So-Young International Inc.

SY • XNYS

So-Young International Inc. is a publicly traded company on XNYS. As of Q3 2025, 32 institutional investors hold shares in this company, with total holdings valued at $37.6M. TB Alternative Assets Ltd. is the largest holder with a position valued at $11.9M.

Overview

Overview of institutional ownership in SY as of Q3 2025

All Institutions

Institutions: 32
Value Held: $37.6M
Shares Held: 9.7M
Avg Position: $1.2M
Median Position: $244.0K

Hedge Funds

Hedge Funds: 5
Value Held: $15.4M
Shares Held: 4.0M
Avg Position: $3.1M
Median Position: $662.5K

Biggest Investors

Institutions with the largest positions in SY as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
T TB Alternative Assets Ltd. Hedge Fund•Value	Shujun Li CEO	$11.9M 1.78% of portfolio	0.00% 3.1M shares	Q4 2022 Held for 2y 11m	$668.4M
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$4.6M 0.00% of portfolio	0.00% 1.2M shares	Q4 2022 Held for 2y 11m	$1.65T
K KADENSA CAPITAL Ltd Institution	-	$4.0M 0.41% of portfolio	0.00% 1.0M shares	Q3 2025 Held for 2 months	$971.1M
CITIGROUP INC Institution	Jane Fraser CEO	$2.6M 0.00% of portfolio	0.00% 675.1K shares	Q1 2025 Held for 8 months	$144.32B
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	Peter Fitzhugh Brown CEO	$2.2M 0.00% of portfolio	0.00% 562.5K shares	Q2 2024 Held for 1y 5m	$75.8B
BARCLAYS PLC Institution	-	$1.9M 0.00% of portfolio	0.00% 497.6K shares	Q3 2025 Held for 2 months	$271.65B
S Sequoia China Equity Partners Ltd Institution	-	$1.9M 1.08% of portfolio	0.00% 490.7K shares	Q3 2025 Held for 2 months	$176.1M
N NOMURA HOLDINGS INC Institution	-	$1.3M 0.01% of portfolio	0.00% 326.9K shares	Q3 2025 Held for 2 months	$18.4B
Lighthouse Investment Partners, LLC Fund of Funds	Sean Gerard Mcgould CEO	$1.1M 0.04% of portfolio	0.00% 285.6K shares	Q3 2025 Held for 2 months	$2.7B
Q Quadrature Capital Ltd Institution	-	$1.1M 0.01% of portfolio	0.00% 279.8K shares	Q3 2025 Held for 2 months	$8.5B

Net Capital Flow

Institutional buying and selling activity for SY in Q3 2025

Traded: +$13.0M
Buyers: 22
Sellers: 11
Total Bought: +$22.1M
Total Sold: −$9.1M
Avg Position: $916.7K

Biggest Buyers

Institution	Net Bought	Current Position
MORGAN STANLEY RIA/Wealth	+$4.5M +1.2M shares	$4.6M 1.2M shares
K KADENSA CAPITAL Ltd Institution	+$4.0M +1.0M shares	$4.0M 1.0M shares
CITIGROUP INC Institution	+$2.4M +627.0K shares	$2.6M 675.1K shares
BARCLAYS PLC Institution	+$1.9M +-126.2K shares	$1.9M 497.6K shares
S Sequoia China Equity Partners Ltd Institution	+$1.9M +490.7K shares	$1.9M 490.7K shares
N NOMURA HOLDINGS INC Institution	+$1.3M +326.9K shares	$1.3M 326.9K shares
Lighthouse Investment Partners, LLC Fund of Funds	+$1.1M +285.6K shares	$1.1M 285.6K shares
Q Quadrature Capital Ltd Institution	+$1.1M +279.8K shares	$1.1M 279.8K shares
D DYMON ASIA CAPITAL PTE. LTD. Institution	+$889.8K +229.9K shares	$889.8K 229.9K shares
J JANE STREET GROUP, LLC Institution	+$796.5K +205.8K shares	$844.6K 218.2K shares

Biggest Sellers

Institution	Net Sold	Current Position
O Oasis Management Co Ltd. Institution	−$7.8M −2.5M shares	Sold Off 0 shares
UBS Group AG Institution	−$899.9K −232.5K shares	$586.8K 151.6K shares
S SUPERSTRING CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	−$226.1K −72.9K shares	Sold Off 0 shares
X XTX Topco Ltd Institution	−$112.5K −36.3K shares	Sold Off 0 shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$46.5K −15.0K shares	Sold Off 0 shares
Scientech Research LLC Hedge Fund•Market Neutral	−$31.5K −10.2K shares	Sold Off 0 shares
BANK OF AMERICA CORP /DE/ Institution	−$9.6K −3.1K shares	Sold Off 0 shares
S SBI Securities Co., Ltd. Institution	−$4.2K −1.1K shares	$23.9K 6.2K shares
RHUMBLINE ADVISERS Long Only Manager	−$3.5K −900.0 shares	$4.4K 1.1K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$2.7K −700.0 shares	$2.2M 562.5K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited SY in Q3 2025

