# EDGAR Filing Document

**Accession Number:** 0001780034
**File Stem:** 0001104659-25-077122
**Filing Date:** 2025-8
**Character Count:** 39920
**Document Hash:** 8308d6b8f9dbd42c32b30ac22f2b62dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-077122.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001104659-25-077122

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Chagee Holdings Ltd.
- **CENTRAL INDEX KEY:** 0002013649
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING & DRINKING PLACES [5810]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95171
- **FILM NUMBER:** 251208854

**BUSINESS ADDRESS:**
- **STREET 1:** 15/F, IFS BUILDING 2, HONGXING ROAD,
- **STREET 2:** JINJIANG DISTRICT, CHENGDU,
- **CITY:** SICHUAN
- **STATE:** F4
- **ZIP:** 610000
- **BUSINESS PHONE:** 86 028 6900 7666

**MAIL ADDRESS:**
- **STREET 1:** 15/F, IFS BUILDING 2, HONGXING ROAD,
- **STREET 2:** JINJIANG DISTRICT, CHENGDU,
- **CITY:** SICHUAN
- **STATE:** F4
- **ZIP:** 610000
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** XVC Fund II LP
- **CENTRAL INDEX KEY:** 0001780034

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 4TH FLOOR, HARBOUR PL, 103 S CHURCH ST
- **STREET 2:** PO BOX 10240
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1002
- **BUSINESS PHONE:** 345-949-8599

**MAIL ADDRESS:**
- **STREET 1:** 4TH FLOOR, HARBOUR PL, 103 S CHURCH ST
- **STREET 2:** PO BOX 10240
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1002

## Exhibit 99.1

**<u>Exhibit 99.1</u>**

**<u>Joint Filing Agreement</u>**

In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with all other Reporting Persons (as such term is defined in the Schedule 13G referred to below) on behalf of each of them of a statement on Schedule 13G (including amendments thereto) with respect to the Class A ordinary shares, and/or the American depositary shares representing Class A ordinary shares beneficially owned by each of them, of Chagee Holdings Limited, a Cayman Islands exempted company, and that this Agreement may be included as an exhibit to such joint filing. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of August 13, 2025.

---

| | |
|:---|:---|
| **XVC Fund II LP** | **XVC Fund II LP** |
| By: | /s/ Boyu Hu |
| Name: Boyu Hu | Name: Boyu Hu |
| Title: Authorized Signatory | Title: Authorized Signatory |
| **XVC SSF II LP** | **XVC SSF II LP** |
| By: | /s/ Boyu Hu |
| Name: Boyu Hu | Name: Boyu Hu |
| Title: Authorized Signatory | Title: Authorized Signatory |
| **XVC Management Ltd.** | **XVC Management Ltd.** |
| By: | /s/ Boyu Hu |
| Name: Boyu Hu | Name: Boyu Hu |
| Title: Authorized Signatory | Title: Authorized Signatory |
| **Qanttea LP** | **Qanttea LP** |
| By: | /s/ Boyu Hu |
| Name: Boyu Hu | Name: Boyu Hu |
| Title: Authorized Signatory | Title: Authorized Signatory |

---

---

| | |
|:---|:---|
| **Youth Power Limited** | **Youth Power Limited** |
| By: | /s/ Boyu Hu |
| Name: Boyu Hu | Name: Boyu Hu |
| Title: Authorized Signatory | Title: Authorized Signatory |
| **Ningbo Meishan Bonded Port Area Ecksi Solution Investment Partnership (Limited Partnership)** | **Ningbo Meishan Bonded Port Area Ecksi Solution Investment Partnership (Limited Partnership)** |
| By: | /s/ Boyu Hu |
| Name: Boyu Hu | Name: Boyu Hu |
| Title: Authorized Signatory | Title: Authorized Signatory |
| **Putian Aikesi Coordinate Investment Partnership (Limited Partnership)** | **Putian Aikesi Coordinate Investment Partnership (Limited Partnership)** |
| By: | /s/ Xiao Yang |
| Name: Xiao Yang | Name: Xiao Yang |
| Title: Authorized Signatory | Title: Authorized Signatory |
| **Boyu Hu** | **Boyu Hu** |
| By: | /s/ Boyu Hu |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Chagee Holdings Limited

