DSC Holdings Ltd. (DSC) reports 42.2% beneficial stake held by Junhong Yao

Rhea-AI Filing Summary

DSC Holdings Ltd. received a joint ownership report from Mr. Junhong Yao, Binary Sky Limited, Cheche Group Limited and Crystal Gem Holdings Limited regarding Class A ordinary shares. As of June 30, 2026, Mr. Yao may be deemed to beneficially own 424,727,983 ordinary shares, representing 42.2% of the company on an as-converted basis, including shares held through these entities and 4,206,000 Class A shares underlying vested equity awards exercisable within 60 days.

Binary Sky Limited reports beneficial ownership of 420,521,983 shares (42.0%), Cheche Group Limited 311,052,074 shares (34.9%), and Crystal Gem Holdings Limited 89,229,380 Class A shares (13.3%). The structure includes Class A and Class B ordinary shares, with each Class B share convertible into one Class A share, while Class A shares are not convertible into Class B shares.

Key Figures

Yao beneficial ownership: 424,727,983 shares Yao ownership percentage: 42.2% Binary Sky ownership: 420,521,983 shares +5 more

8 metrics

Yao beneficial ownership 424,727,983 shares Ordinary shares beneficially owned by Mr. Junhong Yao as of June 30, 2026

Yao ownership percentage 42.2% Percentage of ordinary shares on an as-converted basis beneficially owned by Mr. Yao

Binary Sky ownership 420,521,983 shares Ordinary shares beneficially owned by Binary Sky Limited, 42.0% on an as-converted basis

Cheche Group ownership 311,052,074 shares Ordinary shares beneficially owned by Cheche Group Limited, 34.9% on an as-converted basis

Crystal Gem Class A shares 89,229,380 shares Class A ordinary shares held of record by Crystal Gem Holdings Limited

Total ordinary shares 1,001,449,847 shares Ordinary shares issued and outstanding on an as-converted basis after the IPO

Class A ordinary shares 670,157,244 shares Class A ordinary shares issued and outstanding on an as-converted basis after the IPO

Class B ordinary shares 331,292,603 shares Class B ordinary shares issued and outstanding on an as-converted basis after the IPO

Key Terms

beneficial ownership, as-converted basis, Class B ordinary shares, dispositive power, +1 more

5 terms

beneficial ownership financial

"Mr. Junhong Yao may be deemed to have beneficial ownership over"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

as-converted basis financial

"ordinary shares issued and outstanding on an as-converted basis immediately"

As-converted basis means counting securities that can become common stock—like convertible bonds or preferred shares—as if they already were common shares when calculating totals such as shares outstanding, ownership percentages, or per-share metrics. Investors use it to see the potential dilution and the “what-if” size of the shareholder base; it’s like imagining all restaurant coupons have been redeemed so you know how crowded the table could become and how slices of the pie would shrink.

Class B ordinary shares financial

"Each Class B ordinary share is convertible into one Class A"

Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.

dispositive power financial

"Sole Dispositive Power 424,727,983.00 8 | Shared Dispositive Power"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

sole voting power financial

"5 | Sole Voting Power 424,727,983.00 6 | Shared Voting Power"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

FAQ

What ownership stake does Junhong Yao report in DSC (DSC)?

Mr. Junhong Yao reports beneficial ownership of 424,727,983 ordinary shares, representing 42.2% of DSC Holdings Ltd. on an as-converted basis, including shares held via controlled entities and 4,206,000 vested equity-award shares exercisable within 60 days of June 30, 2026.

How many DSC Holdings shares does Binary Sky Limited hold?

Binary Sky Limited reports beneficial ownership of 420,521,983 ordinary shares, or 42.0% of DSC on an as-converted basis. This includes Class B shares it holds directly and shares held through Cheche Group Limited and Crystal Gem Holdings Limited, which it ultimately controls.

What is Cheche Group Limited’s stake in DSC (DSC)?

