In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Tiger Pacific Capital LP reported 12 stock positions worth $346.9 million . Its top holding was Tal Education Group- ADR (TAL) at 28.0% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 19.8% ) and Zto Express Cayman Inc.-ADR (ZTO, 17.0% ). Compared with Q1 2024, it opened 3 new positions, sold out of 4, added to 3 and reduced 4. The biggest buy was Tal Education Group- ADR (TAL, shares +10% ) and the biggest sale Zto Express Cayman Inc.-ADR (ZTO, shares −43% ).
Location NEW YORK, NY
CIK 0001664492
Portfolio Value $346.9M (Q2 2024) Holdings 12 stocks · $346.9M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2024 TAL Tal Education Group- ADR 9,113,394 $97.2M Add +10.4% TSM Taiwan Semiconductor-SP ADR 394,944 $68.6M Reduce -16.8% ZTO Zto Express Cayman Inc.-ADR 2,835,777 $58.8M Reduce -42.8% QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 1,424,610 $28.1M Reduce -37.5% GOTU Gaotu Techedu Inc. 5,382,049 $26.4M Add +6.4% NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 1,880,865 $18.2M No change CPNG Coupang Inc. 720,916 $15.1M Add +9.8% XPEV Xpeng Inc. - ADR 1,726,438 $12.7M New EDU New Oriental Educatio-SP ADR 123,989 $9.6M Reduce -35.0% YMM Full Truck Alliance -SPN ADR 811,008 $6.5M New RERE Atrenew Inc. 2,069,435 $4.9M No change WBTN Webtoon Entertainment Inc. 30,000 $685K New
Options reported separately and not counted above: FXI puts ($27.0M).
Portfolio Sells Q1 2024 → Q2 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▲ ZTO Zto Express Cayman Inc.-ADR Reduce -42.8% 16.96% −7.16 AS Amer Sports Inc. Sold out 0.00% −3.80 RLX RLX Technology Inc.-ADR Sold out 0.00% −2.44 BZ Kanzhun Ltd. - ADR Sold out 0.00% −1.66 QFIN Qfin Holdings Inc.-ADR Reduce -37.5% 8.10% −1.64 PDD PDD Holdings Inc. Sold out 0.00% −1.38 EDU New Oriental Educatio-SP ADR Reduce -35.0% 2.78% −1.07 TSM Taiwan Semiconductor-SP ADR Reduce -16.8% 19.79% +4.78
Portfolio Buys Q1 2024 → Q2 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▼ TAL Tal Education Group- ADR Add +10.4% 28.03% +6.28 XPEV Xpeng Inc. - ADR New 3.65% +3.65 YMM Full Truck Alliance -SPN ADR New 1.88% +1.88 CPNG Coupang Inc. Add +9.8% 4.35% +1.64 WBTN Webtoon Entertainment Inc. New 0.20% +0.20 GOTU Gaotu Techedu Inc. Add +6.4% 7.60% −0.09
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ FXI iShares China Large-Cap ETF put New 1,040,000 $27.0M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 9 $215.4M TAL, CPNG, VNET, NOAH, QFIN Q1 2026 9 $214.4M TAL, CPNG, PDD, NOAH, QFIN Q4 2025 10 $373.8M SE, TAL, MMYT, TSM, EDU Q3 2025 14 $395.4M TAL, SE, EDU, NTES, PDD Q2 2025 8 $301.3M TAL, SE, EDU, AS, NOAH Q1 2025 10 $277.6M TAL, QFIN, SE, JOYY, LU Q4 2024 14 $374.0M TAL, TSM, QFIN, JOYY, NOAH Q3 2024 15 $490.5M TAL, ZTO, TSM, PDD, QFIN Q2 2024 12 $346.9M TAL, TSM, ZTO, QFIN, GOTU Q1 2024 13 $430.6M ZTO, TAL, TSM, QFIN, GOTU