# EDGAR Filing Document

**Accession Number:** 0001499543
**File Stem:** 0000950170-25-108852
**Filing Date:** 2025-8
**Character Count:** 24539
**Document Hash:** e5a743b4537bfe2b33761195a1db5ea3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-108852.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000950170-25-108852

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

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NOAH HOLDINGS LTD
- **CENTRAL INDEX KEY:** 0001499543
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-86013
- **FILM NUMBER:** 251218711

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NOAH WEALTH CENTER
- **STREET 2:** 1226 SHENBIN SOUTH ROAD MINHANG DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **ZIP:** 201107
- **BUSINESS PHONE:** (86) 21 8035 8292

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NOAH WEALTH CENTER
- **STREET 2:** 1226 SHENBIN SOUTH ROAD MINHANG DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **ZIP:** 201107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Noah Holdings Ltd
- **DATE OF NAME CHANGE:** 20100818
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HSG Holding Ltd
- **CENTRAL INDEX KEY:** 0001470766

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

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

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 3613, 36/F, TWO PACIFIC PLACE
- **STREET 2:** 88 QUEENSWAY
- **CITY:** NA
- **STATE:** K3
- **ZIP:** NA
- **BUSINESS PHONE:** 650-854-3927

**MAIL ADDRESS:**
- **STREET 1:** SUITE 3613, 36/F, TWO PACIFIC PLACE
- **STREET 2:** 88 QUEENSWAY
- **CITY:** NA
- **STATE:** K3
- **ZIP:** NA

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SC CHINA HOLDING Ltd
- **DATE OF NAME CHANGE:** 20090821

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 7)**

**Issuer:** Noah Holdings Limited

**Title of Class of Securities:** Ordinary Shares, par value $0.00005 per share

**CUSIP Number:** 654870102

**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>HongShan Capital I, L.P. ("HONGSHAN CAPITAL I") | Names of Reporting Persons<br>HongShan Capital I, L.P. ("HONGSHAN CAPITAL I") |
|:---|:---|:---|:---|
| 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 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>11328515 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>11328515 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>11328515 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>11328515 |
| 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>3.4% | Percent of Class Represented by Amount in Row (9)<br>3.4% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Row 6, 8 and 9. Represented by 2,265,703 American Depositary Shares.

Row 11. Based on a total of 335,153,359 shares of Class A Ordinary Shares outstanding as of December 31, 2024, as reported in the Issuer's 20-F filed with the Securities and Exchange Commission on April 24, 2025.

---

| 1. | Names of Reporting Persons<br>HongShan Capital Partners Fund I, L.P. ("HONGSHAN CAPITAL PTRS I") | Names of Reporting Persons<br>HongShan Capital Partners Fund I, L.P. ("HONGSHAN CAPITAL PTRS I") |
|:---|:---|:---|:---|
| 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 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1301720 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1301720 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1301720 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1301720 |
| 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>0.4% | Percent of Class Represented by Amount in Row (9)<br>0.4% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Row 6, 8 and 9. Represented by 260,344 American Depositary Shares.

Row 11. Based on a total of 335,153,359 shares of Class A Ordinary Shares outstanding as of December 31, 2024, as reported in the Issuer's 20-F filed with the Securities and Exchange Commission on April 24, 2025.

---

| 1. | Names of Reporting Persons<br>HongShan Capital Principals Fund I, L.P. ("HONGSHAN CAPITAL PRIN I") | Names of Reporting Persons<br>HongShan Capital Principals Fund I, L.P. ("HONGSHAN CAPITAL PRIN I") |
|:---|:---|:---|:---|
| 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 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1753365 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1753365 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1753365 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1753365 |
| 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>0.5% | Percent of Class Represented by Amount in Row (9)<br>0.5% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Row 6, 8 and 9. Represented by 350,673 American Depositary Shares.

Row 11. Based on a total of 335,153,359 shares of Class A Ordinary Shares outstanding as of December 31, 2024, as reported in the Issuer's 20-F filed with the Securities and Exchange Commission on April 24, 2025.

---

| 1. | Names of Reporting Persons<br>HongShan Capital Management I, L.P. ("HONGSHAN CAPITAL MGMT I") | Names of Reporting Persons<br>HongShan Capital Management I, L.P. ("HONGSHAN CAPITAL MGMT I") |
|:---|:---|:---|:---|
| 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 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>14383600 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>14383600 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14383600 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14383600 |
| 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>4.3% | Percent of Class Represented by Amount in Row (9)<br>4.3% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Row 6, 8 and 9. Represented by 2,876,720 American Depositary Shares.

Row 6, 8 and 9. 11,328,515 Class A Ordinary Shares are directly held by HONGSHAN CAPITAL I, 1,301,720 Class A Ordinary Shares are directly held by HONGSHAN CAPITAL PTRS I and  1,753,365.00 Class A Ordinary Shares are directly held by HONGSHAN CAPITAL PRIN I. The General Partner of each of HONGSHAN CAPITAL I, HONGSHAN CAPITAL PTRS I and HONGSHAN CAPITAL PRIN I is HONGSHAN CAPITAL MGMT I.

