BRIGHT VALLEY CAPITAL Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), BRIGHT VALLEY CAPITAL Ltd reported 11 stock positions worth $126.5 million. Its top holding was Full Truck Alliance -SPN ADR (YMM) at 26.4% of the portfolio, followed by H World Group Ltd.-ADR (HTHT, 24.5%) and Lexinfintech Holdings L-ADR (LX, 15.1%). Compared with Q2 2025, it opened 5 new positions, sold out of 3, added to 2 and reduced 3. The biggest buy was a new position in Full Truck Alliance -SPN ADR (YMM) and the biggest sale Joyy Inc.-ADR (JOYY, shares −74%).

Most Recent 13F
Q2 2026
Location
HONG KONG, K3
CIK
0001965546
Portfolio Value
$126.5M (Q3 2025)
SEC Filing
0001965546-25-000007 ↗ filed Nov 13, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $67.5M Q1 2024 Q2 2024: $88.7M Q2 2024 Q3 2024: $127.8M Q3 2024 Q4 2024: $150.2M Q4 2024 Q1 2025: $297.3M Q1 2025 Q2 2025: $112.0M Q2 2025 Q3 2025: $126.5M $126.5M Q3 2025 Q4 2025: $147.5M Q4 2025 Q1 2026: $96.7M Q1 2026 Q2 2026: $348.7M Q2 2026

Holdings 11 stocks · $126.5M
YMM Full Truck Alliance -SPN ADR 26.37% 2,572,000 $33.4M New
HTHT H World Group Ltd.-ADR 24.52% 793,000 $31.0M New
LX Lexinfintech Holdings L-ADR 15.08% 3,578,390 $19.1M Reduce -0.2%
JOYY Joyy Inc.-ADR 11.81% 255,000 $14.9M Reduce -74.1%
DOYU Douyu International Hold-ADR 6.58% 1,107,389 $8.3M No change
ATAT Atour Lifestyle Holdings-ADR 5.71% 192,000 $7.2M Add +108.7%
INTC Intel Corp. 5.09% 192,000 $6.4M Add +1.1%
QFIN Qfin Holdings Inc.-ADR 3.07% 135,000 $3.9M New
SII Sprott Inc. 1.64% 25,000 $2.1M New
FINV Finvolution Group-ADR 0.12% 20,080 $148K New
HUYA Huya Inc.-ADR 0.00% 1,700 $6K Reduce -91.8%

Options reported separately and not counted above: NVIDIA CORPORATION puts ($28.5M), BIDU calls ($13.8M).

Portfolio Sells Q2 2025 → Q3 2025
JOYY Joyy Inc.-ADR Reduce -74.1% 11.81% −32.97
EDU New Oriental Educatio-SP ADR Sold out 0.00% −11.56
LX Lexinfintech Holdings L-ADR Reduce -0.2% 15.08% −8.02
IBIT iShares Bitcoin Trust ETF Sold out 0.00% −7.38
VIPS Vipshop Holdings Ltd. - ADR Sold out 0.00% −0.23
HUYA Huya Inc.-ADR Reduce -91.8% 0.00% −0.06

Portfolio Buys Q2 2025 → Q3 2025
YMM Full Truck Alliance -SPN ADR New 26.37% +26.37
HTHT H World Group Ltd.-ADR New 24.52% +24.52
QFIN Qfin Holdings Inc.-ADR New 3.07% +3.07
ATAT Atour Lifestyle Holdings-ADR Add +108.7% 5.71% +3.03
SII Sprott Inc. New 1.64% +1.64
INTC Intel Corp. Add +1.1% 5.09% +1.29
FINV Finvolution Group-ADR New 0.12% +0.12

Options Activity Q2 2025 → Q3 2025
NVIDIA CORPORATION put New 153,000 $28.5M
NVDA Nvidia Corp. put Sold out 153,000 $24.2Mbefore exit
BIDU Baidu Inc. - Spon ADR call New 105,000 $13.8M
EDU New Oriental Educatio-SP ADR call Sold out 100,000 $5.4Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 11$348.7MINTC, ATAT, SNDK, DRAM, ACMR
Q1 2026 11$96.7MVIPS, INTC, JOYY, EDU, GLD
Q4 2025 13$147.5MEDU, HTHT, ATAT, JOYY, INTC
Q3 2025 11$126.5MYMM, HTHT, LX, JOYY, DOYU
Q2 2025 9$112.0MJOYY, LX, EDU, IBIT, DOYU
Q1 2025 16$297.3MALIBABA GROUP HLDG LTD, JOYY, LX, EDU, RLX
Q4 2024 8$150.2MMOMO, IBIT, LX, RLX, DOYU
Q3 2024 8$127.8MMOMO, VIPS, PDD, DOYU, JOYY
Q2 2024 11$88.7MMOMO, BABAF, PDD, HUYA, IBIT
Q1 2024 10$67.5MPDD, HUYA, SN, NWOEF, SE