BRIGHT VALLEY CAPITAL Ltd In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), BRIGHT VALLEY CAPITAL Ltd reported 11 stock positions worth $96.7 million . Its top holding was Vipshop Holdings Ltd. - ADR (VIPS) at 28.8% of the portfolio, followed by Intel (INTC, 19.7% ) and Joyy Inc.-ADR (JOYY, 18.7% ). Compared with Q4 2025, it opened 4 new positions, sold out of 6, added to 3 and reduced 4. The biggest buy was Vipshop Holdings Ltd. - ADR (VIPS, shares +500% ) and the biggest sale an exit from H World Group Ltd.-ADR (HTHT).
Location HONG KONG, K3
CIK 0001965546
Portfolio Value $96.7M (Q1 2026) Holdings 11 stocks · $96.7M 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 Q4 2025 VIPS Vipshop Holdings Ltd. - ADR 1,774,290 $27.9M Add +499.9% INTC Intel Corp. 431,000 $19.0M Add +48.1% JOYY Joyy Inc.-ADR 309,800 $18.1M Reduce -8.5% EDU New Oriental Educatio-SP ADR 175,750 $10.0M Reduce -66.6% GLD SPDR Gold Shares 16,000 $6.9M New DOYU Douyu International Hold-ADR 1,334,229 $6.7M Add +20.5% STAA Staar Surgical Co. 271,965 $5.1M New LITE Lumentum Holdings Inc. 2,300 $1.6M New DDL Dingdong Cayman Ltd. -SPN ADR 266,760 $686K New YMM Full Truck Alliance -SPN ADR 51,100 $424K Reduce -93.2% LX Lexinfintech Holdings L-ADR 181,697 $396K Reduce -54.0%
Options reported separately and not counted above: INTC calls ($45.5M), PDD calls ($11.2M).
Portfolio Sells Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ HTHT H World Group Ltd.-ADR Sold out 0.00% −17.10 ATAT Atour Lifestyle Holdings-ADR Sold out 0.00% −15.97 EDU New Oriental Educatio-SP ADR Reduce -66.6% 10.29% −9.34 PDD PDD Holdings Inc. Sold out 0.00% −5.58 YMM Full Truck Alliance -SPN ADR Reduce -93.2% 0.44% −5.06 QFIN Qfin Holdings Inc.-ADR Sold out 0.00% −2.95 FUTU Futu Holdings Ltd.-ADR Sold out 0.00% −1.49 LX Lexinfintech Holdings L-ADR Reduce -54.0% 0.41% −0.47 MOMO Hello Group Inc. -SPN ADR Sold out 0.00% −0.09 JOYY Joyy Inc.-ADR Reduce -8.5% 18.70% +3.82
Portfolio Buys Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ VIPS Vipshop Holdings Ltd. - ADR Add +499.9% 28.83% +25.28 INTC Intel Corp. Add +48.1% 19.66% +12.38 GLD SPDR Gold Shares New 7.12% +7.12 STAA Staar Surgical Co. New 5.26% +5.26 DOYU Douyu International Hold-ADR Add +20.5% 6.92% +1.82 LITE Lumentum Holdings Inc. New 1.67% +1.67 DDL Dingdong Cayman Ltd. -SPN ADR New 0.71% +0.71
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ INTC Intel Corp. call Reduce -59.2% 1,030,000 $45.5M NVDA Nvidia Corp. put Sold out 153,000 $28.5Mbefore exit PDD PDD Holdings Inc. call New 110,000 $11.2M
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