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Sunlands Technology Group (STG) is the issuer of the Class A ordinary shares in a joint beneficial-ownership report. As of September 30, 2026, AREO Holdings Limited and Diamond Tower Investments Limited each reported beneficial ownership of 270,362 shares, or 12.1%, with shared voting and dispositive power. Orchid Asia VI, L.P. reported 256,844 shares (11.5%), while Orchid Asia V Co-Investment, Limited reported 13,518 shares (0.6%). Ms. Lam Lai Ming, also a reporting person, reported beneficial ownership of 273,838 shares (12.3%): 3,476 with sole voting and dispositive power and 270,362 with shared voting and dispositive power.
Key Figures
Beneficial ownership — AREO Holdings Limited and Diamond Tower Investments Limited:270,362 shares eachBeneficial ownership — Orchid Asia VI, L.P.:256,844 sharesBeneficial ownership — Orchid Asia V Co-Investment, Limited:13,518 shares+2 more
5 metrics
Beneficial ownership — AREO Holdings Limited and Diamond Tower Investments Limited270,362 shares eachEach reported 12.1% with shared voting and dispositive power, as of September 30, 2026.
Beneficial ownership — Orchid Asia VI, L.P.256,844 sharesReported as 11.5% as of September 30, 2026.
Beneficial ownership — Orchid Asia V Co-Investment, Limited13,518 sharesReported as 0.6% as of September 30, 2026.
Beneficial ownership — Ms. Lam Lai Ming273,838 sharesReported as 12.3% as of September 30, 2026.
Sole voting and dispositive power — Ms. Lam Lai Ming3,476 sharesReported as of September 30, 2026.
Key Terms
beneficially owned, Shared Voting Power, Shared Dispositive Power, general partner, +1 more
5 terms
beneficially ownedfinancial
"Amount beneficially owned"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Shared Voting Powerfinancial
"Shared Voting Power 270,362.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
Shared Dispositive Powerfinancial
"Shared Dispositive Power 270,362.00"
general partnertechnical
"OAVI Holdings, L.P. is the general partner"
A general partner is the person or firm that runs an investment partnership and legally represents it — they make the day-to-day decisions, choose which assets to buy or sell, and are responsible for the partnership’s obligations. Investors care because the general partner’s judgment, risk-taking and fee and profit-sharing arrangements determine both the potential returns and the level of exposure to losses; think of the GP as the ship’s captain whose skill and honesty shape the voyage’s outcome.
investment managerfinancial
"is also the investment manager of Orchid Asia VI, L.P."
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many STG shares does AREO Holdings Limited report owning?
AREO Holdings Limited reports beneficial ownership of 270,362 STG Class A ordinary shares, or 12.1%, with shared voting and dispositive power. Diamond Tower Investments Limited reports the same amount and percentage with shared voting and dispositive power as of September 30, 2026.
How many STG shares does Ms. Lam Lai Ming report?
Ms. Lam Lai Ming reports beneficial ownership of 273,838 STG Class A ordinary shares, or 12.3%, as of September 30, 2026. The reported power breakdown is 3,476 shares with sole voting and dispositive power and 270,362 shares with shared voting and dispositive power.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 7)
Sunlands Technology Group
(Name of Issuer)
Class A Ordinary Shares, par value US$0.00005 per share
(Title of Class of Securities)
86740P207
(CUSIP Number)
09/30/2026
(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):
86740P207
1
Names of Reporting Persons
AREO HOLDINGS 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
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
270,362.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
270,362.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
270,362.00
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)
12.1 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
86740P207
1
Names of Reporting Persons
DIAMOND TOWER INVESTMENTS 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
0.00
6
Shared Voting Power
270,362.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
270,362.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
270,362.00
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)
12.1 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
86740P207
1
Names of Reporting Persons
ORCHID ASIA VI, 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
0.00
6
Shared Voting Power
256,844.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
256,844.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
256,844.00
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)
11.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
86740P207
1
Names of Reporting Persons
ORCHID ASIA V CO-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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,518.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,518.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,518.00
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)
0.6 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
86740P207
1
Names of Reporting Persons
OAVI HOLDINGS, 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
0.00
6
Shared Voting Power
256,844.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
256,844.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
256,844.00
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)
11.5 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
86740P207
1
Names of Reporting Persons
ORCHID ASIA VI GP, 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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
256,844.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
256,844.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
256,844.00
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)
11.5 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
86740P207
1
Names of Reporting Persons
ORCHID ASIA V GROUP MANAGEMENT, 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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
256,844.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
256,844.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
256,844.00
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)
11.5 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
86740P207
1
Names of Reporting Persons
ORCHID ASIA V 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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
256,844.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
256,844.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
256,844.00
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)
11.5 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
86740P207
1
Names of Reporting Persons
LAM LAI MING
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
3,476.00
6
Shared Voting Power
270,362.00
7
Sole Dispositive Power
3,476.00
8
Shared Dispositive Power
270,362.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
273,838.00
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)
12.3 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Sunlands Technology Group
(b)
Address of issuer's principal executive offices:
Building 6, Chaolai Science Park, No.36 Chuangyuan Road,Chaoyang District, Beijing, CHINA, 100012.
