SCHEDULE: Tiger Global Exits ZKH Group, Divests All Shares

Sentiment:

Beneficial Ownership Amendment 14 November 2025 2:02 PM

Tiger Global and its affiliated entities have reported a complete divestment of their Class A ordinary shares in ZKH Group Limited, reducing their beneficial ownership to 0.0%.

Worse than expectedTiger Global and its affiliated entities have reduced their beneficial ownership in ZKH Group Limited to 0.0%, indicating a full divestment, which is generally perceived as a negative signal from a major institutional investor.

Summary

This filing is an Amendment No. 1 to a Schedule 13G, reporting changes in beneficial ownership of ZKH Group Limited's Class A ordinary shares.
The reporting persons include Tiger Global Private Investment Partners X, L.P., Tiger Global PIP Performance X, L.P., Tiger Global PIP Management X, Ltd., Tiger Global Management, LLC, and Charles P. Coleman III.
As of the event date, September 30, 2025, all listed reporting persons beneficially own 0 shares of ZKH Group Limited.
This represents 0.0% of the Class A ordinary shares, indicating a full divestment of their previous holdings.

Sentiment

Score: 3

Explanation: The complete divestment by a significant institutional investor like Tiger Global is generally viewed negatively by the market, suggesting a lack of confidence or a strategic shift away from the issuer.

Negatives

Tiger Global and its affiliated entities have completely divested their Class A ordinary shares in ZKH Group Limited.
The beneficial ownership of ZKH Group Limited by these entities is now 0.0%.

Future Outlook

Management Comments

Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Industry Context

Stakeholder Impact

Shareholders: Existing shareholders might view the complete divestment by Tiger Global as a negative signal, potentially leading to downward pressure on the stock price.

Key Dates

Date	Description
09/30/2025	Date of Event Which Requires Filing of this Statement
11/14/2025	Filing Date of Schedule 13G Amendment No. 1

Recommendation

sell

The complete divestment by a prominent institutional investor like Tiger Global suggests a loss of confidence or a strategic re-allocation of capital away from ZKH Group Limited. While the filing itself doesn't provide reasons, such a move by a sophisticated investor often precedes or reflects underlying issues, making a 'sell' recommendation prudent for investors seeking to avoid potential downside.

Keywords

ZKH Group Limited, Tiger Global, Schedule 13G/A, beneficial ownership, divestment, institutional ownership, SEC filing

Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.