SCHEDULE: So-Young International: Matrix Partners China Updates Stake

Matrix Partners China entities and David Su filed an amended Schedule 13G, updating their beneficial ownership in So-Young International Inc. to 6.8% as of September 30, 2025.

Summary

• This is Amendment No. 4 to the Schedule 13G filing for So-Young International Inc.
• The reporting persons include MPC III L.P., MPC III-A L.P., MPC Management III L.P., MPC GPGP III Ltd., MPC III HK Limited, and David Su Tuong Sing.
• The aggregate beneficial ownership by the primary reporting entities (MPC Management III L.P., MPC GPGP III Ltd., MPC III HK Limited, and David Su Tuong Sing) is 6,221,153 Class A ordinary shares.
• This aggregate ownership represents 6.8% of the Class A ordinary shares outstanding.
• The percentage is based on a total of 91,126,150 Class A ordinary shares outstanding as of September 30, 2025.
• MPC III L.P. beneficially owns 5,599,035 shares, representing 6.1% of the class.
• MPC III-A L.P. beneficially owns 622,118 shares, representing 0.7% of the class.
• All reporting persons share voting and dispositive power over their respective holdings.
• The reporting persons expressly disclaim status as a 'group' for purposes of this Schedule 13G.

Sentiment

Score: 5

Explanation: The filing is a routine amendment to a beneficial ownership report (Schedule 13G). It discloses the continued significant stake held by Matrix Partners China entities and David Su in So-Young International Inc. without providing new operational, financial, or strategic information. Therefore, the sentiment is neutral as it primarily serves as a disclosure of existing ownership structure.

Positives

• Continued significant institutional ownership by Matrix Partners China entities and David Su, holding 6.8% of Class A ordinary shares, indicates ongoing investor confidence and a stable ownership base.

Negatives

• No explicit negative information or reduction in beneficial ownership is disclosed in this amendment.

Risks

• NA

Future Outlook

NA

Industry Context

NA

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• NA

Stakeholder Impact

• Shareholders are informed of the continued significant beneficial ownership by institutional investors, providing transparency regarding the company's ownership structure.

Next Steps

• NA

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of beneficial ownership by institutional investors. It indicates that Matrix Partners China entities and David Su continue to hold a significant stake (6.8%) in So-Young International Inc. This level of institutional ownership suggests continued long-term interest from these investors. However, the filing does not contain new operational or financial information to warrant a change in investment thesis, thus a 'hold' recommendation is appropriate for existing shareholders, while new investors would require further fundamental analysis beyond this ownership disclosure.

Keywords

So-Young International, Class A ordinary shares, beneficial ownership, Schedule 13G, Matrix Partners China, institutional investor, David Su