Item 2.
(a)
Name of person filing:
This Schedule 13G (the "Schedule 13G") is being jointly filed by the following persons (collectively, the "Reporting Persons" and each a "Reporting Person"):
(i) Diamond Tower Investments Limited;
(ii) Orchid Asia VI, L.P.;
(iii) Orchid Asia V Co-Investment, Limited;
(iv) OAVI Holdings, L.P.;
(v) Orchid Asia VI GP, Limited;
(vi) Orchid Asia V Group Management, Limited;
(vii) Orchid Asia V Group, Limited;
(viii) AREO Holdings Limited; and
(ix) Ms. Lam Lai Ming
(b)
Address or principal business office or, if none, residence:
The address of principal business office of Diamond Tower Investments Limited and AREO Holdings Limited is:
c/o Vistra Corporate Services Centre Wickhams Cay II, Road Town Tortola, VG 1110, British Virgin Islands
The address of principal business office of Orchid Asia VI, L.P., OAVI Holdings, L.P., Orchid Asia VI GP, Limited, Orchid Asia V Group Management, Limited, Orchid Asia V Group, Limited is:
c/o Maples Corporate Services Limited PO Box 309, Ugland House Grand Cayman, KY1-1104 Cayman Islands
The address of principal business office of Orchid Asia V Co-Investment, Limited is:
c/o Corporate Management Solutions (Cayman) ltd. Two Artillery Court, 2/F, 161 Shedden Road PO box 799, George Town Grand Cayman, KY1-1103 Cayman Islands
The address of principal business office of Ms. Lam Lai Ming is:
c/o Suite 5612, 56th Floor, The Center, 99 Queen's Road Central, Central, Hong Kong.
(c)
Citizenship:
The citizenship or place of organization of each of the Reporting Persons is set forth on such Reporting Person's cover page.
(d)
Title of class of securities:
Class A Ordinary Shares, par value US$0.00005 per share
(e)
CUSIP No.:
86740P207
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 set forth in Rows 5 through 11 of the cover pages to this Schedule 13G is incorporated herein by reference for each Reporting Person.
(b)
Percent of class:
The information set forth in Rows 5 through 11 of the cover pages to this Schedule 13G is incorporated herein by reference for each Reporting Person.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information set forth in Rows 5 through 11 of the cover pages to this Schedule 13G is incorporated herein by reference for each Reporting Person.
(ii) Shared power to vote or to direct the vote:
The information set forth in Rows 5 through 11 of the cover pages to this Schedule 13G is incorporated herein by reference for each Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
The information set forth in Rows 5 through 11 of the cover pages to this Schedule 13G is incorporated herein by reference for each Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
The information set forth in Rows 5 through 11 of the cover pages to this Schedule 13G is incorporated herein by reference for each Reporting Person.
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.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Diamond Tower Investments Limited, Orchid Asia VI, L.P. and Orchid Asia V Co-Investment, Limited are part of Orchid Asia V Group, Limited, an investment complex that focuses on companies in Asia and China in particular.
Orchid Asia VI, L.P. and Orchid Asia V Co-Investment, Limited are the immediate shareholders of Diamond Tower Investments Limited.
OAVI Holdings, L.P. is the general partner of Orchid Asia VI, L.P. Orchid Asia VI GP, Limited is the general partner of OAVI Holdings, L.P. which is in turn a wholly-owned subsidiary of Orchid Asia V Group Management, Limited.
Orchid Asia V Group Management, Limited is a wholly-owned subsidiary of Orchid Asia V Group, Limited and is also the investment manager of Orchid Asia VI, L.P.
Orchid Asia V Group, Limited is a wholly-owned subsidiary of AREO Holdings Limited. AREO Holdings Limited is wholly owned by Ms. Lam Lai Ming.
AREO Holdings Limited is also the controlling shareholder of Orchid Asia V Co-Investment, Limited.
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.
