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Customers buying food and drinks at Hapi Cafés have supplied virtually all of EnerSyn Global’s revenue, with Singapore accounting for most sales and South Korea a smaller share. The cafés are also intended to introduce customers to the company’s products and services and encourage spending with its affiliates; these are development plans, not established revenue sources.
The café footprint has contracted: locations in Singapore and South Korea closed because sales were unsustainable. The company also sold control of a Singapore café operator while retaining a minority stake. It plans to expand Hapi Cafés, but funding operations also depends on financial support from its indirect owner, Alset Inc.
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EnerSyn Global’s disclosed business hinges on café economics and related-party investments after café closures, including its retained stake in the Singapore café controlled by Alset International Limited.
Alset Inc., a holding company with real estate, technology and biohealth businesses, is tied to EnerSyn Global through its indirect interest in HWH International, the café business described in the target’s filings. Its affiliate Alset International Limited acquired control of HWH’s Singapore café; café sales remain relevant because HWH’s selling subsidiary retained a 20% stake as of December 31, 2025.
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