Tiger Pacific Capital LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Tiger Pacific Capital LP reported 10 stock positions worth $373.8 million. Its top holding was Sea Ltd.-ADR (SE) at 28.3% of the portfolio, followed by Tal Education Group- ADR (TAL, 23.3%) and Makemytrip (MMYT, 10.9%). Compared with Q3 2025, it opened 3 new positions, sold out of 7, added to 2 and reduced 3. The biggest buy was a new position in Makemytrip (MMYT) and the biggest sale an exit from Netease Inc.-ADR (NTES).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001664492
Portfolio Value
$373.8M (Q4 2025)
SEC Filing
0001664492-26-000004 ↗ filed Feb 17, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $430.6M Q1 2024 Q2 2024: $346.9M Q2 2024 Q3 2024: $490.5M Q3 2024 Q4 2024: $374.0M Q4 2024 Q1 2025: $277.6M Q1 2025 Q2 2025: $301.3M Q2 2025 Q3 2025: $395.4M Q3 2025 Q4 2025: $373.8M $373.8M Q4 2025 Q1 2026: $214.4M Q1 2026 Q2 2026: $215.4M Q2 2026

Holdings 10 stocks · $373.8M
SE Sea Ltd.-ADR 28.27% 828,410 $105.7M Add +80.6%
TAL Tal Education Group- ADR 23.28% 7,977,772 $87.0M Reduce -4.9%
MMYT Makemytrip Ltd. 10.94% 497,923 $40.9M New
TSM Taiwan Semiconductor-SP ADR 7.50% 92,200 $28.0M Add +191.3%
EDU New Oriental Educatio-SP ADR 6.31% 428,532 $23.6M Reduce -38.4%
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 5.59% 599,097 $20.9M New
JOYY Joyy Inc.-ADR 5.10% 294,141 $19.0M Reduce -2.2%
NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 5.05% 1,880,865 $18.9M No change
CPNG Coupang Inc. 5.03% 797,169 $18.8M New
RERE Atrenew Inc. 2.93% 2,069,435 $11.0M No change

Portfolio Sells Q3 2025 → Q4 2025
NTES Netease Inc.-ADR Sold out 0.00% −7.33
PDD PDD Holdings Inc. Sold out 0.00% −6.26
LU Lufax Holding Ltd.-ADR Sold out 0.00% −5.62
AS Amer Sports Inc. Sold out 0.00% −5.18
GRAB Grab Holdings Ltd. Class A Sold out 0.00% −3.29
EDU New Oriental Educatio-SP ADR Reduce -38.4% 6.31% −3.03
EH Ehang Holdings Ltd.-SPS ADR Sold out 0.00% −2.26
MNSO Miniso Group Holding Ltd.-ADR Sold out 0.00% −1.59
TAL Tal Education Group- ADR Reduce -4.9% 23.28% −0.48
JOYY Joyy Inc.-ADR Reduce -2.2% 5.10% +0.64

Portfolio Buys Q3 2025 → Q4 2025
MMYT Makemytrip Ltd. New 10.94% +10.94
SE Sea Ltd.-ADR Add +80.6% 28.27% +7.53
GDS GDS Holdings Ltd. - ADR New 5.59% +5.59
TSM Taiwan Semiconductor-SP ADR Add +191.3% 7.50% +5.26
CPNG Coupang Inc. New 5.03% +5.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 9$215.4MTAL, CPNG, VNET, NOAH, QFIN
Q1 2026 9$214.4MTAL, CPNG, PDD, NOAH, QFIN
Q4 2025 10$373.8MSE, TAL, MMYT, TSM, EDU
Q3 2025 14$395.4MTAL, SE, EDU, NTES, PDD
Q2 2025 8$301.3MTAL, SE, EDU, AS, NOAH
Q1 2025 10$277.6MTAL, QFIN, SE, JOYY, LU
Q4 2024 14$374.0MTAL, TSM, QFIN, JOYY, NOAH
Q3 2024 15$490.5MTAL, ZTO, TSM, PDD, QFIN
Q2 2024 12$346.9MTAL, TSM, ZTO, QFIN, GOTU
Q1 2024 13$430.6MZTO, TAL, TSM, QFIN, GOTU