Ant Group discloses DSC Holdings (NYSE: DSC) stake via affiliates

Rhea-AI Filing Summary

DSC Holdings Ltd. has a significant shareholder group led by Ant Group Co., Ltd., which together with its wholly owned subsidiaries reports beneficial ownership of 123,482,500 Class A ordinary shares, or 18.4% of the Class A ordinary shares outstanding on an as-converted basis. Within this group, API (Hong Kong) Investment Limited and Shanghai Yunju Venture Capital Co., Ltd. each report beneficial ownership of 88,188,400 shares, or 13.2%, while Tianjin Ninghui Management Consulting Co., Ltd. and Prospera Investment (Singapore) Pte. Ltd. each report beneficial ownership of 35,294,100 shares, or 5.3%. The ownership percentages are calculated based on 670,157,244 Class A ordinary shares issued and outstanding on an as-converted basis immediately after completion of DSC’s offering.

Key Figures

Ant Group beneficial ownership: 123,482,500 Class A ordinary shares Ant Group ownership percentage: 18.4% API shareholding: 88,188,400 Class A ordinary shares +5 more

8 metrics

Ant Group beneficial ownership 123,482,500 Class A ordinary shares Beneficially owned by Ant Group Co., Ltd., equal to 18.4% of DSC’s Class A ordinary shares

Ant Group ownership percentage 18.4% Percentage of DSC Class A ordinary shares beneficially owned by Ant Group

API shareholding 88,188,400 Class A ordinary shares Shares of DSC held by API (Hong Kong) Investment Limited, wholly owned by Shanghai Yunju

API ownership percentage 13.2% Percentage of DSC Class A ordinary shares beneficially owned by API (Hong Kong) Investment Limited

Tianjin Ninghui and Prospera shareholding each 35,294,100 Class A ordinary shares Shares represented by 1,764,705 ADSs, each ADS representing 20 Class A ordinary shares

Ownership percentage Tianjin Ninghui and Prospera each 5.3% Percentage of DSC Class A ordinary shares beneficially owned by Tianjin Ninghui and by Prospera

Total Class A shares outstanding (as-converted) 670,157,244 Class A ordinary shares Issued and outstanding on an as-converted basis immediately after completion of DSC’s offering

ADSs held by Prospera 1,764,705 ADSs American depositary shares held by Prospera, each representing 20 Class A ordinary shares of DSC

Key Terms

beneficially own, American depositary shares, as-converted basis, sole voting power, +1 more

5 terms

beneficially own financial

"The percentage of the class of securities beneficially owned by each reporting person"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

American depositary shares financial

"Represents 1,764,705 ADSs held by Prospera Investment (Singapore) Pte. Ltd., each ADS representing 20 Class A"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

as-converted basis financial

"issued and outstanding on an as-converted basis immediately after the completion of the offering"

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.

sole voting power financial

"Sole Voting Power 123,482,500.00 6 | Shared Voting Power 0.00"

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.

sole dispositive power financial

"Sole Dispositive Power 123,482,500.00 8 | Shared Dispositive Power 0.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

FAQ

What percentage of DSC (DSC) is beneficially owned by Ant Group?

Ant Group reports beneficial ownership of 18.4% of DSC’s Class A ordinary shares, equal to 123,482,500 shares, calculated on an as-converted basis using 670,157,244 shares outstanding after DSC’s offering.

How many DSC shares does API (Hong Kong) Investment Limited hold?

API (Hong Kong) Investment Limited holds 88,188,400 DSC Class A ordinary shares, representing 13.2% of that class, with sole voting and dispositive power over all of these shares as reported in the ownership filing.

What is the total share count used to calculate ownership percentages for DSC (DSC)?

Ownership percentages are based on 670,157,244 DSC Class A ordinary shares issued and outstanding on an as-converted basis immediately after completion of the offering, as reported in DSC’s prospectus on Form 424B4.

How is Tianjin Ninghui’s ownership in DSC (DSC) structured?

Tianjin Ninghui is deemed to beneficially own 35,294,100 DSC Class A ordinary shares, or 5.3%, through 1,764,705 ADSs held by its wholly owned subsidiary Prospera Investment (Singapore) Pte. Ltd., with each ADS representing 20 Class A ordinary shares.

What stake in DSC (DSC) does Prospera Investment (Singapore) Pte. Ltd. report?

Prospera Investment (Singapore) Pte. Ltd. reports beneficial ownership of 35,294,100 DSC Class A ordinary shares, or 5.3%, represented by 1,764,705 ADSs, with sole voting and dispositive power over these securities.

Which entities affiliated with Ant Group hold DSC (DSC) shares?

Affiliated entities holding DSC shares include Shanghai Yunju Venture Capital, API (Hong Kong) Investment, Tianjin Ninghui Management Consulting, and Prospera Investment (Singapore), all wholly owned within Ant Group’s structure and together accounting for 123,482,500 shares.