**Title of Class of Securities:** Class A Ordinary Shares, par value US$0.0001 per share

**CUSIP Number:** 15743P104

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>XVC Fund II LP | Names of Reporting Persons<br>XVC Fund II LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>22145614.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>22145614.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>22145614.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>22145614.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>18.38% | Percent of Class Represented by Amount in Row (9)<br>18.38% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Comments to items 6&8&9: Such 22,145,614 Class A ordinary shares are held by XVC Fund II LP ("XVC Fund II") directly. XVC Fund II is ultimately controlled by XVC Management Ltd. (formerly known as X Capital Management Ltd., "XVC Management"), and as such, XVC Management may exercise voting and dispositive power over the shares held by XVC Fund II. Boyu Hu is the director of XVC Management and is deemed to beneficially own the ordinary shares ultimately controlled by XVC Management.

Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Rule 424B4 Prospectus (File No. 333-286081) filed on April 18, 2025, by the Issuer with the Securities and Exchange Commission (the "Issuer's Prospectus"). Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by XVC Fund II represent approximately 2.86% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>XVC SSF II LP | Names of Reporting Persons<br>XVC SSF II LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1091405.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1091405.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1091405.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1091405.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.91% | Percent of Class Represented by Amount in Row (9)<br>0.91% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Comments to items 6&8&9: Such 1,091,405 Class A ordinary shares are held by XVC SSF II LP ("XVC SSF II") directly. XVC SSF II is ultimately controlled by XVC Management, and as such, XVC Management may exercise voting and dispositive power over the shares held by XVC SSF II. Boyu Hu is the director of XVC Management and is deemed to beneficially own the ordinary shares ultimately controlled by XVC Management.

Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by XVC SSF II represent approximately 0.14% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>XVC Management Ltd. | Names of Reporting Persons<br>XVC Management Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>23237019.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>23237019.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>23237019.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>23237019.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>19.29% | Percent of Class Represented by Amount in Row (9)<br>19.29% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** Comments to items 6&8&9: Consists of (i) 22,145,614 Class A ordinary shares directly held by XVC Fund II and (ii) 1,091,405 Class A ordinary shares directly held by XVC SSF II. Both XVC Fund II and XVC SSF II are ultimately controlled by XVC Management, and as such, XVC Management may exercise voting and dispositive power over the shares held by XVC Fund II and XVC SSF II. Boyu Hu is the director of XVC Management and is deemed to beneficially own the ordinary shares ultimately controlled by XVC Management.

Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by XVC Management represent approximately 3.01% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>Qanttea LP | Names of Reporting Persons<br>Qanttea LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>D8 | Citizenship or Place of Organization<br>D8 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4939291.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4939291.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4939291.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4939291.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.10% | Percent of Class Represented by Amount in Row (9)<br>4.10% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Comments to items 6&8&9: Such 4,939,291 Class A ordinary shares are held by Qanttea LP directly, which is ultimately controlled by Youth Power Limited, and as such, Youth Power Limited may exercise voting and dispositive power over the shares held by Qanttea LP. Boyu Hu is the director of Youth Power Limited and is deemed to beneficially own the ordinary shares ultimately controlled by Youth Power Limited.

Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Qanttea LP represent approximately 0.64% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>Youth Power Limited | Names of Reporting Persons<br>Youth Power Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>D8 | Citizenship or Place of Organization<br>D8 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4939291.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4939291.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4939291.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4939291.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.10% | Percent of Class Represented by Amount in Row (9)<br>4.10% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** Comments to items 6&8&9: Consists of 4,939,291 Class A ordinary shares directly held by Qanttea LP, which is ultimately controlled by Youth Power Limited, and as such, Youth Power Limited may exercise voting and dispositive power over the shares held by Qanttea LP. Boyu Hu is the director of Youth Power Limited and is deemed to beneficially own the ordinary shares ultimately controlled by Youth Power Limited.

Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Youth Power Limited represent approximately 0.64% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>Ningbo Meishan Bonded Port Area Ecksi Solution Investment Partnership (Limited Partnership) | Names of Reporting Persons<br>Ningbo Meishan Bonded Port Area Ecksi Solution Investment Partnership (Limited Partnership) |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>F4 | Citizenship or Place of Organization<br>F4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4644404.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4644404.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4644404.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4644404.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>3.85% | Percent of Class Represented by Amount in Row (9)<br>3.85% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Comments to items 6&8&9: Such 4,644,404 Class A ordinary shares are held by Ningbo Meishan Bonded Port Area Ecksi Solution Investment Partnership (Limited Partnership) ("Ningbo Ecksi Solution Investment") directly, which is ultimately controlled by Boyu Hu.

Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Ningbo Ecksi Solution Investment represent approximately 0.60% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>Putian Aikesi Coordinate Investment Partnership (Limited Partnership) | Names of Reporting Persons<br>Putian Aikesi Coordinate Investment Partnership (Limited Partnership) |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>F4 | Citizenship or Place of Organization<br>F4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1444589.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1444589.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1444589.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1444589.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>1.20% | Percent of Class Represented by Amount in Row (9)<br>1.20% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Comments to items 6&8&9: Such 1,444,589Class A ordinary shares are held by Putian Aikesi Coordinate Investment Partnership (Limited Partnership) ("Putian Aikesi Coordinate Investment"), which is ultimately controlled by Boyu Hu.

Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Putian Aikesi Coordinate Investment represent approximately 0.19% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>Boyu Hu | Names of Reporting Persons<br>Boyu Hu |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>F4 | Citizenship or Place of Organization<br>F4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>34265303.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>34265303.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>34265303.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>34265303.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>28.44% | Percent of Class Represented by Amount in Row (9)<br>28.44% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** Comments to items 6&8&9: Consists of (i) 22,145,614 Class A ordinary shares directly held by XVC Fund II, (ii) 1,091,405 Class A ordinary shares directly held by XVC SSF II, (iii) 4,939,291 Class A ordinary shares directly held by Qanttea LP, (iv) 4,644,404 Class A ordinary shares directly held by Ningbo Ecksi Solution Investment, and (v) 1,444,589 Class A ordinary shares directly held by Putian Aikesi Coordinate Investment.

Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Boyu Hu represent approximately 4.43% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

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**Item 1(a). Name of Issuer:**
Chagee Holdings Limited

**Item 1(b). Address of Issuer's Principal Executive Offices:**
Tower B, Hongqiao Lianhe Building, No. 99 Kaihong Road, Changning District, Shanghai, China, 200051

**Item 2(a). Name of Person Filing:**
(i) XVC Fund II LP ("XVC Fund II")
(ii) XVC SSF II LP ("XVC SSF II")
(iii) XVC Management Ltd. ("XVC Management")
(iv) Qanttea LP
(v) Youth Power Limited
(vi) Ningbo Meishan Bonded Port Area Ecksi Solution Investment Partnership (Limited Partnership) ("Ningbo Ecksi Solution Investment")
(vii) Putian Aikesi Coordinate Investment Partnership (Limited Partnership) ("Putian Aikesi Coordinate Investment")
(viii) Boyu Hu

**Item 2(b). Address of Principal Business Office:**
(i) XVC Fund II: 4th Floor, Harbour Pl, 103 S Church St, PO BOX 10240, Grand Cayman KY1-1002, Cayman Islands
(ii) XVC SSF II: Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman KY1-9009, Cayman Islands
(iii) XVC Management: 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands
(iv) Qanttea LP: C/O Harneys Corporate Services Limited Craigmuir Chambers, P.O. Box 71, Road Town, Tortola VG-1110, British Virgin Islands
(v) Youth Power Limited: Craigmuir Chambers, Road Town, Tortola, VG 1110 British Virgin Islands
(vi) Ningbo Ecksi Solution Investment: Unit B0405, Area A, Room 401, Building 1, No. 88 Qixing Road, Meishan, Beilun District, Ningbo City, Zhejiang Province, China
(vii) Putian Aikesi Coordinate Investment: Room 501, Building 2, No. 917 Liyuan Middle Road, Gongchen Sub-district, Licheng District, Putian City, Fujian Province, China
(viii) Boyu Hu: 6 BATTERY ROAD, #17-06SIX BATTERY ROAD, SINGAPORE(049909)

