Managers / Q1 2025
Serenity Capital LLC
CIK 0001706018 · SUITE 200, 530 LYTTON AVE, PALO ALTO, CA, 94301 · 6506173342
Summary
Serenity Capital LLC reported $167M in U.S.-listed holdings across 7 positions for Q1 2025.
The portfolio is heavily concentrated: ZTO alone accounts for 60.0% of reported value.
Compared with Q2 2022, the fund opened 8 new positions and exited 0.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- ADR · 100.0% · $167M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2022 (amended baseline) · note: prior filed quarter, not the immediately preceding one
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| ZTOZTO EXPRESS CAYMAN INC | NEW | +5.06M | 5.06M | +$100M | $100M |
| BZKANZHUN LIMITED | NEW | +1.20M | 1.20M | +$23M | $23M |
| QFINQIFU TECHNOLOGY INC | NEW | +340.8K | 340.8K | +$15M | $15M |
| EDUNEW ORIENTAL ED & TECHNOLOGY | NEW | +245.5K | 245.5K | +$12M | $12M |
| MNSOMINISO GROUP HLDG LTD | NEW | +463.4K | 463.4K | +$9M | $9M |
| ATATATOUR LIFESTYLE HLDGS LTD | NEW | +275.0K | 275.0K | +$8M | $8M |
| TALTAL EDUCATION GROUP | NEW | +29.0K | 29.0K | +$382,496 | $382,496 |
| N/A | NEW | +0 | 0 | +$0 | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | ZTOZTO EXPRESS CAYMAN INChistory → | SPONSORED ADS A | 60.03% | $100M | 5.06M |
| 2 | BZKANZHUN LIMITEDhistory → | SPONSORED ADS | 13.77% | $23M | 1.20M |
| 3 | QFINQIFU TECHNOLOGY INChistory → | AMERICAN DEP | 9.16% | $15M | 340.8K |
| 4 | EDUNEW ORIENTAL ED & TECHNOLOGYhistory → | SPON ADR | 7.02% | $12M | 245.5K |
| 5 | MNSOMINISO GROUP HLDG LTDhistory → | SPONSORED ADS | 5.13% | $9M | 463.4K |
| 6 | ATATATOUR LIFESTYLE HLDGS LTDhistory → | SPONSORED ADS | 4.66% | $8M | 275.0K |
| 7 | TALTAL EDUCATION GROUP | SPONSORED ADS | 0.23% | $382,496 | 29.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2025 | $167M | 7 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $0 | 1 | Jul 13, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $216M | 3 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $213M | 2 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $236M | 3 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $193M | 4 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $415M | 6 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $636M | 7 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $544M | 7 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $429M | 6 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $469M | 7 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $519M | 7 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $434M | 8 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $330M | 7 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $311M | 8 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $259M | 8 | Feb 14, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.