Cheche Group Limited reports 311,052,074 ordinary shares, equal to 34.9% of DSC on an as-converted basis. This amount comprises 221,822,694 Class B ordinary shares it holds and 89,229,380 Class A ordinary shares held of record by Crystal Gem Holdings Limited under its ultimate control.

How many Class A shares does Crystal Gem Holdings Limited own in DSC?

Crystal Gem Holdings Limited reports holding 89,229,380 Class A ordinary shares of DSC Holdings Ltd., representing 13.3% of the Class A ordinary shares outstanding on an as-converted basis immediately after the initial public offering as of June 30, 2026.

What is DSC Holdings’ total share count referenced in this ownership filing?

The filing references 1,001,449,847 ordinary shares issued and outstanding on an as-converted basis immediately after DSC’s initial public offering, including 670,157,244 Class A ordinary shares and 331,292,603 Class B ordinary shares, plus 4,206,000 Class A shares underlying Mr. Yao’s vested equity awards.

How do DSC Holdings’ Class A and Class B shares differ?

Each Class B ordinary share is convertible into one Class A ordinary share at any time by its holder, while Class A ordinary shares are not convertible into Class B under any circumstances. This dual-class structure affects how beneficial ownership is calculated on an as-converted basis.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 08/14/2026 - 06:18 AM Accepted by SEC EDGAR 08/14/2026 - 06:18 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

DSC Holdings Ltd.

(Name of Issuer)

Class A ordinary shares, par value US$0.0001 per share

(Title of Class of Securities)

G2851N108

(CUSIP Number)

06/30/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): G2851N108

1

Names of Reporting Persons

Junhong Yao

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

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 424,727,983.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 424,727,983.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

424,727,983.00

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)

42.2 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Notes to Rows 5, 7, and 9: Mr. Junhong Yao may be deemed to have beneficial ownership over (i) 109,469,909 Class B ordinary shares held of record by Binary Sky Limited, (ii) 221,822,694 Class B ordinary shares held of record by Cheche Group Limited, (iii) 89,229,380 Class A ordinary shares held of record by Crystal Gem Holdings Limited, and (iv) 4,206,000 Class A ordinary shares underlying equity awards held by Mr. Junhong Yao that have vested and are exercisable within 60 days as of June 30, 2026. Binary Sky Limited is 99% owned by Octonary Ocean Limited, which is in turn wholly owned by a discretionary trust for which TMF (Cayman) Ltd. acts as the trustee. Mr. Yao is the settlor and the first protector of such discretionary trust, retaining the investment and dispositive powers with respect to the assets of the trust. Mr. Yao and his family are the beneficiaries of the trust. Note to Row 11: Based on the sum of (i) a total of 1,001,449,847 ordinary shares issued and outstanding on an as-converted basis immediately after the completion of the initial public offering of the Issuer, as reported in the registrant's prospectus on Form 424B4 filed with the Securities Exchange Commission on June 26, 2026, including 670,157,244 Class A ordinary shares and 331,292,603 Class B ordinary shares; and (ii) 4,206,000 Class A ordinary shares underlying equity awards held by Mr. Junhong Yao that have vested and are exercisable within 60 days as of June 30, 2026. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.

SCHEDULE 13G

CUSIP Number(s): G2851N108

1

Names of Reporting Persons

Binary Sky Limited

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

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 420,521,983.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 420,521,983.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

420,521,983.00

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)

42.0 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Notes to Rows 5, 7, and 9: This represents (i) 109,469,909 Class B ordinary shares held of record by Binary Sky Limited, (ii) 221,822,694 Class B ordinary shares held of record by Cheche Group Limited, and (iii) 89,229,380 Class A ordinary shares held of record by Crystal Gem Holdings Limited. Both of Cheche Group Limited and Crystal Gem Holdings Limited are ultimately controlled by Binary Sky Limited. Note to Row 11: Based on a total of 1,001,449,847 ordinary shares issued and outstanding on an as-converted basis immediately after the completion of the offering of the Issuer, as reported in the registrant's prospectus on Form 424B4 filed with the Securities Exchange Commission on June 26, 2026, including 670,157,244 Class A ordinary shares and 331,292,603 Class B ordinary shares. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.

