X0202 SCHEDULE 13G 0002147265 XXXXXXXX LIVE Class A Ordinary Shares 06/30/2026 0001966041 DSC Holdings Ltd. 233369107 22/F, No. 168 HUBIN ROAD HUANGPU DISTRICT Shanghai F4 200021 Rule 13d-1(d) Cygnus Equity GP, Ltd. E9 57079724.00 0.00 57079724.00 0.00 57079724.00 N 8.5 CO Notes to Rows 5, 7, and 9: Cygnus Equity GP, Ltd. may be deemed to have beneficial ownership over (i) 7,522,530 Class A ordinary shares held by Doyen Cygnus Education Fund, L.P., (ii) 19,842,390 Class A ordinary shares held by Cygnus Equity Sport I, L.P., (iii) 13,228,260 Class A ordinary shares held by Cygnus Equity Sport II, L.P., (iv) 9,709,376 Class A ordinary shares held by Cygnus Equity Fund III, L.P., and (v) 6,777,168 Class A ordinary shares held by Cygnus Equity Fund IV, L.P. Cygnus Equity GP, Ltd. is managed by its board consisting of two individuals, including Mr. Jin who can independently make investment decisions on behalf of Cygnus Equity GP, Ltd. Note to Row 11: See Item 4. Doyen Cygnus Education Fund, L.P. E9 7522530.00 0.00 7522530.00 0.00 7522530.00 N 1.1 PN Note to Row 11: See Item 4. Cygnus Equity Sport I, L.P. E9 19842390.00 0.00 19842390.00 0.00 19842390.00 N 3.0 PN Note to Row 11: See Item 4. Cygnus Equity Sport II, L.P. E9 13228260.00 0.00 13228260.00 0.00 13228260.00 N 2.0 PN Note to Row 11: See Item 4. Cygnus Equity Fund III, L.P. E9 9709376.00 0.00 9709376.00 0.00 9709376.00 N 1.4 PN Note to Row 11: See Item 4. Cygnus Equity Fund IV, L.P. E9 6777168.00 0.00 6777168.00 0.00 6777168.00 N 1.0 PN Note to Row 11: See Item 4. Cygnus Equity Holdings Limited D8 2749080.00 0.00 2749080.00 0.00 2749080.00 N 0.4 CO Notes to Rows 5, 7, and 9: Cygnus Equity Holdings Limited holds 2,749,080 Class A ordinary shares. Mr. Jin can independently make investment decisions on behalf of Cygnus Equity Holdings Limited. Note to Row 11: See Item 4. Jin Capital Limited D8 844199.00 0.00 844199.00 0.00 844199.00 N 0.1 CO Notes to Rows 5, 7, and 9: Jin Capital Limited holds 844,199 Class A ordinary shares. Mr. Jin can independently make investment decisions on behalf of Jin Capital Limited. Note to Row 11: See Item 4. Ming Jin K3 60673003.00 0.00 60673003.00 0.00 60673003.00 N 9.1 IN Notes to Rows 5, 7, and 9: Mr. Jin may be deemed to have beneficial ownership over (i) 7,522,530 Class A ordinary shares held by Doyen Cygnus Education Fund, L.P., (ii) 19,842,390 Class A ordinary shares held by Cygnus Equity Sport I, L.P., (iii) 13,228,260 Class A ordinary shares held by Cygnus Equity Sport II, L.P., (iv) 9,709,376 Class A ordinary shares held by Cygnus Equity Fund III, L.P., (v) 6,777,168 Class A ordinary shares held by Cygnus Equity Fund IV, L.P., (vi) 2,749,080 Class A ordinary shares held by Cygnus Equity Holdings Limited, and (viii) 844,199 Class A ordinary shares held by Jin Capital Limited. Mr. Jin expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. Note to Row 11: See Item 4. DSC Holdings Ltd. 22/F, No. 168 HUBIN ROAD, HUANGPU DISTRICT, Shanghai, China 200021 Cygnus Equity GP, Ltd. Doyen Cygnus Education Fund, L.P. Cygnus Equity Sport I, L.P. Cygnus Equity Sport II, L.P. Cygnus Equity Fund III, L.P. Cygnus Equity Fund IV, L.P. Cygnus Equity Holdings Limited Jin Capital Limited Ming Jin The business address of Cygnus Equity GP, Ltd., Doyen Cygnus Education Fund, L.P., Cygnus Equity Sport I, L.P., Cygnus Equity Sport II, L.P., Cygnus Equity Fund III, L.P., and Cygnus Equity Fund IV, L.P. is 2nd Floor, Strathvale House, 90 North Church Street, P.O. Box 1103, George Town, Grand Cayman KY1-1102, Cayman Islands. The business address of Cygnus Equity Holdings Limited and Jin Capital Limited is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands. The business address of Mr. Jin is Room 1801, Eighteenth Floor, TAKSHING HOUSE, No. 20 Des Voeux Road Central, Central, Hong Kong SAR. Cygnus Equity GP, Ltd., Doyen Cygnus Education Fund, L.P., Cygnus Equity Sport I, L.P., Cygnus Equity Sport II, L.P., Cygnus Equity Fund III, L.P., Cygnus Equity Fund IV, L.P.: Cayman Islands. Cygnus Equity Holdings Limited, Jin Capital Limited: British Virgin Islands. Mr. Jin: Hong Kong SAR. Y The information required by Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person and is incorporated herein by reference. The information required by Item 4(b) is set forth in Row 11 of the cover page for each Reporting Person and is incorporated herein by reference. The percentage of the total outstanding Class A ordinary shares is calculated based on a total of 670,157,244 Class A ordinary shares issued and outstanding on an as-converted basis immediately after the completion of the offering of the Issuer, assuming that the underwriters do not exercise their option to purchase additional ADSs as the case may be, as reported in the registrant's prospectus on Form 424B4 filed with the Securities Exchange Commission on June 26, 2026. The information required by Item 4(c) is set forth in Rows 5-8 of the cover page for each Reporting Person and is incorporated herein by reference. The information required by Item 4(c) is set forth in Rows 5-8 of the cover page for each Reporting Person and is incorporated herein by reference. The information required by Item 4(c) is set forth in Rows 5-8 of the cover page for each Reporting Person and is incorporated herein by reference. The information required by Item 4(c) is set forth in Rows 5-8 of the cover page for each Reporting Person and is incorporated herein by reference. Y Y Y Y Y Y Joint Filing Agreement as Exhibit 99.1. Will be separately attached. Cygnus Equity GP, Ltd. /s/ Ming Jin 08/13/2026 Doyen Cygnus Education Fund, L.P. /s/ Ming Jin 08/13/2026 Cygnus Equity Sport I, L.P. /s/ Ming Jin 08/13/2026 Cygnus Equity Sport II, L.P. /s/ Ming Jin 08/13/2026 Cygnus Equity Fund III, L.P. /s/ Ming Jin 08/13/2026 Cygnus Equity Fund IV, L.P. /s/ Ming Jin 08/13/2026 Cygnus Equity Holdings Limited /s/ Ming Jin 08/13/2026 Jin Capital Limited /s/ Ming Jin 08/13/2026 Ming Jin /s/ Ming Jin 08/13/2026