SCHEDULE 13G/A: Atour Lifestyle Holdings: Key Insiders Consolidate Significant Ownership Stakes

Haijun Wang and affiliated entities, Sea Pearl Worldwide Holding Limited and Express Ocean Universe Limited, have reported substantial beneficial ownership in Atour Lifestyle Holdings Ltd, collectively holding over 19% of the company's Class A ordinary shares.

Summary

• Haijun Wang, the settlor of Eternal River Trust and sole director of Express Ocean Universe Limited, beneficially owns 79,904,033 shares, representing 19.1% of Atour Lifestyle Holdings Ltd's Class A ordinary shares.
• Sea Pearl Worldwide Holding Limited, wholly owned by Haijun Wang, beneficially owns 75,372,329 shares, accounting for 18.2% of the Class A ordinary shares.
• Express Ocean Universe Limited holds 73,680,917 Class B ordinary shares, which are convertible into an equal number of Class A ordinary shares, representing 17.8% of the Class A ordinary shares.
• Haijun Wang's beneficial ownership includes 73,680,917 Class B ordinary shares held by Express Ocean Universe Limited, 1,691,412 Class A ordinary shares beneficially owned by Engine Holdings Limited, and 4,531,704 Class A ordinary shares underlying share options exercisable within 60 days after June 25, 2025.
• The total number of outstanding Class A ordinary shares used for percentage calculation is 414,557,854, comprising 340,876,937 Class A shares and 73,680,917 convertible Class B shares.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that would inherently lead to a positive or negative sentiment regarding the company's financial performance or strategic direction.

Positives

• Significant beneficial ownership by key insiders, including Haijun Wang, aligns management and controlling shareholder interests with the long-term performance and value creation for Atour Lifestyle Holdings Ltd.
• The substantial stake held by Haijun Wang and his affiliated entities demonstrates a strong commitment and confidence in the company's future.

Negatives

• The high concentration of voting power in Haijun Wang and his affiliated entities could potentially limit the influence of minority shareholders in corporate governance decisions.

Risks

• Concentration of control: Haijun Wang, through his direct holdings and control over Sea Pearl Worldwide Holding Limited and Express Ocean Universe Limited (via Eternal River Trust), holds a significant majority of voting power, which could allow him to control the outcome of matters submitted to shareholders for approval, including the election of directors and other corporate actions, potentially to the detriment of other shareholders.

Future Outlook

The document does not provide forward-looking statements or guidance regarding the company's operational or financial performance, focusing solely on beneficial ownership disclosure.

Management Comments

• Haijun Wang, as Director of Sea Pearl Worldwide Holding Limited and Express Ocean Universe Limited, and as an individual reporting person, certified the accuracy of the information presented in the filing.

Industry Context

This filing is a routine disclosure of significant beneficial ownership, common across publicly traded companies. It reflects the ownership structure of a key insider and affiliated entities within the hospitality and lifestyle industry, without providing specific industry trends or competitive analysis.

Related Party Transactions

• Haijun Wang is the settlor of Eternal River Trust, which wholly owns Dreamline Worldwide Ventures Limited, which in turn wholly owns Express Ocean Universe Limited. Haijun Wang retains investment and dispositive powers over the Trust's assets.
• Sea Pearl Worldwide Holding Limited is wholly owned by Haijun Wang.
• Haijun Wang and Sea Pearl Worldwide Holding Limited exercise voting power over 1,691,412 Class A ordinary shares beneficially owned by Engine Holdings Limited.

Stakeholder Impact

• Shareholders: The significant concentration of voting power in Haijun Wang and his affiliated entities may impact the influence of other shareholders on corporate decisions and potentially affect the company's long-term strategic direction.

Key Dates

Keywords

Atour Lifestyle Holdings, Beneficial Ownership, Schedule 13G, Class A Ordinary Shares, Class B Ordinary Shares, Haijun Wang, Sea Pearl Worldwide Holding Limited, Express Ocean Universe Limited, Shareholder, SEC Filing, Corporate Governance, Insider Ownership