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Available on EDGAR 08/19/2026 - 04:02 PM Accepted by SEC EDGAR 08/19/2026 - 04:01 PM 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

API (Hong Kong) Investment 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

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 88,188,400.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 88,188,400.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

88,188,400.00

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)

13.2 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: (1) For rows 5, 7 and 9: Represents 88,188,400 Class A ordinary shares held by API (Hong Kong) Investment Limited, a limited liability company incorporated in Hong Kong. (2) For row 11: The percentage of the class of securities beneficially owned by each reporting person is calculated based on a total of 670,157,244 Class A ordinary shares issued and outstanding on an as-converted basis immediately after the completion of the offering of the Issuer, as reported in the Issuer's prospectus on Form 424B4 filed with the U.S. Securities and Exchange Commission on June 26, 2026.

SCHEDULE 13G

CUSIP Number(s): G2851N108

1

Names of Reporting Persons

Ant Group Co., Ltd.

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 123,482,500.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 123,482,500.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

123,482,500.00

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)

18.4 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: (1) For rows 5, 7 and 9: Represents: (i) 88,188,400 Class A ordinary shares held by API (Hong Kong) Investment Limited, a limited liability company incorporated in Hong Kong. API (Hong Kong) Investment Limited is wholly owned by Shanghai Yunju Venture Capital Co., Ltd., a limited liability company incorporated in the PRC, which in turn is wholly owned by Ant Group Co., Ltd., a limited liability company incorporated in the PRC, and (ii) 1,764,705 ADSs held by Prospera Investment (Singapore) Pte. Ltd., a private company limited by shares incorporated in Singapore, each ADS representing 20 Class A ordinary shares. Prospera Investment (Singapore) Pte. Ltd. is wholly owned by Tianjin Ninghui Management Consulting Co., Ltd., a limited liability company incorporated in the PRC, which is in turn wholly owned by Ant Group Co., Ltd. Ant Group Co., Ltd.'s board consists of nine individuals, namely Xiandong JING, Xinyi HAN, Joe TSAI, Toby Hong XU, Laura May-Lung CHA, Hongjiang ZHANG, Chong-En BAI, Xiaopeng HE and Patrick TSANG. (2) For row 11: The percentage of the class of securities beneficially owned by each reporting person is calculated based on a total of 670,157,244 Class A ordinary shares issued and outstanding on an as-converted basis immediately after the completion of the offering of the Issuer, as reported in the Issuer's prospectus on Form 424B4 filed with the U.S. Securities and Exchange Commission on June 26, 2026.

SCHEDULE 13G

CUSIP Number(s): G2851N108

1

Names of Reporting Persons

Shanghai Yunju Venture Capital Co., Ltd.

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 88,188,400.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 88,188,400.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

88,188,400.00

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)

13.2 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: (1) For rows 5, 7 and 9: Represents 88,188,400 Class A ordinary shares held by API (Hong Kong) Investment Limited, a limited liability company incorporated in Hong Kong. API (Hong Kong) Investment Limited is wholly owned by Shanghai Yunju Venture Capital Co., Ltd., a limited liability company incorporated in the PRC. (2) For row 11: The percentage of the class of securities beneficially owned by each reporting person is calculated based on a total of 670,157,244 Class A ordinary shares issued and outstanding on an as-converted basis immediately after the completion of the offering of the Issuer, as reported in the Issuer's prospectus on Form 424B4 filed with the U.S. Securities and Exchange Commission on June 26, 2026.

SCHEDULE 13G

CUSIP Number(s): G2851N108

1

Names of Reporting Persons

Tianjin Ninghui Management Consulting Co., Ltd.

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 35,294,100.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 35,294,100.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

35,294,100.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: (1) For rows 5, 7 and 9: Represents 1,764,705 ADSs held by Prospera Investment (Singapore) Pte. Ltd., a private company limited by shares incorporated in Singapore, each ADS representing 20 Class A ordinary shares. Prospera Investment (Singapore) Pte. Ltd. is wholly owned by Tianjin Ninghui Management Consulting Co., Ltd. (2) For row 11: The percentage of the class of securities beneficially owned by each reporting person is calculated based on a total of 670,157,244 Class A ordinary shares issued and outstanding on an as-converted basis immediately after the completion of the offering of the Issuer, as reported in the Issuer's prospectus on Form 424B4 filed with the U.S. Securities and Exchange Commission on June 26, 2026.

SCHEDULE 13G

CUSIP Number(s): G2851N108

1

Names of Reporting Persons

Prospera Investment (Singapore) Pte. Ltd.

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

SINGAPORE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 35,294,100.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 35,294,100.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

