• Direct Holders:  The shares are physically held by two operating broker-dealers:
  • Merrill Lynch International:  Holds 14,522,946 shares (the sum of its direct and deemed interest).
  • BofA Securities, Inc.:  Holds 2,361,898 shares.
• The Middle Men (The Holding Companies):
  • BofA Securities  is owned by  NB Holdings.
  • Merrill Lynch International  is owned by  BofAML EMEA Holdings  and  BofAML Jersey Holdings.
  • Those Jersey and EMEA entities are  also  owned by  NB Holdings.
• The Ultimate Owner:  Because  NB Holdings Corporation  owns 100% of both paths, it must legally declare a deemed interest in the grand total of  16,884,844 shares. 

1. One Single Buyer:  A single banking giant (Bank of America) accumulated these shares, not three separate competing entities.
2. Substantial Shareholder Status:  Because the total pot of 16.8 million shares crossed the regulatory threshold (usually 5% of a company' s total stock), the parent group had to trigger this public disclosure.

• Riding the AI Semiconductor Wave:  AEM Holdings Ltd  has transitioned into a critical provider of high-parallel thermal testing equipment essential for next-generation, high-heat AI silicon chips.
• Institutional Clientele and Trading:  Large global investment banks (similar to recent moves by  JPMorgan Chase & Co.  in the same stock) frequently cross the 5% substantial shareholder threshold simply by aggregating shares managed for high-net-worth clients, exchange-traded funds (ETFs), or their own internal trading desks capitalizing on AEM' s intense price momentum.
• Turnaround Growth & Diversification:  After historical reliance on a single main customer, AEM successfully secured partnerships with massive global semiconductor packaging entities like  ASE Technology Holding, signaling a highly lucrative business pivot that institutional capital wanted a piece of. 

AEM closes 6.7% down after touching S$10 barrier, knocking DBS off pedestal as top value traded stock