In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Tiger Pacific Capital LP reported 15 stock positions worth $490.5 million . Its top holding was Tal Education Group- ADR (TAL) at 34.7% of the portfolio, followed by Zto Express Cayman Inc.-ADR (ZTO, 14.3% ) and Taiwan Semiconductor-SP ADR (TSM, 14.1% ). Compared with Q2 2024, it opened 5 new positions, sold out of 2, added to 3 and reduced 3. The biggest buy was a new position in PDD (PDD) and the biggest sale an exit from Gaotu Techedu (GOTU).
Location NEW YORK, NY
CIK 0001664492
Portfolio Value $490.5M (Q3 2024) Holdings 15 stocks · $490.5M 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 Q2 2024 TAL Tal Education Group- ADR 14,371,927 $170.2M Add +57.7% ZTO Zto Express Cayman Inc.-ADR 2,835,777 $70.2M No change TSM Taiwan Semiconductor-SP ADR 397,778 $69.1M Add +0.7% PDD PDD Holdings Inc. 325,172 $43.8M New QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 1,054,502 $31.4M Reduce -26.0% NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 1,880,865 $23.2M No change JOYY Joyy Inc.-ADR 552,847 $20.0M New EDU New Oriental Educatio-SP ADR 215,733 $16.4M Add +74.0% CPNG Coupang Inc. 489,662 $12.0M Reduce -32.1% XPEV Xpeng Inc. - ADR 744,664 $9.1M Reduce -56.9% LEGN Legend Biotech Corp.-ADR 168,900 $8.2M New FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 63,000 $6.0M New RERE Atrenew Inc. 2,069,435 $5.8M No change LI Li Auto Inc. - ADR 182,371 $4.7M New WBTN Webtoon Entertainment Inc. 30,000 $343K No change
Options reported separately and not counted above: KWEB puts ($34.0M).
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ GOTU Gaotu Techedu Inc. Sold out 0.00% −7.60 CPNG Coupang Inc. Reduce -32.1% 2.45% −1.90 YMM Full Truck Alliance -SPN ADR Sold out 0.00% −1.88 XPEV Xpeng Inc. - ADR Reduce -56.9% 1.85% −1.80 QFIN Qfin Holdings Inc.-ADR Reduce -26.0% 6.41% −1.69
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ PDD PDD Holdings Inc. New 8.94% +8.94 TAL Tal Education Group- ADR Add +57.7% 34.69% +6.66 JOYY Joyy Inc.-ADR New 4.08% +4.08 LEGN Legend Biotech Corp.-ADR New 1.68% +1.68 FUTU Futu Holdings Ltd.-ADR New 1.23% +1.23 LI Li Auto Inc. - ADR New 0.95% +0.95 EDU New Oriental Educatio-SP ADR Add +74.0% 3.34% +0.56 TSM Taiwan Semiconductor-SP ADR Add +0.7% 14.08% −5.71
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ KWEB Kranesh Csi China Internet put New 1,000,000 $34.0M FXI iShares China Large-Cap ETF put Sold out 1,040,000 $27.0Mbefore exit
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