# EDGAR Filing Document

**Accession Number:** 0001548246
**File Stem:** 0001999371-25-009049
**Filing Date:** 2025-7
**Character Count:** 20235
**Document Hash:** e38e6f682d3900d383d94833a1b71e47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-009049.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001999371-25-009049

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kuke Music Holding Ltd
- **CENTRAL INDEX KEY:** 0001809158
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93573
- **FILM NUMBER:** 251120142

**BUSINESS ADDRESS:**
- **STREET 1:** ROOM 303 BEIJING BROADCASTING TOWER,
- **STREET 2:** NO. JIA 14, JIANWAIDAJIE
- **CITY:** CHAOYANG DISTRICT, BEIJING
- **STATE:** F4
- **ZIP:** 100024
- **BUSINESS PHONE:** 86-10-6561-0392

**MAIL ADDRESS:**
- **STREET 1:** ROOM 303 BEIJING BROADCASTING TOWER,
- **STREET 2:** NO. JIA 14, JIANWAIDAJIE
- **CITY:** CHAOYANG DISTRICT, BEIJING
- **STATE:** F4
- **ZIP:** 100024
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Atlantis Investment Management (Hong Kong) Ltd
- **CENTRAL INDEX KEY:** 0001548246

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** K3
- **FISCAL YEAR END:** 0331

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

**BUSINESS ADDRESS:**
- **STREET 1:** ROOM 3501, THE CENTRIUM
- **STREET 2:** 60 WYNDHAM STREET, CENTRAL
- **CITY:** HONG KONG
- **STATE:** K3
- **ZIP:** N-A
- **BUSINESS PHONE:** 00 852 2110 6320

**MAIL ADDRESS:**
- **STREET 1:** ROOM 3501, THE CENTRIUM
- **STREET 2:** 60 WYNDHAM STREET, CENTRAL
- **CITY:** HONG KONG
- **STATE:** K3
- **ZIP:** N-A

## Exhibit 99.1

**Exhibit 99.1**

**AGREEMENT**

Pursuant to Rule 13d-1-(k)(1) under the Securities Exchange Act of 1934, the undersigned hereby agree that only one statement containing the information required by Schedule 13G is being filed, and any amendments thereto will be filed, with respect to the ownership by each of the undersigned of securities issued by Kuke Music Holding Limited. Each of the undersigned acknowledges that each shall be responsible for the timely filing of any required amendments, and for the completeness and accuracy of the information concerning it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the other entities or persons, except to the extent that it knows or has reason to believe that such information is inaccurate.

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

---

| | | |
|:---|:---|:---|
| Reporting Person/Group Name as listed on Cover Page: | Atlantis Investment Management Limited | Atlantis Investment Management Limited |
| Signature of Authorized Person: | By | /s/ Yang Liu |
|  | Title: | Director |
|  | Date: | June 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Reporting Person/Group Name as listed on Cover Page: | Atlantis Capital Group Holdings Limited | Atlantis Capital Group Holdings Limited |
| Signature of Authorized Person: | By | /s/ Yang Liu |
|  | Title: | Director |
|  | Date: | June 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Reporting Person/Group Name as listed on Cover Page: | Yang Liu | Yang Liu |
| Signature of Authorized Person: | By | /s/ |
|  | Title: |  |
|  | Date: | June 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Reporting Person/Group Name as listed on Cover Page: | Syzygy Stable Multi-Asset Strategy SP | Syzygy Stable Multi-Asset Strategy SP |
| Signature of Authorized Person: | By | /s/ Yang Liu |
|  | Title: | Chief Investment Officer |
|  | Date: | June 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Reporting Person/Group Name as listed on Cover Page: | Atlantis New Hong Kong Equity Fund Limited | Atlantis New Hong Kong Equity Fund Limited |
| Signature of Authorized Person: | By | /s/ Yang Liu |
|  | Title: | Director |
|  | Date: | June 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| Reporting Person/Group Name as listed on Cover Page: | Riverwood Multi-Growth Fund | Riverwood Multi-Growth Fund |
| Signature of Authorized Person: | By | /s/ Yang Liu |
|  | Title: | Director |
|  | Date: | June 30, 2025 |

---

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Issuer:** Kuke Music Holding Ltd

**Title of Class of Securities:** American Depositary Shares, each representing ten (10) Class A ordinary shares, par value US$0.001 per share

**CUSIP Number:** 501229207

**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)

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

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Atlantis Investment Management Limited | Names of Reporting Persons<br>Atlantis Investment Management 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>K3 | Citizenship or Place of Organization<br>K3 |
| 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>6300000.00 |
| 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>6300000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6300000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6300000.00 |
| 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>2.3% | Percent of Class Represented by Amount in Row (9)<br>2.3% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Atlantis Capital Group Holdings Limited | Names of Reporting Persons<br>Atlantis Capital Group Holdings 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>K3 | Citizenship or Place of Organization<br>K3 |
| 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>6300000.00 |
| 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>6300000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6300000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6300000.00 |
| 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>2.3% | Percent of Class Represented by Amount in Row (9)<br>2.3% |
| 12. | Type of Reporting Person (See Instructions)<br>HC | Type of Reporting Person (See Instructions)<br>HC |

