UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
Report for the Calendar Year or Quarter Ended:
12-31-2025
Check here if Amendment: ☐ Amendment Number:
This Amendment (Check only one.):☐ is a restatement.
☐ adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:
SHAH CAPITAL MANAGEMENT
Address:
2301 SUGAR BUSH RD
SUITE 510
RALEIGH, NC 27612
Form 13F File Number:
028-12080

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.


Person Signing this Report on Behalf of Reporting Manager:
Name:
Himanshu H. Shah
Title:
President & Chief Investment Officer
Phone:
919-719-6360


Signature, Place, and Date of Signing:

/s/ Himanshu H. Shah
                         [Signature]
Raleigh, NORTH CAROLINA
                 [City, State]
01-15-2026
                           [Date]
                          

Report Type (Check only one.):

☒ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) 

☐ 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) 

☐ 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)


Form 13F Summary Page

Report Summary:

Number of Other Included Managers:
0
Form 13F Information table Entry Total:
12
Form 13F Information table Value Total:
518511008
          (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings and list entries.]

  
NONE


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ANTERO MIDSTREAM CORPCOM03676B10210,424,940586,000SHSOLE586,000 0 0
BAIDU INCSPON ADR REP A0567521084,433,94733,935SHSOLE33,935 0 0
CANADIAN SOLAR INCCOM13663510923,056,900970,000SHSOLE970,000 0 0
CHINA YUCHAI INTL LTDCOMG2108210558,447,0941,646,397SHSOLE1,646,397 0 0
DOLE PLCORD SHSG279071076,918,200461,521SHSOLE461,521 0 0
NEW ORIENTAL ED & TECHNOLOGYSPON ADR64758120616,770,062304,744SHSOLE304,744 0 0
NOVAVAX INCCOM NEW67000240197,835,00214,558,780SHSOLE14,558,780 0 0
TRONOX HOLDINGS PLCSHSG9087Q10212,510,0003,000,000SHSOLE3,000,000 0 0
USA TODAY CO INCCOM36472T1099,270,0001,800,000SHSOLE1,800,000 0 0
VANGUARD SCOTTSDALE FDSSHORT TERM TREAS92206C10220,918,334356,178SHSOLE356,178 0 0
VEON LTDSPONSORED ADS91822M502257,343,3984,895,252SHSOLE4,895,252 0 0
WOLFSPEED INCCOMMON STOCK97785W106583,13133,494SHSOLE33,494 0 0