First Beijing Investment Ltd
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 12, 2026), First Beijing Investment Ltd reported 11 stock positions worth $2.4 billion. Its top holding was Full Truck Alliance -SPN ADR (YMM) at 30.5% of the portfolio, followed by PDD (PDD, 29.3%) and New Oriental Educatio-SP ADR (EDU, 16.4%). Compared with Q1 2026, it opened 1 new position, sold out of 2, added to 3 and reduced 6. The biggest buy was Sea Ltd.-ADR (SE, shares +1388%) and the biggest sale New Oriental Educatio-SP ADR (EDU, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001701717
- Portfolio Value
- $2.4B (Q2 2026)
- SEC Filing
- 0001701717-26-000011 ↗ filed Aug 12, 2026
Holdings Value
Holdings 11 stocks · $2.4B
| YMM Full Truck Alliance -SPN ADR | 30.50% | 91,790,875 | $745.3M | Add +2.0% |
| PDD PDD Holdings Inc. | 29.27% | 9,377,416 | $715.3M | Add +15.1% |
| EDU New Oriental Educatio-SP ADR | 16.41% | 8,733,979 | $401.0M | Reduce -2.9% |
| SE Sea Ltd.-ADR | 12.19% | 3,109,067 | $297.9M | Add +1387.9% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 5.29% | 1,379,102 | $129.3M | New |
| RLX RLX Technology Inc.-ADR | 4.65% | 59,821,839 | $113.7M | Reduce -0.5% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 1.51% | 424,613 | $36.8M | Reduce -2.2% |
| ZH Zhihu Inc. - ADR | 0.07% | 551,048 | $1.7M | No change |
| BZUN Baozun Inc.-SPN ADR | 0.05% | 432,828 | $1.2M | Reduce -2.6% |
| DDL Dingdong Cayman Ltd. -SPN ADR | 0.05% | 622,432 | $1.2M | Reduce -26.4% |
| NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD | 0.02% | 38,595 | $386K | Reduce -71.6% |
Portfolio Sells Q1 2026 → Q2 2026
| EDU New Oriental Educatio-SP ADR | Reduce -2.9% | 16.41% | −5.56 |
| LEGN Legend Biotech Corp.-ADR | Sold out | 0.00% | −1.79 |
| RLX RLX Technology Inc.-ADR | Reduce -0.5% | 4.65% | −1.05 |
| DDL Dingdong Cayman Ltd. -SPN ADR | Reduce -26.4% | 0.05% | −0.04 |
| NOAH Noah Holdings Ltd.-Spon ADS | Reduce -71.6% | 0.02% | −0.04 |
| API Agora Inc.-ADR | Sold out | 0.00% | −0.00 |
| BZUN Baozun Inc.-SPN ADR | Reduce -2.6% | 0.05% | +0.00 |
| KSPI JSC Kaspi.kz ADR | Reduce -2.2% | 1.51% | +0.12 |
Portfolio Buys Q1 2026 → Q2 2026
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 11 | $2.4B | YMM, PDD, EDU, SE, FUTU |
| Q1 2026 | 12 | $2.3B | PDD, YMM, EDU, RLX, LEGN |
| Q4 2025 | 8 | $2.5B | YMM, PDD, EDU, ATAT, RLX |
| Q3 2025 | 8 | $2.6B | YMM, PDD, EDU, ATAT, RLX |
| Q2 2025 | 9 | $1.8B | PDD, YMM, EDU, ATAT, RLX |
| Q1 2025 | 8 | $1.5B | PDD, YMM, EDU, ATAT, SE |
| Q4 2024 | 12 | $1.4B | PDD, YMM, SE, ATAT, VIPS |
| Q3 2024Amended | 13 | $1.4B | PDD, SE, ATAT, YMM, VIPS |
| Q2 2024 | 9 | $924.3M | PDD, SE, QFIN, RLX, ATAT |
| Q1 2024 | 7 | $519.5M | PDD, SE, QFIN, RLX, DASH |