35,294,100.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: (1) For rows 5, 7 and 9: Represents 1,764,705 ADSs held by Prospera Investment (Singapore) Pte. Ltd., a private company limited by shares incorporated in Singapore, each ADS representing 20 Class A ordinary shares. (2) For row 11: The percentage of the class of securities beneficially owned by each reporting person is calculated based on a total of 670,157,244 Class A ordinary shares issued and outstanding on an as-converted basis immediately after the completion of the offering of the Issuer, as reported in the Issuer's prospectus on Form 424B4 filed with the U.S. Securities and 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, Jinhua City, F4 322103
Item 2.
(a)	Name of person filing: (i) Ant Group Co., Ltd. ("Ant Group"), a company organized under the law of the People's Republic of China; (ii) Shanghai Yunju Venture Capital Co., Ltd. ("Shanghai Yunju"), a company organized under the law of the People's Republic of China and a wholly-owned subsidiary of Ant Group; (iii) API (Hong Kong) Investment Limited ("API"), a company organized under the law of Hong Kong Special Administrative Region and a wholly-owned subsidiary of Shanghai Yunju; (iv) Tianjin Ninghui Management Consulting Co., Ltd. ("Tianjin Ninghui"), a company organized under the law of the People's Republic of China and a wholly-owned subsidiary of Ant Group; and (v) Prospera Investment (Singapore) Pte. Ltd. ("Prospera"), a company organized under the law of Singapore and a wholly-owned subsidiary of Tianjin Ninghui.
(b)	Address or principal business office or, if none, residence: (i) The address of the principal business office of Ant Group is A Space, No. 569 Xixi Road, Xihu District, Hangzhou, China. (ii) The address of the principal business office of Shanghai Yunju is S Space, No.447 North NanQuan Road, Pudong District, Shanghai, China. (iii) The address of the principal business office of API is 23/F, Tower One, Times Square, 1 Matheson ST, Causeway Bay, Hong Kong. (iv) The address of the registered office of Tianjin Ninghui is Unit 1-1-916, South Zone of Financial and Trade Center, No. 6975 Yazhou Road, China (Tianjin) Pilot Free Trade Zone (Dongjiang Comprehensive Bonded Zone), Tianjin, China. (v) The address of the principal business office of Prospera is 128 Beach Road, #20-01 Guoco Midtown Office, Singapore.
(c)	Citizenship: (i) Ant Group - People's Republic of China (ii) Shanghai Yunju - People's Republic of China (iii) API - Hong Kong Special Administrative Region (iv) Tianjin Ninghui - People's Republic of China (v) Prospera - Singapore
(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: Ant Group: 123,482,500 Shanghai Yunju: 88,188,400 API: 88,188,400 Tianjin Ninghui: 35,294,100 Prospera: 35,294,100
(b)	Percent of class: Ant Group: 18.4% Shanghai Yunju: 13.2% API: 13.2% Tianjin Ninghui: 5.3% Prospera: 5.3%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Ant Group: 123,482,500 Shanghai Yunju: 88,188,400 API: 88,188,400 Tianjin Ninghui: 35,294,100 Prospera: 35,294,100
	(ii) Shared power to vote or to direct the vote: Ant Group: 0 Shanghai Yunju: 0 API: 0 Tianjin Ninghui: 0 Prospera: 0
	(iii) Sole power to dispose or to direct the disposition of: Ant Group: 123,482,500 Shanghai Yunju: 88,188,400 API: 88,188,400 Tianjin Ninghui: 35,294,100 Prospera: 35,294,100
	(iv) Shared power to dispose or to direct the disposition of: Ant Group: 0 Shanghai Yunju: 0 API: 0 Tianjin Ninghui: 0 Prospera: 0 (1) As of June 30, 2026, API held 88,188,400 of the Issuer's Class A ordinary shares. API is wholly owned by Shanghai Yunju, which is in turn wholly owned by Ant Group. Accordingly, each of Shanghai Yunju and Ant Group may be deemed to beneficially own the 88,188,400 Class A ordinary shares held by API. In addition, Prospera held 1,764,705 ADSs as of June 30, 2026, each ADS representing 20 Class A ordinary shares of the Issuer. Prospera is wholly owned by Tianjin Ninghui, which is in turn wholly owned by Ant Group. Accordingly, each of Tianjin Ninghui and Ant Group may be deemed to beneficially own the 35,294,100 Class A ordinary shares represented by the ADSs held by Prospera. As a result, Ant Group may be deemed to beneficially own an aggregate of 123,482,500 Class A ordinary shares of the Issuer. (2) The percentage of the class of securities beneficially owned by each reporting person is calculated based on 670,157,244 Class A ordinary shares of the Issuer issued and outstanding on an as-converted basis immediately after the completion of the offering of the Issuer, as reported in the Issuer's prospectus on Form 424B4 filed with the U.S. Securities and Exchange Commission on June 26, 2026.
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.

API (Hong Kong) Investment Limited

Signature:	/s/ Richard Chih-Chiu LIN
Name/Title:	Richard Chih-Chiu LIN/Director
Date:	08/19/2026

Ant Group Co., Ltd.

Signature:	/s/ Xinyi HAN
Name/Title:	Xinyi HAN/Legal Representative
Date:	08/19/2026

Shanghai Yunju Venture Capital Co., Ltd.

Signature:	/s/ Gang JI
Name/Title:	Gang JI/Legal Representative
Date:	08/19/2026

Tianjin Ninghui Management Consulting Co., Ltd.

Signature:	/s/ Gang JI
Name/Title:	Gang JI/Legal Representative
Date:	08/19/2026

Prospera Investment (Singapore) Pte. Ltd.

Signature:	/s/ Richard Chih-Chiu LIN
Name/Title:	Richard Chih-Chiu LIN/Director
Date:	08/19/2026