BRIGHT VALLEY CAPITAL Ltd In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), BRIGHT VALLEY CAPITAL Ltd reported 13 stock positions worth $147.5 million . Its top holding was New Oriental Educatio-SP ADR (EDU) at 19.6% of the portfolio, followed by H World Group Ltd.-ADR (HTHT, 17.1% ) and Atour Lifestyle Holdings-ADR (ATAT, 16.0% ). Compared with Q3 2025, it opened 5 new positions, sold out of 3, added to 4 and reduced 3. The biggest buy was a new position in New Oriental Educatio-SP ADR (EDU) and the biggest sale Full Truck Alliance -SPN ADR (YMM, shares −71% ).
Location HONG KONG, K3
CIK 0001965546
Portfolio Value $147.5M (Q4 2025) Holdings 13 stocks · $147.5M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 EDU New Oriental Educatio-SP ADR 525,961 $28.9M New HTHT H World Group Ltd.-ADR 536,000 $25.2M Reduce -32.4% ATAT Atour Lifestyle Holdings-ADR 597,500 $23.5M Add +211.2% JOYY Joyy Inc.-ADR 338,700 $21.9M Add +32.8% INTC Intel Corp. 291,000 $10.7M Add +51.6% PDD PDD Holdings Inc. 72,600 $8.2M New YMM Full Truck Alliance -SPN ADR 755,876 $8.1M Reduce -70.6% DOYU Douyu International Hold-ADR 1,107,389 $7.5M No change VIPS Vipshop Holdings Ltd. - ADR 295,789 $5.2M New QFIN Qfin Holdings Inc.-ADR 225,500 $4.3M Add +67.0% FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 13,400 $2.2M New LX Lexinfintech Holdings L-ADR 394,698 $1.3M Reduce -89.0% MOMO Hello Group Inc. -SPN ADR 20,600 $135K New
Options reported separately and not counted above: INTC calls ($93.2M), NVDA puts ($28.5M).
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ YMM Full Truck Alliance -SPN ADR Reduce -70.6% 5.50% −20.87 LX Lexinfintech Holdings L-ADR Reduce -89.0% 0.88% −14.20 HTHT H World Group Ltd.-ADR Reduce -32.4% 17.10% −7.41 SII Sprott Inc. Sold out 0.00% −1.64 FINV Finvolution Group-ADR Sold out 0.00% −0.12 HUYA Huya Inc.-ADR Sold out 0.00% −0.00
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ EDU New Oriental Educatio-SP ADR New 19.63% +19.63 ATAT Atour Lifestyle Holdings-ADR Add +211.2% 15.97% +10.26 PDD PDD Holdings Inc. New 5.58% +5.58 VIPS Vipshop Holdings Ltd. - ADR New 3.55% +3.55 JOYY Joyy Inc.-ADR Add +32.8% 14.88% +3.06 INTC Intel Corp. Add +51.6% 7.28% +2.19 FUTU Futu Holdings Ltd.-ADR New 1.49% +1.49 MOMO Hello Group Inc. -SPN ADR New 0.09% +0.09 QFIN Qfin Holdings Inc.-ADR Add +67.0% 2.95% −0.12
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ INTC Intel Corp. call New 2,525,000 $93.2M NVIDIA CORPORATION put Sold out 153,000 $28.5Mbefore exit NVDA Nvidia Corp. put New 153,000 $28.5M BIDU Baidu Inc. - Spon ADR call Sold out 105,000 $13.8Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 11 $348.7M INTC, ATAT, SNDK, DRAM, ACMR Q1 2026 11 $96.7M VIPS, INTC, JOYY, EDU, GLD Q4 2025 13 $147.5M EDU, HTHT, ATAT, JOYY, INTC Q3 2025 11 $126.5M YMM, HTHT, LX, JOYY, DOYU Q2 2025 9 $112.0M JOYY, LX, EDU, IBIT, DOYU Q1 2025 16 $297.3M ALIBABA GROUP HLDG LTD, JOYY, LX, EDU, RLX Q4 2024 8 $150.2M MOMO, IBIT, LX, RLX, DOYU Q3 2024 8 $127.8M MOMO, VIPS, PDD, DOYU, JOYY Q2 2024 11 $88.7M MOMO, BABAF, PDD, HUYA, IBIT Q1 2024 10 $67.5M PDD, HUYA, SN, NWOEF, SE