DSC Holdings Ltd. reports that a Morningside-affiliated group has filed as significant holders of its Class A ordinary shares. TMT General Partner Ltd., which ultimately controls several Cayman Islands limited partnerships, is reported as beneficial owner of 94,171,764 Class A shares, or 14.1% of the class, with sole voting and dispositive power.
Within this group, Morningside China TMT GP II, L.P. is shown as beneficial owner of 68,270,107 shares (10.2%), primarily through Morningside China TMT Fund II, L.P. (63,860,687 shares, 9.5%) and Morningside China TMT Top Up Fund, L.P. (4,409,420 shares, 0.7%). MSVC SPF I, L.P. and its general partner each report beneficial ownership of 25,901,657 shares (3.9% each). Percentages are based on 670,157,244 Class A shares outstanding on an as-converted basis following DSC’s offering, as referenced from a Form 424B4 prospectus.
Positive
None.
Negative
None.
Filing Explained
The filing records overlapping post-offering ownership, led by TMT General Partner at 14.1%, without reporting a new share transaction.
The July 13 Schedule 13G reports that six related entities beneficially own DSC Holdings Class A ordinary shares, with the largest reported position carrying 14.1% of the class and sole voting and dispositive power over 94,171,764 shares.
A Schedule 13G is used to disclose ownership above 5% by passive holders; this filing therefore records an ownership and voting-rights position rather than new offering terms.
The other reported positions are 68,270,107 shares, or 10.2%, for Morningside China TMT GP II; 63,860,687, or 9.5%, for Morningside China TMT Fund II; 4,409,420, or 0.7%, for Morningside China TMT Top Up Fund; and 25,901,657, or 3.9%, for each of MSVC SPF I GP and MSVC SPF I.
The filing says these percentages use 670,157,244 Class A shares on an as-converted basis immediately after completion of the offering, assuming the underwriters do not exercise their option, so the option-exercise state is not established here.
Because the filing describes common underlying holdings through related funds and general partners, the listed positions represent overlapping control layers rather than amounts to add together; a later Schedule 13G amendment would be the relevant disclosure for a stated change in stake or intent.
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
TMT General Partner 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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
94,171,764.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
94,171,764.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
94,171,764.00
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)
14.1 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: (1) For rows 5, 7 and 9: represents (i) 63,860,687 Class A ordinary shares held by Morningside China TMT Fund II, L.P., an exempted limited partnership organized under the laws of Cayman Islands; (ii) 4,409,420 Class A ordinary shares held by Morningside China TMT Top Up Fund, L.P., an exempted limited partnership organized under the laws of Cayman Islands; and (iii) 25,901,657 Class A ordinary shares held by MSVC SPF I, L.P., an exempted limited partnership established under the laws of Cayman Islands. Each of Morningside China TMT Fund II, L.P. and Morningside China TMT Top Up Fund, L.P. is controlled by Morningside China TMT GP II, L.P., their general partner. Morningside China TMT GP II, L.P. is controlled by TMT General Partner Ltd., its general partner. MSVC SPF I, L.P. is controlled by MSVC SPF I GP, L.P., its general partner. MSVC SPF I GP, L.P. is controlled by TMT General Partner Ltd., its general partner.
TMT General Partner Ltd. is controlled by its board consisting of three individuals, including Jianming Shi, Qin Liu and Gerald Lokchung Chan, who have the voting and dispositive powers over the shares held by Morningside China TMT Fund II, L.P., Morningside China TMT Top Up Fund. L.P. and MSVC SPF I, L.P.
(2) For row 11: The ownership percentage of the 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, assuming that the underwriters do not exercise their option to purchase additional ADSs as the case may be, as reported in the registrant's prospectus on Form 424B4 filed with the Securities Exchange Commission on June 26, 2026.
SCHEDULE 13G
CUSIP Number(s):
G2851N108
1
Names of Reporting Persons
Morningside China TMT GP II, L.P.
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
68,270,107.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
68,270,107.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
68,270,107.00
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)
10.2 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) For rows 5, 7 and 9: represents (i) 63,860,687 Class A ordinary shares held by Morningside China TMT Fund II, L.P., an exempted limited partnership organized under the laws of Cayman Islands and (ii) 4,409,420 Class A ordinary shares held by Morningside China TMT Top Up Fund, L.P., an exempted limited partnership organized under the laws of Cayman Islands. Each of Morningside China TMT Fund II, L.P. and Morningside China TMT Top Up Fund, L.P. is controlled by Morningside China TMT GP II, L.P., their general partner. Morningside China TMT GP II, L.P. is controlled by TMT General Partner Ltd., its general partner.
(2) For row 11: The ownership percentage of the 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, assuming that the underwriters do not exercise their option to purchase additional ADSs as the case may be, as reported in the registrant's prospectus on Form 424B4 filed with the Securities Exchange Commission on June 26, 2026.
SCHEDULE 13G
CUSIP Number(s):
G2851N108
1
Names of Reporting Persons
Morningside China TMT Fund II, L.P.
