Serenity Capital Management Pte. LTD.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Serenity Capital Management Pte. LTD. reported 8 stock positions worth $394.0 million. Its top holding was Kanzhun Ltd. - ADR (BZ) at 29.9% of the portfolio, followed by Zto Express Cayman Inc.-ADR (ZTO, 24.6%) and Tal Education Group- ADR (TAL, 13.4%). Compared with Q2 2025, it added to 4 and reduced 1. The biggest buy was Tal Education Group- ADR (TAL, shares +16237%) and the biggest sale Atour Lifestyle Holdings-ADR (ATAT, shares −22%).

Most Recent 13F
Q2 2026
Location
Singapore, U0
CIK
0001934957
Portfolio Value
$394.0M (Q3 2025)
SEC Filing
0001172661-25-004774 ↗ filed Nov 13, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $178.8M Q1 2024 Q2 2024: $161.6M Q2 2024 Q3 2024: $196.4M Q3 2024 Q4 2024: $149.0M Q4 2024 Q1 2025: $167.1M Q1 2025 Q2 2025: $235.8M Q2 2025 Q3 2025: $394.0M $394.0M Q3 2025 Q4 2025: $376.8M Q4 2025 Q1 2026: $414.4M Q1 2026 Q2 2026: $331.6M Q2 2026

Holdings 8 stocks · $394.0M
BZ Kanzhun Ltd. - ADR 29.85% 5,035,348 $117.6M Add +24.8%
ZTO Zto Express Cayman Inc.-ADR 24.64% 5,056,987 $97.1M No change
TAL Tal Education Group- ADR 13.45% 4,730,377 $53.0M Add +16237.0%
HTHT H World Group Ltd.-ADR 12.65% 1,274,391 $49.8M Add +126.0%
EDU New Oriental Educatio-SP ADR 8.85% 656,878 $34.9M Add +167.6%
MNSO Miniso Group Holding Ltd.-ADR 6.61% 1,157,662 $26.0M No change
ATAT Atour Lifestyle Holdings-ADR 2.05% 215,000 $8.1M Reduce -21.8%
QFIN Qfin Holdings Inc.-ADR 1.91% 260,849 $7.5M No change

Portfolio Sells Q2 2025 → Q3 2025
ATAT Atour Lifestyle Holdings-ADR Reduce -21.8% 2.05% −1.74

Portfolio Buys Q2 2025 → Q3 2025
TAL Tal Education Group- ADR Add +16237.0% 13.45% +13.32
HTHT H World Group Ltd.-ADR Add +126.0% 12.65% +4.54
EDU New Oriental Educatio-SP ADR Add +167.6% 8.85% +3.23
BZ Kanzhun Ltd. - ADR Add +24.8% 29.85% −0.68

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 11$331.6MZTO, TAL, EDU, YMM, PDD
Q1 2026 10$414.4MZTO, TAL, HTHT, EDU, PDD
Q4 2025 9$376.8MZTO, HTHT, TAL, MAT, MNSO
Q3 2025 8$394.0MBZ, ZTO, TAL, HTHT, EDU
Q2 2025 8$235.8MZTO, BZ, MNSO, HTHT, EDU
Q1 2025 7$167.1MZTO, BZ, QFIN, EDU, MNSO
Q4 2024 5$149.0MZTO, QFIN, ATAT, EDU, TAL
Q3 2024 4$196.4MZTO, QFIN, ATAT, TAL
Q2 2024 4$161.6MZTO, QFIN, ATAT, TAL
Q1 2024 3$178.8MZTO, QFIN, TAL