**Item 2(c). Citizenship:**
(i) XVC Fund II: Cayman Islands
(ii) XVC SSF II: Cayman Islands
(iii) XVC Management: Cayman Islands
(iv) Qanttea LP: British Virgin Islands
(v) Youth Power Limited: British Virgin Islands
(vi) Ningbo Ecksi Solution Investment: China
(vii) Putian Aikesi Coordinate Investment: China
(viii) Boyu Hu: China

**Item 2(d). Title of Class of Securities:**
Class A Ordinary Shares, par value US$0.0001 per share

**Item 2(e). CUSIP Number:**
15743P104

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

XVC Fund II directly holds 22,145,614 Class A ordinary shares.
XVC SSF II directly holds 1,091,405 Class A ordinary shares.
Qanttea LP directly holds 4,939,291 Class A ordinary shares.
Ningbo Ecksi Solution Investment directly holds 4,644,404 Class A ordinary shares.
Putian Aikesi Coordinate Investment directly holds 1,444,589 Class A ordinary shares.
XVC Management is the ultimate controller of both XVC Fund II and XVC SSF II and, as such, may exercise voting and dispositive power over an aggregate of 23,237,019 Class A ordinary shares held by XVC Fund II and XVC SSF II.
Youth Power Limited may exercise voting and dispositive power over the 4,939,291 Class A ordinary shares held by Qanttea LP.
Boyu Hu is the director of both XVC Management and Youth Power Limited and is deemed to beneficially own the ordinary shares ultimately controlled by these entities. Boyu Hu also ultimately controls Ningbo Ecksi Solution Investment and Putian Aikesi Coordinate Investment and, as such, may exercise voting and dispositive power over an additional 6,088,993 Class A ordinary shares held by these entities. In total, Boyu Hu may exercise voting and dispositive power over 34,265,303 Class A ordinary shares directly held by XVC Fund II, XVC SSF II, Qanttea LP, Ningbo Ecksi Solution Investment, and Putian Aikesi Coordinate Investment.

**(b) Percent of class:**

XVC Fund II beneficially owns 18.38% of the outstanding Class A ordinary shares, 11.92% of the total outstanding ordinary shares, and 2.86% of the aggregate voting power.
XVC SSF II beneficially owns 0.91% of the outstanding Class A ordinary shares, 0.59% of the total outstanding ordinary shares, and 0.14% of the aggregate voting power.
Qanttea LP beneficially owns 4.10% of the outstanding Class A ordinary shares, 2.66% of the total outstanding ordinary shares, and 0.64% of the aggregate voting power.
Ningbo Ecksi Solution Investment beneficially owns 3.85% of the outstanding Class A ordinary shares, 2.50%of the total outstanding ordinary shares, and 0.60% of the aggregate voting power.
Putian Aikesi Coordinate Investment beneficially owns 1.20% of the outstanding Class A ordinary shares, 0.78% of the total outstanding ordinary shares, and 0.19%of the aggregate voting power.
XVC Management is the ultimate controller of both XVC Fund II and XVC SSF II and, as such, in the aggregate beneficially owns 19.29% of the outstanding Class A ordinary shares, 12.51% of the total outstanding ordinary shares, and 3.01% of the aggregate voting power.
Youth Power Limited is the ultimate controller of Qanttea LP and, as such, beneficially owns 4.10% of the outstanding Class A ordinary shares, 2.66% of the total outstanding ordinary shares, and 0.64% of the aggregate voting power.
Boyu Hu is the director of both XVC Management and Youth Power Limited and is deemed to beneficially own the ordinary shares ultimately controlled by these entities. Boyu Hu also ultimately controls Ningbo Ecksi Solution Investment and Putian Aikesi Coordinate Investment and, as such, in total beneficially owns 28.44% of the outstanding Class A ordinary shares, 18.45% of the total outstanding ordinary shares, and 4.43% of the aggregate voting power.
The above-mentioned percents of class are calculated based on 120,478,383 outstanding Class A ordinary shares and 65,274,107outstanding Class B ordinary shares as reported in the Issuer's Prospectus

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

XVC Fund II holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
XVC SSF II holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
Qanttea LP holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
Ningbo Ecksi Solution Investment holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
Putian Aikesi Coordinate Investment holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
XVC Management holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
Youth Power Limited holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
Boyu Hu holds no Class A ordinary shares with sole voting power or the ability to direct the vote.