New Positions: 10
New Value: $10.4M
Exited Positions: 9
Exited Value: $8.2M

New Positions

Institution	Position Value
K KADENSA CAPITAL Ltd Institution	$4.0M 1.0M shares
BARCLAYS PLC Institution	$1.9M 497.6K shares
S Sequoia China Equity Partners Ltd Institution	$1.9M 490.7K shares
Lighthouse Investment Partners, LLC Fund of Funds	$1.1M 285.6K shares
D DYMON ASIA CAPITAL PTE. LTD. Institution	$889.8K 229.9K shares
I IvyRock Asset Management Ltd Hedge Fund•Multi-Strategy	$545.7K 141.0K shares
O OMERS ADMINISTRATION Corp Institution	$78.6K 20.3K shares
H HRT FINANCIAL LLC Institution	- - shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	- - shares
V Virtu Financial LLC Institution	- - shares

Exited Positions

Institution	Previous Position
O Oasis Management Co Ltd. Institution	$7.8M 2.5M shares
S SUPERSTRING CAPITAL MANAGEMENT LP Hedge Fund•Long/Short	$226.1K 72.9K shares
X XTX Topco Ltd Institution	$112.5K 36.3K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$46.5K 15.0K shares
Scientech Research LLC Hedge Fund•Market Neutral	$31.5K 10.2K shares
BANK OF AMERICA CORP /DE/ Institution	$9.6K 3.1K shares
H HRT FINANCIAL LLC Institution	- 176.3K shares
V Virtu Financial LLC Institution	- 106.1K shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	- 407.5K shares

Options Activity

Institutions with the largest Call and Put options positions in SY as of Q3 2025

Call Positions: 2
Call Value: $126.9K
Put Positions: 2
Put Value: $363.0K

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$126.9K 328.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$209.8K 542.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$153.3K 396.0 contracts

Most Committed Institutions

Institutions with SY as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
T TB Alternative Assets Ltd. Hedge Fund•Value	Shujun Li CEO	1.78% $11.9M	0.00% 3.1M shares	Q4 2022 Held for 2y 11m	$668.4M
S Sequoia China Equity Partners Ltd Institution	-	1.08% $1.9M	0.00% 490.7K shares	Q3 2025 Held for 2 months	$176.1M
K KADENSA CAPITAL Ltd Institution	-	0.41% $4.0M	0.00% 1.0M shares	Q3 2025 Held for 2 months	$971.1M
D DYMON ASIA CAPITAL PTE. LTD. Institution	-	0.36% $889.8K	0.00% 229.9K shares	Q3 2025 Held for 2 months	$249.8M
I IvyRock Asset Management Ltd Hedge Fund•Multi-Strategy	Yong Huang CIO	0.25% $545.7K	0.00% 141.0K shares	Q3 2025 Held for 2 months	$220.1M
Lighthouse Investment Partners, LLC Fund of Funds	Sean Gerard Mcgould CEO	0.04% $1.1M	0.00% 285.6K shares	Q3 2025 Held for 2 months	$2.7B
EWA, LLC RIA/Wealth	Matthew Bishop Blocki Managing Partner	0.01% $51.9K	0.00% 13.4K shares	Q1 2023 Held for 2y 8m	$354.1M
Q Quadrature Capital Ltd Institution	-	0.01% $1.1M	0.00% 279.8K shares	Q3 2025 Held for 2 months	$8.5B
N NOMURA HOLDINGS INC Institution	-	0.01% $1.3M	0.00% 326.9K shares	Q3 2025 Held for 2 months	$18.4B
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	Ryan Andrew Tolkin CEO	0.00% $662.5K	0.00% 171.2K shares	Q3 2025 Held for 2 months	$14.3B

Hedge Fund Spotlight

Discover hedge funds investing in SY

IvyRock Asset Management Ltd

Hedge Fund • Multi-Strategy

Portfolio ManagerYong Huang

Portfolio Value: $220.1M
Positions: 19
Last Reported: Q3 2025

Sector Allocation

Position in So-Young International Inc.

Market Value: $545.7K
Shares Held: 141.0K
Portfolio Weight: 0.25%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 PDD PDD Holdings PDD	Unknown Unknown	$136.8M	62.16%
2 LEGN Legend Biotech LEGN	Unknown Unknown	$27.9M	12.69%
3 iShares Bitcoin Trust IBIT	ETF ETF	$26.4M	11.97%

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