[SCHEDULE 13G] Atour Lifestyle Holdings Limited American SEC Filing

Rhea-AI Filing Summary

OceanLink Partners Fund, LP, a Cayman Islands exempted limited partnership, has filed a passive Schedule 13G revealing beneficial ownership of 5,707,633 Class A ordinary shares of Atour Lifestyle Holdings Ltd (NASDAQ: ATAT) in the form of ADSs. The holding equals 5.02 % of the 340.9 million Class A shares outstanding as of 29 May 2025, placing the fund just over the 5 % disclosure threshold.

The filer reports zero sole or shared voting and dispositive power over the shares and certifies the investment is not intended to influence control of the company, confirming a purely passive position under Rule 13d-1(c). No purchase dates or cost basis were disclosed.

The appearance of a new institutional holder may broaden ATAT’s investor base and improve liquidity, yet the absence of voting rights or control intent limits near-term governance impact. Investors should watch future filings for ownership changes that could shift this stance.

Insights

Equity Analyst

TL;DR: New 5.02% passive stake signals institutional interest; limited immediate impact on control.

OceanLink’s disclosure confirms a meaningful but non-activist position in ATAT. The fund’s holdings equate to roughly 3.8 million ADSs (each ADS represents three shares). While additional institutional ownership can tighten the float and support valuation, the stated lack of voting or dispositive power suggests the position is held through structures that cede proxy rights—possibly via swap or custodial arrangements. Without board influence or control intent, the filing is largely informational. Future 13G/A or 13D conversions would be the catalyst for stronger implications.

Corporate Governance Specialist

TL;DR: Filing is compliance driven; no governance pressure expected from OceanLink.

Because OceanLink certified it is not pursuing control and has no voting power, the stake should not alter ATAT’s governance dynamics. The fund sits marginally above the 5 % threshold, so any sale of ~40,000 shares would drop it below reporting requirements, indicating potential transience. Investors should interpret the notice as a passive portfolio allocation rather than a prelude to activism.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

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 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,707,633.00

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) Represents 5707633 Class A Ordinary Shares in the form of ADSs. (2) Based upon 340,876,937 Class A Ordinary Shares outstanding as of 5/29/2025.

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 - A Cayman Islands Exempted Limited Partnership.
(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: 5,707,633
(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 - 0
	(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 - 0
	(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:	07/23/2025

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".