Row 11. Based on a total of 335,153,359 shares of Class A Ordinary Shares outstanding as of December 31, 2024, as reported in the Issuer's 20-F filed with the Securities and Exchange Commission on April 24, 2025.

---

| 1. | Names of Reporting Persons<br>HSG Holding Limited ("HSG HOLDING") | Names of Reporting Persons<br>HSG Holding Limited ("HSG HOLDING") |
|:---|:---|:---|:---|
| 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 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>14383600 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>14383600 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14383600 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14383600 |
| 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>4.3% | Percent of Class Represented by Amount in Row (9)<br>4.3% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** Row 6, 8 and 9. Represented by 2,876,720 American Depositary Shares.

Row 6, 8 and 9. 11,328,515 Class A Ordinary Shares are directly held by HONGSHAN CAPITAL I, 1,301,720 Class A Ordinary Shares are directly held by HONGSHAN CAPITAL PTRS I and  1,753,365.00 Class A Ordinary Shares are directly held by HONGSHAN CAPITAL PRIN I. The General Partner of each of HONGSHAN CAPITAL I, HONGSHAN CAPITAL PTRS I and HONGSHAN CAPITAL PRIN I is HONGSHAN CAPITAL MGMT I. The General Partner of HONGSHAN CAPITAL MGMT I is HSG HOLDING.

Row 11. Based on a total of 335,153,359 shares of Class A Ordinary Shares outstanding as of December 31, 2024, as reported in the Issuer's 20-F filed with the Securities and Exchange Commission on April 24, 2025.

---

| 1. | Names of Reporting Persons<br>SNP China Enterprises Limited ("SNP CHINA ENTERPRISES") | Names of Reporting Persons<br>SNP China Enterprises Limited ("SNP CHINA ENTERPRISES") |
|:---|:---|:---|:---|
| 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 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>14383600 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>14383600 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14383600 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>14383600 |
| 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>4.3% | Percent of Class Represented by Amount in Row (9)<br>4.3% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** Row 6, 8 and 9. Represented by 2,876,720 American Depositary Shares.

Row 6, 8 and 9. 11,328,515 Class A Ordinary Shares are directly held by HONGSHAN CAPITAL I, 1,301,720 Class A Ordinary Shares are directly held by HONGSHAN CAPITAL PTRS I and  1,753,365.00 Class A Ordinary Shares are directly held by HONGSHAN CAPITAL PRIN I. The General Partner of each of HONGSHAN CAPITAL I, HONGSHAN CAPITAL PTRS I and HONGSHAN CAPITAL PRIN I is HONGSHAN CAPITAL MGMT I. The General Partner of HONGSHAN CAPITAL MGMT I is HSG HOLDING. HSG HOLDING is wholly owned by SNP CHINA ENTERPRISES.

Row 11. Based on a total of 335,153,359 shares of Class A Ordinary Shares outstanding as of December 31, 2024, as reported in the Issuer's 20-F filed with the Securities and Exchange Commission on April 24, 2025.

---

| 1. | Names of Reporting Persons<br>Neil Nanpeng Shen ("NS") | Names of Reporting Persons<br>Neil Nanpeng Shen ("NS") |
|:---|:---|:---|:---|
| 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>2022610 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>14383600 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>2022610 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>14383600 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>16406210 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>16406210 |
| 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>4.9% | Percent of Class Represented by Amount in Row (9)<br>4.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** Row 5 and 7. Represented by 404,522 American Depositary Shares.

Row 6 and 8. Represented by 2,876,720 American Depositary Shares.

Row 9. Represented by 3,281,242 American Depositary Shares ("shares").

Row 6, 8 and 9. 11,328,515 Class A Ordinary Shares are directly held by HONGSHAN CAPITAL I, 1,301,720 Class A Ordinary Shares are directly held by HONGSHAN CAPITAL PTRS I and  1,753,365.00 Class A Ordinary Shares are directly held by HONGSHAN CAPITAL PRIN I. The General Partner of each of HONGSHAN CAPITAL I, HONGSHAN CAPITAL PTRS I and HONGSHAN CAPITAL PRIN I is HONGSHAN CAPITAL MGMT I. The General Partner of HONGSHAN CAPITAL MGMT I is HSG HOLDING. HSG HOLDING is wholly owned by SNP CHINA ENTERPRISES. NS wholly owns SNP CHINA ENTERPRISES.

Row 11. Based on a total of 335,153,359 shares of Class A Ordinary Shares outstanding as of December 31, 2024, as reported in the Issuer's 20-F filed with the Securities and Exchange Commission on April 24, 2025.

