OceanLink Amends 13G: 17.12M Atour Shares (5.02%) Corrected to Ordinary Shares

Rhea-AI Filing Summary

OceanLink Partners Fund, LP filed an amended Schedule 13G reporting beneficial ownership of 17,122,899 Class A ordinary shares of Atour Lifestyle Holdings Ltd, representing 5.02% of the company. The filing clarifies that the share count reflects ordinary shares rather than ADSs; the 17,122,899 ordinary shares correspond to 5,707,633 American Depositary Shares (each ADS equals three ordinary shares). OceanLink reports sole voting and dispositive power over these shares and certifies the position is not held to change or influence control of the issuer. The amendment corrects the counting method but leaves the ownership percentage unchanged.

Positive

• Accurate disclosure and correction: The amendment clarifies counting of ADSs versus ordinary shares, improving transparency.
• Material threshold disclosed: Reporting a 5.02% stake complies with disclosure rules and informs the market of a significant passive position.
• Sole voting and dispositive power stated: The filing clearly identifies OceanLink's control over voting and disposition of the reported shares.

Negative

• None.

Insights

Financial Analyst

TL;DR: Passive 5.02% stake disclosed; amendment corrects share basis from ADSs to ordinary shares without changing percentage.

The filing communicates a material passive stake above the 5% threshold that must be disclosed to the market. The correction clarifies the denominator and numerator alignment by converting ADS counts to underlying ordinary shares, improving transparency. Sole voting and dispositive power indicate OceanLink controls voting but asserts no intent to influence control, which is relevant for investor governance assessment. No additional financial metrics or transactions are reported.

Corporate Governance Expert

TL;DR: Amendment enhances disclosure quality; position is reported as passive though it carries full voting authority.

The Schedule 13G/A strengthens regulatory compliance by correcting the unit of account from ADSs to ordinary shares. Reporting sole voting power at a >5% stake warrants attention for potential governance influence despite the filer’s certification of passive intent. Investors should note the clear statement that the shares were not acquired to change control, which keeps this within routine passive-holder reporting rather than an active 13D scenario.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Atour Lifestyle Holdings Ltd

(Name of Issuer)

Class A Ordinary Shares, par value US$0.0001 per share

(Title of Class of Securities)

04965M106

(CUSIP Number)

07/22/2025

(Date of Event Which Requires Filing of this Statement)

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

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 04965M106

1

Names of Reporting Persons

OceanLink Partners Fund, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 17,122,899.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 17,122,899.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

17,122,899.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.02 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: (1) The values in rows 5,7, and 9 - 17,122,899 Class A ordinary shares represented by 5,707,633 American Depositary Shares (ADSs), each ADS representing three (3) Ordinary Shares. (2) The percentage in row 11 - 5.02% is based on 340,876,937 Ordinary Shares outstanding as of May 29, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Atour Lifestyle Holdings Ltd
(b)	Address of issuer's principal executive offices: 1ST FLOOR, WUZHONG BUILDING, 618 WUZHONG ROAD, MINHANG DISTRICT, SHANGHAI, CHINA 00000
Item 2.
(a)	Name of person filing: OceanLink Partners Fund, LP
(b)	Address or principal business office or, if none, residence: The business address of OceanLink Partners Fund LP is Unit 2430, 24/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong.
(c)	Citizenship: OceanLink Partners Fund, LP - CAYMAN ISLANDS
(d)	Title of class of securities: Class A Ordinary Shares, par value US$0.0001 per share
(e)	CUSIP No.: 04965M106
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: 17,122,899
(b)	Percent of class: 5.02 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: OceanLink Partners Fund, LP - 17,122,899
	(ii) Shared power to vote or to direct the vote: OceanLink Partners Fund, LP - 0
	(iii) Sole power to dispose or to direct the disposition of: OceanLink Partners Fund, LP - 17,122,899
	(iv) Shared power to dispose or to direct the disposition of: OceanLink Partners Fund, LP - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	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.

Certifications:

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.

OceanLink Partners Fund, LP

Signature:	Richard Li
Name/Title:	Richard Li
Date:	09/03/2025

Exhibit Information

CUSIP Number 0001853717 applies to the American Depository Shares (ADSs) of the issuer. Each ADS represents three Class A Ordinary Shares. There is no CUSIP number assigned to the ordinary shares, CUSIP number 04965M106 has been assigned to the American Depositary Shares ("ADS") of the Issuer. Each ADS represents three Class A ordinary shares, which are quoted on the Nasdaq Global Select Market under the symbol "ATAT". This filing was amended on 9/3/2025 to correct the number of beneficially owned shares to reflect the number of ordinary shares rather than ADS. The ownership percentage has not changed.

FAQ

How many shares of ATAT does OceanLink Partners Fund, LP report owning?

OceanLink reports beneficial ownership of 17,122,899 ordinary shares, which correspond to 5,707,633 ADSs (each ADS represents three ordinary shares).

What percentage of Atour Lifestyle Holdings (ATAT) does this ownership represent?

The filing states the position represents 5.02% of the Class A ordinary shares based on 340,876,937 ordinary shares outstanding as of May 29, 2025.

Did OceanLink file this as a passive investor or to influence control?

OceanLink certified that the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

Why was an amendment (13G/A) filed on 09/03/2025?

The amendment corrected the number of beneficially owned shares to reflect ordinary shares rather than ADSs; the ownership percentage remained unchanged.

Who signed the Schedule 13G/A for OceanLink Partners Fund, LP?

Richard Li signed the filing on behalf of OceanLink Partners Fund, LP on 09/03/2025.