**(ii) Shared power to vote or to direct the vote:**

XVC Fund II holds 22,145,614 Class A ordinary shares with shared voting power or the ability to direct the vote.
XVC SSF II holds 1,091,405 Class A ordinary shares with shared voting power or the ability to direct the vote.
Qanttea LP holds 4,939,291 Class A ordinary shares with shared voting power or the ability to direct the vote.
Ningbo Ecksi Solution Investment holds 4,644,404 Class A ordinary shares with shared voting power or the ability to direct the vote.
Putian Aikesi Coordinate Investment holds 1,444,589 Class A ordinary shares with shared voting power or the ability to direct the vote.
XVC Management holds 23,237,019 Class A ordinary shares with shared voting power or the ability to direct the vote.
Youth Power Limited holds 4,939,291 Class A ordinary shares with shared voting power or the ability to direct the vote.
Boyu Hu holds 34,265,303 Class A ordinary shares with shared voting power or the ability to direct the vote.

**(iii) Sole power to dispose or to direct the disposition of:**

XVC Fund II holds no Class A ordinary shares with sole power to dispose of or direct the disposition of.
XVC SSF II holds no Class A ordinary shares with sole power to dispose of or direct the disposition of.
Qanttea LP holds no Class A ordinary shares with sole power to dispose of or direct the disposition of.
Ningbo Ecksi Solution Investment holds no Class A ordinary shares with sole power to dispose of or direct the disposition of.
Putian Aikesi Coordinate Investment holds no Class A ordinary shares with sole power to dispose of or direct the disposition of.
XVC Management holds no Class A ordinary shares with sole power to dispose of or direct the disposition of.
Youth Power Limited holds no Class A ordinary shares with sole power to dispose of or direct the disposition of.
Boyu Hu holds no Class A ordinary shares with sole power to dispose of or direct the disposition of.

**(iv) Shared power to dispose or to direct the disposition of:**

XVC Fund II holds 22,145,614 Class A ordinary shares with shared power to dispose of or direct the disposition of.
XVC SSF II holds 1,091,405 Class A ordinary shares with shared power to dispose of or direct the disposition of.
Qanttea LP holds 4,939,291 Class A ordinary shares with shared power to dispose of or direct the disposition of.
Ningbo Ecksi Solution Investment holds 4,644,404 Class A ordinary shares with shared power to dispose of or direct the disposition of.
Putian Aikesi Coordinate Investment holds 1,444,589 Class A ordinary shares with shared power to dispose of or direct the disposition of.
XVC Management holds 23,237,019 Class A ordinary shares with shared power to dispose of or direct the disposition of.
Youth Power Limited holds 4,939,291 Class A ordinary shares with shared power to dispose of or direct the disposition of.
Boyu Hu holds 34,265,303 Class A ordinary shares with shared power to dispose of or direct the disposition of.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**XVC Fund II LP**

**Date:** 08/13/2025

**By:** /s/ Boyu Hu

**Name & Title:** Boyu Hu /Authorized Signatory

**XVC SSF II LP**

**Date:** 08/13/2025

**By:** /s/ Boyu Hu

**Name & Title:** Boyu Hu /Authorized Signatory

**XVC Management Ltd.**

**Date:** 08/13/2025

**By:** /s/ Boyu Hu

**Name & Title:** Boyu Hu /Authorized Signatory

**Qanttea LP**

**Date:** 08/13/2025

**By:** /s/ Boyu Hu

**Name & Title:** Boyu Hu /Authorized Signatory

**Youth Power Limited**

**Date:** 08/13/2025

**By:** /s/ Boyu Hu

**Name & Title:** Boyu Hu /Authorized Signatory

**Ningbo Meishan Bonded Port Area Ecksi Solution Investment Partnership (Limited Partnership)**

**Date:** 08/13/2025

**By:** /s/ Boyu Hu

**Name & Title:** Boyu Hu /Authorized Signatory

**Putian Aikesi Coordinate Investment Partnership (Limited Partnership)**

**Date:** 08/13/2025

**By:** /s/ Xiao Yang

**Name & Title:** Xiao Yang /Authorized Signatory

**Boyu Hu**

**Date:** 08/13/2025

**By:** /s/ Boyu Hu

**Name & Title:** Boyu Hu