Serenity Capital Management Pte. LTD.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Serenity Capital Management Pte. LTD. reported 9 stock positions worth $376.8 million. Its top holding was Zto Express Cayman Inc.-ADR (ZTO) at 28.0% of the portfolio, followed by H World Group Ltd.-ADR (HTHT, 15.9%) and Tal Education Group- ADR (TAL, 13.7%). Compared with Q3 2025, it opened 3 new positions, sold out of 2 and added to 1. The biggest buy was a new position in Mattel (MAT) and the biggest sale an exit from Kanzhun Ltd. - ADR (BZ).

Most Recent 13F
Q2 2026
Location
Singapore, U0
CIK
0001934957
Portfolio Value
$376.8M (Q4 2025)
SEC Filing
0001172661-26-000973 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $376.8M $376.8M Q4 2025 Q1 2026: $414.4M Q1 2026 Q2 2026: $331.6M Q2 2026

Holdings 9 stocks · $376.8M
ZTO Zto Express Cayman Inc.-ADR 28.04% 5,056,987 $105.6M No change
HTHT H World Group Ltd.-ADR 15.91% 1,274,391 $60.0M No change
TAL Tal Education Group- ADR 13.70% 4,730,377 $51.6M No change
MAT Mattel Inc. 12.56% 2,385,643 $47.3M New
MNSO Miniso Group Holding Ltd.-ADR 10.07% 2,024,455 $38.0M Add +74.9%
EDU New Oriental Educatio-SP ADR 9.59% 656,878 $36.1M No change
YMM Full Truck Alliance -SPN ADR 5.15% 1,807,769 $19.4M New
BABA Alibaba Group Holding-SP ADR 2.72% 70,000 $10.3M New
ATAT Atour Lifestyle Holdings-ADR 2.25% 215,000 $8.5M No change

Portfolio Sells Q3 2025 → Q4 2025
BZ Kanzhun Ltd. - ADR Sold out 0.00% −29.85
QFIN Qfin Holdings Inc.-ADR Sold out 0.00% −1.91

Portfolio Buys Q3 2025 → Q4 2025
MAT Mattel Inc. New 12.56% +12.56
YMM Full Truck Alliance -SPN ADR New 5.15% +5.15
MNSO Miniso Group Holding Ltd.-ADR Add +74.9% 10.07% +3.46
BABA Alibaba Group Holding-SP ADR New 2.72% +2.72

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