In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Tiger Pacific Capital LP reported 14 stock positions worth $374.0 million . Its top holding was Tal Education Group- ADR (TAL) at 36.9% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 18.7% ) and Qfin Holdings Inc.-ADR (QFIN, 10.8% ). Compared with Q3 2024, it opened 5 new positions, sold out of 6, added to 3 and reduced 3. The biggest buy was a new position in Ke Holdings Inc.-ADR (BEKE) and the biggest sale an exit from Zto Express Cayman Inc.-ADR (ZTO).
Location NEW YORK, NY
CIK 0001664492
Portfolio Value $374.0M (Q4 2024) Holdings 14 stocks · $374.0M 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 Q3 2024 TAL Tal Education Group- ADR 13,769,756 $138.0M Reduce -4.2% TSM Taiwan Semiconductor-SP ADR 354,698 $70.0M Reduce -10.8% QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 1,054,502 $40.5M No change JOYY Joyy Inc.-ADR 680,676 $28.5M Add +23.1% NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 1,880,865 $22.0M No change BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 940,227 $17.3M New PDD PDD Holdings Inc. 97,372 $9.4M Reduce -70.1% LU Lufax Holding Ltd.-ADR 3,936,662 $9.4M New FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 108,100 $8.6M Add +71.6% HMC Honda Motor Co. Ltd.-Spons ADR 288,100 $8.2M New LEGN Legend Biotech Corp.-ADR 222,000 $7.2M Add +31.4% KC Kingsoft Cloud Holdings-ADR 575,504 $6.0M New RERE Atrenew Inc. 2,069,435 $6.0M No change MBLY Mobileye Global Inc. Class A 134,600 $2.7M New
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ ZTO Zto Express Cayman Inc.-ADR Sold out 0.00% −14.32 PDD PDD Holdings Inc. Reduce -70.1% 2.53% −6.41 EDU New Oriental Educatio-SP ADR Sold out 0.00% −3.34 CPNG Coupang Inc. Sold out 0.00% −2.45 XPEV Xpeng Inc. - ADR Sold out 0.00% −1.85 LI Li Auto Inc. - ADR Sold out 0.00% −0.95 WBTN Webtoon Entertainment Inc. Sold out 0.00% −0.07 TAL Tal Education Group- ADR Reduce -4.2% 36.90% +2.20 TSM Taiwan Semiconductor-SP ADR Reduce -10.8% 18.73% +4.65
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ BEKE Ke Holdings Inc.-ADR New 4.63% +4.63 JOYY Joyy Inc.-ADR Add +23.1% 7.62% +3.53 LU Lufax Holding Ltd.-ADR New 2.52% +2.52 HMC Honda Motor Co. Ltd.-Spons ADR New 2.20% +2.20 KC Kingsoft Cloud Holdings-ADR New 1.61% +1.61 FUTU Futu Holdings Ltd.-ADR Add +71.6% 2.31% +1.08 MBLY Mobileye Global Inc. Class A New 0.72% +0.72 LEGN Legend Biotech Corp.-ADR Add +31.4% 1.93% +0.25
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ KWEB Kranesh Csi China Internet put Sold out 1,000,000 $34.0Mbefore 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