A group of nine related reporting persons, led by AREO Holdings Ltd and Ms. Lam Lai Ming, filed an amended beneficial ownership statement with the SEC on October 28, 2026, disclosing aggregate holdings in Sunlands Technology Group's Class A Ordinary Shares as of September 30, 2026.

Key Highlights

  • Largest individual stake: Ms. Lam Lai Ming beneficially owned 273,838 Class A Ordinary Shares, representing 12.3% of the class, according to the filing.
  • Shared voting and dispositive power: AREO Holdings Ltd and Diamond Tower Investments Limited each reported shared voting and dispositive power over 270,362 shares, equal to 12.1% of the class.
  • Orchid Asia VI, L.P. position: Orchid Asia VI, L.P., OAVI Holdings L.P., Orchid Asia VI GP Limited, Orchid Asia V Group Management Limited, and Orchid Asia V Group Limited each reported 256,844 shares with shared power, representing 11.5% of the class.
  • Smaller co-investment vehicle: Orchid Asia V Co-Investment, Limited reported 13,518 shares with shared voting and dispositive power, representing 0.6% of the class.
  • Security described: The class of securities covered is Class A Ordinary Shares with a par value of US$0.00005 per share, CUSIP 86740P207.
  • Amendment number: This filing is Amendment No. 7 to the group's prior beneficial ownership statements regarding Sunlands Technology Group.

Nine Reporting Persons Disclose Coordinated Holdings in Sunlands Technology Group

According to the filing, Sunlands Technology Group is an issuer headquartered at Building 6, Chaolai Science Park, No. 36 Chuangyuan Road, Chaoyang District, Beijing, China, 100012. The nine reporting persons filed jointly, and each is identified on separate cover pages within the statement. The entities include British Virgin Islands-incorporated vehicles, Cayman Islands-organized partnerships and companies, and Ms. Lam Lai Ming, a Hong Kong resident.

The filing reports that Ms. Lam Lai Ming holds sole voting and dispositive power over 3,476 shares in addition to shared power over 270,362 shares, bringing her aggregate beneficial ownership to 273,838 shares, or 12.3% of the class. AREO Holdings Ltd, classified as a holding company (HC), and Diamond Tower Investments Limited, classified as a corporation (CO), each report no sole voting or dispositive power, with all 270,362 shares held under shared authority. The Orchid Asia entities, organized in the Cayman Islands, account for the bulk of their reported interests through Orchid Asia VI, L.P., which holds 256,844 shares with 11.5% of the class under shared power arrangements. Orchid Asia V Co-Investment, Limited separately reported 13,518 shares, or 0.6%, also entirely under shared power.

The triggering event date for this amendment is stated as September 30, 2026. The filing does not specify the reason for the amendment or describe any change in the aggregate position relative to prior filings. All reporting persons disclaim sole voting or dispositive authority over their shared-power positions, and no reporting person checked the box indicating that the aggregate amount excludes certain shares.

What Was Disclosed

Nine related entities and one individual filed an amended group beneficial ownership statement covering Class A Ordinary Shares of Sunlands Technology Group. The largest reported aggregate position, held by Ms. Lam Lai Ming, totaled 273,838 shares, representing 12.3% of the class, as of September 30, 2026.