---

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

**Item 1(b). Address of Issuer's Principal Executive Offices:**
No.1226, South Shenbin Road, Minhang District, Shanghai 201107, People's Republic of China

**Item 2(a). Name of Person Filing:**
HongShan Capital I, L.P.
HongShan Capital Partners Fund I, L.P.
HongShan Capital Principals Fund I, L.P.
HongShan Capital Management I, L.P.
HSG Holding Limited
SNP China Enterprises Limited
Neil Nanpeng Shen

The General Partner of each of HONGSHAN CAPITAL I, HONGSHAN CAPITAL PTRS I and HONGSHAN CAPITAL PRIN I is HONGSHAN CAPITAL MGMT I. The General Partner of HONGSHAN CAPITAL MGMT I is HSG HOLDING. HSG HOLDING is wholly owned by SNP CHINA ENTERPRISES. NS wholly owns SNP CHINA ENTERPRISES.

**Item 2(b). Address of Principal Business Office:**
Suite 3613, 36/F, Two Pacific Place
88 Queensway
Hong Kong

**Item 2(c). Citizenship:**
HONGSHAN CAPITAL MGMT I, HONGSHAN CAPITAL I, HONGSHAN CAPITAL PTRS I, HONGSHAN CAPITAL PRIN I, HSG HOLDING: Cayman Islands; SNP CHINA ENTERPRISES: British Virgin Islands; NS: Hong Kong SAR

**Item 2(d). Title of Class of Securities:**
Ordinary Shares, par value $0.00005 per share

**Item 2(e). CUSIP Number:**
654870102

**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:**

16,406,215
Represented by 3,281,243 American Depositary Shares.
11,328,515 Class A Ordinary Shares are directly held by HONGSHAN CAPITAL I, 1,301,720 Class A Ordinary Shares are directly held by HONGSHAN CAPITAL PTRS I and  1,753,365.00 Class A Ordinary Shares are directly held by HONGSHAN CAPITAL PRIN I. The General Partner of each of HONGSHAN CAPITAL I, HONGSHAN CAPITAL PTRS I and HONGSHAN CAPITAL PRIN I is HONGSHAN CAPITAL MGMT I. The General Partner of HONGSHAN CAPITAL MGMT I is HSG HOLDING. HSG HOLDING is wholly owned by SNP CHINA ENTERPRISES. NS wholly owns SNP CHINA ENTERPRISES.

**(b) Percent of class:**

4.9%
The percentage is based on a total of 335,153,359 shares of Class A Ordinary Shares outstanding as of December 31, 2024, as reported in the Issuer's 20-F filed with the Securities and Exchange Commission on April 24, 2025.

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

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

Neil Nanpeng Shen: 2,022,610

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

HongShan Capital I, L.P.:  11,328,515
HongShan Capital Partners Fund I, L.P.: 1,301,720
HongShan Capital Principals Fund I, L.P.: 1,753,365
HongShan Capital Management I, L.P.: 14,383,600
HSG Holding Limited: 14,383,600
SNP China Enterprises Limited: 14,383,600
Neil Nanpeng Shen: 14,383,600

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

Neil Nanpeng Shen: 2,022,610

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

HongShan Capital I, L.P.:  11,328,515
HongShan Capital Partners Fund I, L.P.: 1,301,720
HongShan Capital Principals Fund I, L.P.: 1,753,365
HongShan Capital Management I, L.P.: 14,383,600
HSG Holding Limited: 14,383,600
SNP China Enterprises Limited: 14,383,600
Neil Nanpeng Shen: 14,383,600

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

[ ] 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.

**HongShan Capital I, L.P. ("HONGSHAN CAPITAL I")**

**Date:** 08/14/2025

**By:** /s/ Neil Nanpeng Shen

**Name & Title:** Neil Nanpeng Shen/Authorized Signatory

**HongShan Capital Partners Fund I, L.P. ("HONGSHAN CAPITAL PTRS I")**

**Date:** 08/14/2025

**By:** /s/ Neil Nanpeng Shen

**Name & Title:** Neil Nanpeng Shen/Authorized Signatory

**HongShan Capital Principals Fund I, L.P. ("HONGSHAN CAPITAL PRIN I")**

**Date:** 08/14/2025

**By:** /s/ Neil Nanpeng Shen

**Name & Title:** Neil Nanpeng Shen/Authorized Signatory

**HongShan Capital Management I, L.P. ("HONGSHAN CAPITAL MGMT I")**

**Date:** 08/14/2025

**By:** /s/ Neil Nanpeng Shen

**Name & Title:** Neil Nanpeng Shen/Authorized Signatory

**HSG Holding Limited ("HSG HOLDING")**

**Date:** 08/14/2025

**By:** /s/ Neil Nanpeng Shen

**Name & Title:** Neil Nanpeng Shen/Authorized Signatory

**SNP China Enterprises Limited ("SNP CHINA ENTERPRISES")**

**Date:** 08/14/2025

**By:** /s/ Neil Nanpeng Shen

**Name & Title:** Neil Nanpeng Shen/Authorized Signatory

**Neil Nanpeng Shen ("NS")**

**Date:** 08/14/2025

**By:** /s/ Neil Nanpeng Shen

**Name & Title:** Neil Nanpeng Shen/Authorized Signatory