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The SEC filing from November 13 reveals Serenity Capital’s latest crime: inflating their HTHT stake by 710,431 shares. Their total holding now sits at $49.8 million, which is 12.6% of the fund’s AUM. This isn’t just a purchase-it’s a declaration of war against the universe’s indifference to their portfolio’s order. The fund’s top holdings now read like a spreadsheet written by someone who refuses to alphabetize their groceries: BZ ($117.6M), ZTO ($97.1M), TAL ($53M), HTHT ($49.8M), and EDU ($34.9M). Neat, but why EDU? Did they misread a memo?

On November 13, Singapore-based Serenity Capital Management acquired 411,380 shares of New Oriental Education & Technology Group during the third quarter. The total holding now stands at 656,878 shares, valued at $34.9 million as of September 30. This makes New Oriental the fund’s fifth-largest position among eight reported holdings.

Sui’s been dancing on the edge of a knife, and today it’s stepping back from the blade. At 12:15 p.m. ET, the token’s up 8.7% from yesterday’s low. Not bad for a coin that’s been bleeding value for weeks. Those who held their nerve during the bloodletting? They’re smiling now, like a gambler who just caught a lucky break. But luck’s a fickle thing in crypto-ask anyone who’s watched their ledger turn to ash.

Picture this: a fund manager in a pinstripe suit, squinting at a spreadsheet like it’s a cryptic crossword, suddenly decides Ambarella deserves 4.8% of their portfolio. That’s like dedicating nearly half your bookshelf to a single author whose latest novel hasn’t even hit shelves yet. The purchase increased their position by roughly the weight of a baby elephant, though I suspect baby elephants are less volatile.

Legally chronicled, the increase in holdings-now standing at 350,000-supposedly signifies conviction. But what is conviction in a world where the market’s pulse-once vigorous-now beats erratically? The valuation of $8.5 million in a firm whose stock has disintegrated by half over twelve months whispers of illusions sustained by hope, not strength. This act-reminiscent of Leontiev’s tragic heroes-suggests a belief that the underlying business, battered but not broken, offers a lie worth believing. The absurdity lies not just in the figure, but in the hope that the core remains unshaken amidst decaying foundations.