SCHEDULE 13G

CUSIP No.

786700104

1

Names of Reporting Persons

AP11 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 1,504,642.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,504,642.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,504,642.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

CO, FI

Comment for Type of Reporting Person: The reported percentage is calculated based on 30,674,855 shares of Series A common stock outstanding as of June 10, 2025, as reported in the Issuer's Form 8-K filed with the Securities and Exchange Commission on June 10, 2025.

SCHEDULE 13G

CUSIP No.

786700104

1

Names of Reporting Persons

Ascletis Pharma Inc.

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 1,504,642.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,504,642.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,504,642.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

CO, FI

Comment for Type of Reporting Person: The reported percentage is calculated based on 30,674,855 shares of Series A common stock outstanding as of June 10, 2025, as reported in the Issuer's Form 8-K filed with the Securities and Exchange Commission on June 10, 2025.

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

Sagimet Biosciences Inc.

(b)

Address of issuer's principal executive offices:

155 BOVET RD., SUITE 303, SAN MATEO, CALIFORNIA, 94402

Item 2.

(a)

Name of person filing:

AP11 Limited Ascletis Pharma Inc.

(b)

Address or principal business office or, if none, residence:

AP11 Limited - 12/F, Building D, No. 198 Qidi Road, HIPARK, Xiaoshan District, Hangzhou China, 311200 Ascletis Pharma Inc. - 12/F, Building D, No. 198 Qidi Road, HIPARK, Xiaoshan District, Hangzhou China, 311200

(c)

Citizenship:

AP11 Limited - British Virgin Islands Ascletis Pharma Inc. - Cayman Islands

(d)

Title of class of securities:

Series A common stock

(e)

CUSIP No.:

786700104

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:

AP11 Limited - 1,504,642 Ascletis Pharma Inc. - 1,504,642

(b)

Percent of class:

AP11 Limited - 4.9% Ascletis Pharma Inc. - 4.9%

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

AP11 Limited - 1,504,642 Ascletis Pharma Inc. - 1,504,642

(ii) Shared power to vote or to direct the vote:

AP11 Limited - 0 Ascletis Pharma Inc. - 0

(iii) Sole power to dispose or to direct the disposition of:

AP11 Limited - 1,504,642 Ascletis Pharma Inc. - 1,504,642

(iv) Shared power to dispose or to direct the disposition of:

AP11 Limited - 0 Ascletis Pharma Inc. - 0

Item 5.

Ownership of 5 Percent or Less of a Class.

Ownership of 5 percent or less of a class

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.

Not Applicable

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.

AP11 Limited

Signature:	/s/ Huqin Yang
Name/Title:	Treasurer
Date:	06/24/2025

Ascletis Pharma Inc.

Signature:	/s/ Huqin Yang
Name/Title:	Treasurer
Date:	06/24/2025

Comments accompanying 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.