---

| 1. | Names of Reporting Persons<br>Yang Liu | Names of Reporting Persons<br>Yang Liu |
|:---|:---|:---|:---|
| 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>K3 | Citizenship or Place of Organization<br>K3 |
| 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>6300000.00 |
| 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>6300000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6300000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>6300000.00 |
| 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>2.3% | Percent of Class Represented by Amount in Row (9)<br>2.3% |
| 12. | Type of Reporting Person (See Instructions)<br>HC | Type of Reporting Person (See Instructions)<br>HC |

---

| 1. | Names of Reporting Persons<br>Syzygy Stable Multi-Asset Strategy SP | Names of Reporting Persons<br>Syzygy Stable Multi-Asset Strategy SP |
|:---|:---|:---|:---|
| 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>2000000.00 |
| 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>2000000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2000000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2000000.00 |
| 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>0.7% | Percent of Class Represented by Amount in Row (9)<br>0.7% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Atlantis New Hong Kong Equity Fund Limited | Names of Reporting Persons<br>Atlantis New Hong Kong Equity Fund 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>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>2200000.00 |
| 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>2200000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2200000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2200000.00 |
| 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>0.8% | Percent of Class Represented by Amount in Row (9)<br>0.8% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Riverwood Multi-Growth Fund | Names of Reporting Persons<br>Riverwood Multi-Growth Fund |
|:---|:---|:---|:---|
| 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>2100000.00 |
| 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>2100000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2100000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>2100000.00 |
| 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>0.8% | Percent of Class Represented by Amount in Row (9)<br>0.8% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

**Item 1(a). Name of Issuer:**
Kuke Music Holding Ltd

**Item 1(b). Address of Issuer's Principal Executive Offices:**
25-1, Beijing Music Industrial Park, Heizhuanghu Road, Chaoyang District, Beijing, People's Republic of China

**Item 2(a). Name of Person Filing:**
Atlantis Investment Management Limited ("AIM"), Atlantis Capital Group Holdings Limited ("ACG"), Yang Liu, Syzygy Stable Multi-Asset Strategy SP ("SSMS", a segregated portfolio of Syzygy Global Strategy SPC, a segregated portfolio company incorporated in the Cayman Islands), Atlantis New Hong Kong Equity Fund Limited ("ANHKEFL"), and Riverwood Multi-Growth Fund ("RMGF").

AIM is an asset manager operating in Hong Kong, and manages the investments of SSMS, ANHKEFL and RMGF. ACG is the sole shareholder of AIM, and Ms. Liu is the sole shareholder of ACG.

Each of the filing persons holds the Issuer's ADSs, each of which represents ten (10) Class A ordinary shares. The filing of this statement shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any securities covered by the statement other than the securities actually owned by such person (if any).

**Item 2(b). Address of Principal Business Office:**
For each of AIM, ACG, Ms Liu, SSMS, ANHKEFL and RMGF, 35/F The Centrium, 60 Wyndham Street, Central, Hong Kong SAR

**Item 2(c). Citizenship:**
For each of AIM, ACG and Ms. Liu, Hong Kong. For each of SSMS, ANHKEFL and RMGF, Cayman Islands.

**Item 2(d). Title of Class of Securities:**
American Depositary Shares, each representing ten (10) Class A ordinary shares, par value US$0.001 per share

**Item 2(e). CUSIP Number:**
501229207

**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:**

6,300,000

**(b) Percent of class:**

2.3

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

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

0

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

See cover page tables above. Percentage ownership based on 275,261,847 Class A ordinary shares outstanding, as set forth in the issuer's prospectus, dated June 4, 2025, filed with the SEC pursuant to Rule 424(b)(5).

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

0

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

See cover page tables above.

**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:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### 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.

**Atlantis Investment Management Limited**

**Date:** 06/30/2025

**By:** /s/ Yang Liu

**Name & Title:** Yang Liu / Director

**Atlantis Capital Group Holdings Limited**

**Date:** 06/30/2025

**By:** /s/ Yang Liu

**Name & Title:** Yang Liu / Director

**Yang Liu**

**Date:** 06/30/2025

**By:** /s/ Yang Liu

**Name & Title:** Yang Liu

**Syzygy Stable Multi-Asset Strategy SP**

**Date:** 06/30/2025

**By:** /s/ Yang Liu

**Name & Title:** Yang Liu / Chief Investment Officer

**Atlantis New Hong Kong Equity Fund Limited**

**Date:** 06/30/2025

**By:** /s/ Yang Liu

**Name & Title:** Yang Liu / Director

**Riverwood Multi-Growth Fund**

**Date:** 06/30/2025

**By:** /s/ Yang Liu

**Name & Title:** Yang Liu / Director