SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Kuke Music Holding Ltd

(Name of Issuer)

American Depositary Shares, each representing ten (10) Class A ordinary shares, par value US$0.001 per share

(Title of Class of Securities)

501229207

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No.

501229207

Names of Reporting Persons

Atlantis Investment Management Limited

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,300,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,300,000.00

Aggregate Amount Beneficially Owned by Each Reporting Person

6,300,000.00

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

Checkbox not checked

Percent of class represented by amount in row (9)

2.3 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

501229207

Names of Reporting Persons

Atlantis Capital Group Holdings Limited

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,300,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,300,000.00

Aggregate Amount Beneficially Owned by Each Reporting Person

6,300,000.00

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

Checkbox not checked

Percent of class represented by amount in row (9)

2.3 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

501229207

Names of Reporting Persons

Yang Liu

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,300,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,300,000.00

Aggregate Amount Beneficially Owned by Each Reporting Person

6,300,000.00

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

Checkbox not checked

Percent of class represented by amount in row (9)

2.3 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

501229207

Names of Reporting Persons

Syzygy Stable Multi-Asset Strategy SP

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,000,000.00

Aggregate Amount Beneficially Owned by Each Reporting Person

2,000,000.00

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

Checkbox not checked

Percent of class represented by amount in row (9)

0.7 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

501229207

Names of Reporting Persons

Atlantis New Hong Kong Equity Fund Limited

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,200,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,200,000.00

Aggregate Amount Beneficially Owned by Each Reporting Person

2,200,000.00

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

Checkbox not checked

Percent of class represented by amount in row (9)

0.8 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

501229207

Names of Reporting Persons

Riverwood Multi-Growth Fund

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,100,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,100,000.00

Aggregate Amount Beneficially Owned by Each Reporting Person

2,100,000.00

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

Checkbox not checked

Percent of class represented by amount in row (9)

0.8 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

Kuke Music Holding Ltd

(b)

Address of issuer's principal executive offices:

25-1, Beijing Music Industrial Park, Heizhuanghu Road, Chaoyang District, Beijing, People's Republic of China

Item 2.

(a)

Name of person filing:

Atlantis Investment Management Limited ("AIM"), Atlantis Capital Group Holdings Limited ("ACG"), Yang Liu, Syzygy Stable Multi-Asset Strategy SP ("SSMS", a segregated portfolio of Syzygy Global Strategy SPC, a segregated portfolio company incorporated in the Cayman Islands), Atlantis New Hong Kong Equity Fund Limited ("ANHKEFL"), and Riverwood Multi-Growth Fund ("RMGF"). AIM is an asset manager operating in Hong Kong, and manages the investments of SSMS, ANHKEFL and RMGF. ACG is the sole shareholder of AIM, and Ms. Liu is the sole shareholder of ACG. Each of the filing persons holds the Issuer's ADSs, each of which represents ten (10) Class A ordinary shares. The filing of this statement shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any securities covered by the statement other than the securities actually owned by such person (if any).

(b)

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

For each of AIM, ACG, Ms Liu, SSMS, ANHKEFL and RMGF, 35/F The Centrium, 60 Wyndham Street, Central, Hong Kong SAR

(c)

Citizenship:

For each of AIM, ACG and Ms. Liu, Hong Kong. For each of SSMS, ANHKEFL and RMGF, Cayman Islands.

(d)

Title of class of securities:

American Depositary Shares, each representing ten (10) Class A ordinary shares, par value US$0.001 per share

(e)

CUSIP No.:

501229207

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:

6,300,000

(b)

Percent of class:

2.3 %

(c)

Number of shares as to which the person has:

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

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

See cover page tables above. Percentage ownership based on 275,261,847 Class A ordinary shares outstanding, as set forth in the issuer's prospectus, dated June 4, 2025, filed with the SEC pursuant to Rule 424(b)(5).

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

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

See cover page tables above.

Item 5.

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:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

Atlantis Investment Management Limited

Signature:	/s/ Yang Liu
Name/Title:	Yang Liu / Director
Date:	06/30/2025

Atlantis Capital Group Holdings Limited

Signature:	/s/ Yang Liu
Name/Title:	Yang Liu / Director
Date:	06/30/2025

Yang Liu

Signature:	/s/ Yang Liu
Name/Title:	Yang Liu
Date:	06/30/2025

Syzygy Stable Multi-Asset Strategy SP

Signature:	/s/ Yang Liu
Name/Title:	Yang Liu / Chief Investment Officer
Date:	06/30/2025

Atlantis New Hong Kong Equity Fund Limited

Signature:	/s/ Yang Liu
Name/Title:	Yang Liu / Director
Date:	06/30/2025

Riverwood Multi-Growth Fund

Signature:	/s/ Yang Liu
Name/Title:	Yang Liu / Director
Date:	06/30/2025

Exhibit Information

99.1 Joint Filing Agreement

Amendment: SEC Form SCHEDULE 13G/A filed by Kuke Music Holding Limited