DSC CEO converts preferred stock into Class A/B

DSC Holdings Ltd. disclosed large equity restructurings tied to its initial public offering.

Rhea-AI Filing Summary

DSC Holdings Ltd. disclosed large equity restructurings tied to its initial public offering. Entities associated with Chief Executive Officer Yao Junhong converted preferred and ordinary shares into Class A and Class B ordinary shares at a stated price of $0.00 per share, so these are non-cash events.

The filing shows conversions of derivative securities into 310,691,633 shares and other restructuring transactions covering 219,660,700 shares. Crystal Gem Holdings Limited, Cheche Group Limited and Binary Sky Limited now hold these stakes indirectly for the reporting person. No open-market buys or sells were reported, and no derivative positions remain in this filing.

Insider Trade Summary

310,691,633 shares exercised/converted

Exercise 16 txns

Insider Yao Junhong

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Conversion	Series D-1 preferred shares	44,094,200	$0.00	$0.00
Conversion	Series E-1 preferred shares	108,466,752	$0.00	$0.00
Conversion	Series E-2 preferred shares	96,088,171	$0.00	$0.00
Conversion	Series E-2 preferred shares	43,635,180	$0.00	$0.00
Conversion	Series E-3 preferred shares	17,267,771	$0.00	$0.00
Conversion	Series F preferred shares	1,139,559	$0.00	$0.00
Other	Ordinary shares	108,330,350	$0.00	$0.00
Other	Class B ordinary shares	108,330,350	$0.00	$0.00
Conversion	Class B ordinary shares	1,139,559	$0.00	$0.00
Conversion	Class B ordinary shares	108,466,752	$0.00	$0.00
Conversion	Class B ordinary shares	96,088,171	$0.00	$0.00
Conversion	Class B ordinary shares	17,267,771	$0.00	$0.00
Other	Ordinary shares	1,500,000	$0.00	$0.00
Other	Class A ordinary shares	1,500,000	$0.00	$0.00
Conversion	Class A ordinary shares	44,094,200	$0.00	$0.00
Conversion	Class A ordinary shares	43,635,180	$0.00	$0.00

Holdings After Transaction: Series D-1 preferred shares — 0 contracts (Indirect, Held by Crystal Gem Holdings Limited); Series E-1 preferred shares — 0 contracts (Indirect, Held by Cheche Group Limited); Series E-2 preferred shares — 0 contracts (Indirect, Held by Cheche Group Limited); Series E-2 preferred shares — 0 contracts (Indirect, Held by Crystal Gem Holdings Limited); Series E-3 preferred shares — 0 contracts (Indirect, Held by Cheche Group Limited); Series F preferred shares — 0 contracts (Indirect, Held by Binary Sky Limited); Ordinary shares — 0 shares (Indirect, Held by Binary Sky Limited); Class B ordinary shares — 109,469,909 shares (Indirect, Held by Binary Sky Limited); Class B ordinary shares — 221,822,694 shares (Indirect, Held by Cheche Group Limited); Ordinary shares — 0 shares (Indirect, Held by Crystal Gem Holdings Limited); Class A ordinary shares — 89,229,380 shares (Indirect, Held by Crystal Gem Holdings Limited)

Footnotes (4)

1. F1. Immediately prior to the completion of the Issuer's initial public offering, each ordinary share was redesignated as Class B ordinary shares on a one-for-one basis.
2. F2. Immediately prior to the completion of the Issuer's initial public offering, each ordinary share was redesignated as Class A ordinary shares on a one-for-one basis.
3. F3. Immediately prior to the completion of the Issuer's initial public offering, such Series D-1 and Series E-2 preferred shares were converted and redesignated as Class A ordinary shares.
4. F4. Immediately prior to the completion of the Issuer's initial public offering, such Series E-1, Series E-2, Series E-3 and Series F preferred shares were converted and redesignated as Class B ordinary shares.

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Accepted by SEC EDGAR 06/29/2026 - 09:14 PM Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Yao Junhong

(Last) (First) (Middle)

NO.175 WUCHANG AVENUE, YUHANG DISTRICT

(Street)

HANGZHOU ZHEJIANG, CHINA 311100

(City) (State) (Zip)

CHINA

(Country)

2. Issuer Name and Ticker or Trading Symbol
DSC Holdings Ltd. [ DSC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Ordinary shares	06/26/2026		J(1)		108,330,350	D	$0	0	I	Held by Binary Sky Limited
Class B ordinary shares	06/26/2026		J(1)		108,330,350	A	$0	108,330,350	I	Held by Binary Sky Limited
Class B ordinary shares	06/26/2026		C		1,139,559	A	$0	109,469,909	I	Held by Binary Sky Limited
Class B ordinary shares	06/26/2026		C		108,466,752	A	$0	108,466,752	I	Held by Cheche Group Limited
Class B ordinary shares	06/26/2026		C		96,088,171	A	$0	204,554,923	I	Held by Cheche Group Limited
Class B ordinary shares	06/26/2026		C		17,267,771	A	$0	221,822,694	I	Held by Cheche Group Limited
Ordinary shares	06/26/2026		J(2)		1,500,000	D	$0	0	I	Held by Crystal Gem Holdings Limited
Class A ordinary shares	06/26/2026		J(2)		1,500,000	A	$0	1,500,000	I	Held by Crystal Gem Holdings Limited
Class A ordinary shares	06/26/2026		C		44,094,200	A	$0	45,594,200	I	Held by Crystal Gem Holdings Limited
Class A ordinary shares	06/26/2026		C		43,635,180	A	$0	89,229,380	I	Held by Crystal Gem Holdings Limited

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series D-1 preferred shares	$0	06/26/2026		C			44,094,200	(3)	(3)	Class A ordinary shares	44,094,200	$0	0	I	Held by Crystal Gem Holdings Limited
Series E-1 preferred shares	$0	06/26/2026		C			108,466,752	(4)	(4)	Class B ordinary shares	108,466,752	$0	0	I	Held by Cheche Group Limited
Series E-2 preferred shares	$0	06/26/2026		C			96,088,171	(4)	(4)	Class B ordinary shares	96,088,171	$0	0	I	Held by Cheche Group Limited
Series E-2 preferred shares	$0	06/26/2026		C			43,635,180	(3)	(3)	Class A ordinary shares	43,635,180	$0	0	I	Held by Crystal Gem Holdings Limited
Series E-3 preferred shares	$0	06/26/2026		C			17,267,771	(4)	(4)	Class B ordinary shares	17,267,771	$0	0	I	Held by Cheche Group Limited
Series F preferred shares	$0	06/26/2026		C			1,139,559	(4)	(4)	Class B ordinary shares	1,139,559	$0	0	I	Held by Binary Sky Limited

Explanation of Responses:

1. Immediately prior to the completion of the Issuer's initial public offering, each ordinary share was redesignated as Class B ordinary shares on a one-for-one basis.

2. Immediately prior to the completion of the Issuer's initial public offering, each ordinary share was redesignated as Class A ordinary shares on a one-for-one basis.

3. Immediately prior to the completion of the Issuer's initial public offering, such Series D-1 and Series E-2 preferred shares were converted and redesignated as Class A ordinary shares.

4. Immediately prior to the completion of the Issuer's initial public offering, such Series E-1, Series E-2, Series E-3 and Series F preferred shares were converted and redesignated as Class B ordinary shares.

	/s/ Junhong Yao	06/29/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)