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
63,860,687.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
63,860,687.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
63,860,687.00
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)
9.5 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) For rows 5, 7 and 9: represents 63,860,687 Class A ordinary shares held by Morningside China TMT Fund II, L.P., an exempted limited partnership organized under the laws of Cayman Islands. Morningside China TMT Fund II, L.P. is controlled by Morningside China TMT GP II, L.P., its general partner. Morningside China TMT GP II, L.P. is controlled by TMT General Partner Ltd., its general partner.
(2) For row 11: The ownership percentage of the 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, assuming that the underwriters do not exercise their option to purchase additional ADSs as the case may be, as reported in the registrant's prospectus on Form 424B4 filed with the Securities Exchange Commission on June 26, 2026.
SCHEDULE 13G
CUSIP Number(s):
G2851N108
1
Names of Reporting Persons
Morningside China TMT Top Up Fund, L.P.
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
4,409,420.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,409,420.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,409,420.00
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)
0.7 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) For rows 5, 7 and 9: represents 4,409,420 Class A ordinary shares held by Morningside China TMT Top Up Fund, L.P., an exempted limited partnership organized under the laws of Cayman Islands. Morningside China TMT Top Up Fund, L.P. is controlled by Morningside China TMT GP II, L.P., its general partner. Morningside China TMT GP II, L.P. is controlled by TMT General Partner Ltd., its general partner.
(2) For row 11: The ownership percentage of the 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, assuming that the underwriters do not exercise their option to purchase additional ADSs as the case may be, as reported in the registrant's prospectus on Form 424B4 filed with the Securities Exchange Commission on June 26, 2026.
SCHEDULE 13G
CUSIP Number(s):
G2851N108
1
Names of Reporting Persons
MSVC SPF I GP, L.P.
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
25,901,657.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
25,901,657.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,901,657.00
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)
3.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) For rows 5, 7 and 9: represents 25,901,657 Class A ordinary shares held by MSVC SPF I, L.P., an exempted limited partnership organized under the laws of Cayman Islands. MSVC SPF I, L.P. is controlled by MSVC SPF I GP, L.P., its general partner. MSVC SPF I GP, L.P. is controlled by TMT General Partner Ltd., its general partner.
(2) For row 11: The ownership percentage of the 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, assuming that the underwriters do not exercise their option to purchase additional ADSs as the case may be, as reported in the registrant's prospectus on Form 424B4 filed with the Securities Exchange Commission on June 26, 2026.
SCHEDULE 13G
CUSIP Number(s):
G2851N108
1
Names of Reporting Persons
MSVC SPF I, L.P.
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
25,901,657.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
25,901,657.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,901,657.00
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)
3.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) For rows 5, 7 and 9: represents 25,901,657 Class A ordinary shares held by MSVC SPF I, L.P., an exempted limited partnership organized under the laws of Cayman Islands. MSVC SPF I, L.P. is controlled by MSVC SPF I GP, L.P., its general partner. MSVC SPF I GP, L.P. is controlled by TMT General Partner Ltd., its general partner.
(2) For row 11: The ownership percentage of the 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, assuming that the underwriters do not exercise their option to purchase additional ADSs as the case may be, 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, Jinhua City, F4 322103
Item 2.
(a)
Name of person filing:
Each of the followings is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of:
(1) TMT General Partner Ltd.
(2) Morningside China TMT GP II, L.P.
(3) Morningside China TMT Fund II, L.P.
(4) Morningside China TMT Top Up Fund, L.P.
(5) MSVC SPF I GP, L.P.
(6) MSVC SPF I, L.P.
(b)
Address or principal business office or, if none, residence:
The business address of each of the Reporting Person is c/o Suite 905-6, 9th Floor, ICBC Tower, Three Garden Road, Hong Kong.
(c)
Citizenship:
Each of the Reporting Persons is organized under the laws of Cayman 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 Items 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 Items 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 Items 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 Items 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.
TMT General Partner Ltd.
Signature:
/s/ LIU, Qin
Name/Title:
LIU, Qin/Director
Date:
07/13/2026
Morningside China TMT GP II, L.P.
Signature:
/s/ LIU, Qin
Name/Title:
TMT General Partner Ltd., as its general partner, LIU, Qin/Director
Date:
07/13/2026
Morningside China TMT Fund II, L.P.
Signature:
/s/ LIU, Qin
Name/Title:
Morningside China TMT GP II, L.P., as its general partner, TMT General Partner Ltd., as its general partner, LIU, Qin/Director
Date:
07/13/2026
Morningside China TMT Top Up Fund, L.P.
Signature:
/s/ LIU, Qin
Name/Title:
Morningside China TMT GP II, L.P., as its general partner, TMT General Partner Ltd., as its general partner, LIU, Qin/Director
Date:
07/13/2026
MSVC SPF I GP, L.P.
Signature:
/s/ LIU, Qin
Name/Title:
TMT General Partner Ltd., as its general partner, LIU, Qin/Director
Date:
07/13/2026
MSVC SPF I, L.P.
Signature:
/s/ LIU, Qin
Name/Title:
MSVC SPF I GP, L.P., as its general partner, TMT General Partner Ltd., as its general partner, LIU, Qin/Director
Date:
07/13/2026
Exhibit Information
Exhibit 99.1: Joint Filing Agreement dated July 13, 2026 by and among the Reporting Persons
