LP, (v) 420,311 ordinary shares held by Pangaea Two Parallel, LP, (vi) 10,744 ordinary shares held by Pangaea Two Management, LP, (vii) 4,177 ordinary shares held by Pangaea Two GP, LP, and (viii) 7,145 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>
        <footnote id="F3">Represents the maturity date.</footnote>
        <footnote id="F4">Including two Series A Convertible Notes in the aggregate principal amount of $10,000,000 each issued to and acquired by Holdings IV and XXIIA.</footnote>
        <footnote id="F5">Including one Series A-1 Convertible Note issued to and acquired by Holdings IV in the aggregate principal amount of $741,340 and one Series A-1 Convertible Note issued to and acquired by Holdings IV in the aggregate principal amount of $15,000,000.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Yu Peter Michael</signatureName>
        <signatureDate>2026-04-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