SCHEDULE 13G

CUSIP Number(s): G2851N108

1

Names of Reporting Persons

Cheche Group Limited

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

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 311,052,074.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 311,052,074.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

311,052,074.00

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)

34.9 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Notes to Rows 5, 7, and 9: This represents 221,822,694 Class B ordinary shares held of record by Cheche Group Limited and 89,229,380 Class A ordinary shares held of record by Crystal Gem Holdings Limited. Crystal Gem Holdings Limited is ultimately controlled by Cheche Group Limited. Note to Row 11: Based on a total of 891,979,938 ordinary shares issued and outstanding on an as-converted basis immediately after the completion of the initial public offering of the Issuer, as reported in the registrant's prospectus on Form 424B4 filed with the Securities Exchange Commission on June 26, 2026, including 670,157,244 Class A ordinary shares and 221,822,694 Class B ordinary shares held of record by Cheche Group Limited. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.

SCHEDULE 13G

CUSIP Number(s): G2851N108

1

Names of Reporting Persons

Crystal Gem Holdings Limited

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

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 89,229,380.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 89,229,380.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

89,229,380.00

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)

13.3 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Notes to Rows 5, 7, and 9: This represents 89,229,380 Class A ordinary shares held of record by Crystal Gem Holdings Limited as of June 30, 2026. Note to Row 11: Based on 670,157,244 Class A ordinary shares issued and outstanding on an as-converted basis immediately after the completion of the initial public offering of the Issuer, as reported in the registrant's prospectus on Form 424B4 filed with the Securities Exchange Commission on June 26, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: DSC Holdings Ltd.
(b)	Address of issuer's principal executive offices: No. 2 Wangjiang North Road, Room 148, Zhongshan Community, Baiyun Street, Dongyang, Jinhua City, Zhejiang Province, China
Item 2.
(a)	Name of person filing: Mr. Junhong Yao Binary Sky Limited Cheche Group Limited Crystal Gem Holdings Limited This Schedule 13G is being filed jointly by Mr. Junhong Yao, Binary Sky Limited, Cheche Group Limited and Crystal Gem Holdings Limited (collectively, the "Reporting Persons"). Pursuant to the Joint Filing Agreement filed with this Schedule 13G as Exhibit 99.1, the Reporting Persons have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of Mr. Junhong Yao is No. 2 Wangjiang North Road, Room 148, Zhongshan Community, Baiyun Street, Dongyang, Jinhua City, Zhejiang Province, China. The registered address of Binary Sky Limited is Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands. The registered address of Cheche Group Limited is Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands. The registered address of Crystal Gem Holdings Limited is Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands.
(c)	Citizenship: Mr. Junhong Yao: People's Republic of China Binary Sky Limited: British Virgin Islands Cheche Group Limited: British Virgin Islands Crystal Gem Holdings Limited: British Virgin Islands
(d)	Title of class of securities: Class A ordinary shares, par value US$0.0001 per share
(e)	CUSIP Number(s): G2851N108
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: The information required by Items 4(a) is set forth in Row 9 of the cover page for each Reporting Person and is incorporated herein by reference.
(b)	Percent of class: The information required by Items 4(b) is set forth in Row 11 of the cover page for each Reporting Person and is incorporated herein by reference.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by this item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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:
	Not Applicable

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.

Junhong Yao

Signature:	/s/ Junhong Yao
Name/Title:	Junhong Yao
Date:	08/14/2026

Binary Sky Limited

Signature:	/s/ Junhong Yao
Name/Title:	Junhong Yao/Director
Date:	08/14/2026

Cheche Group Limited

Signature:	/s/ Junhong Yao
Name/Title:	Junhong Yao/Director
Date:	08/14/2026

Crystal Gem Holdings Limited

Signature:	/s/ Junhong Yao
Name/Title:	Junhong Yao/Director
Date:	08/14/2026

Exhibit Information

Joint Filing Agreement