First Beijing Investment Ltd
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), First Beijing Investment Ltd reported 12 stock positions worth $1.4 billion. Its top holding was PDD (PDD) at 25.9% of the portfolio, followed by Full Truck Alliance -SPN ADR (YMM, 24.0%) and Sea Ltd.-ADR (SE, 19.3%). Compared with Q3 2024, it opened 2 new positions, sold out of 3, added to 5 and reduced 4. The biggest buy was Full Truck Alliance -SPN ADR (YMM, shares +127%) and the biggest sale Bilibili Inc.-Sponsored ADR (BILI, shares −55%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001701717
- Portfolio Value
- $1.4B (Q4 2024)
- SEC Filing
- 0001701717-25-000002 ↗ filed Feb 14, 2025
Holdings Value
Holdings 12 stocks · $1.4B
| PDD PDD Holdings Inc. | 25.93% | 3,765,809 | $365.2M | Add +5.9% |
| YMM Full Truck Alliance -SPN ADR | 24.00% | 31,241,548 | $338.0M | Add +127.4% |
| SE Sea Ltd.-ADR | 19.26% | 2,557,398 | $271.3M | Add +0.8% |
| ATAT Atour Lifestyle Holdings-ADR | 10.37% | 5,431,906 | $146.1M | Reduce -3.7% |
| VIPS Vipshop Holdings Ltd. - ADR | 9.41% | 9,837,776 | $132.5M | Add +28.8% |
| RLX RLX Technology Inc.-ADR | 3.58% | 23,374,885 | $50.5M | Reduce -17.8% |
| BILI Bilibili Inc.-Sponsored ADR | 2.17% | 1,690,360 | $30.6M | Reduce -55.4% |
| LI Li Auto Inc. - ADR | 2.14% | 1,254,400 | $30.1M | No change |
| MOMO Hello Group Inc. -SPN ADR | 1.51% | 2,750,093 | $21.2M | Reduce -32.0% |
| EDU New Oriental Educatio-SP ADR | 1.19% | 260,097 | $16.7M | New |
| LX Lexinfintech Holdings L-ADR | 0.34% | 824,475 | $4.8M | New |
| NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD | 0.11% | 136,733 | $1.6M | Add +10.1% |
Portfolio Sells Q3 2024 → Q4 2024
| BILI Bilibili Inc.-Sponsored ADR | Reduce -55.4% | 2.17% | −4.34 |
| DASH DoorDash Inc. Class A | Sold out | 0.00% | −1.87 |
| QFIN Qfin Holdings Inc.-ADR | Sold out | 0.00% | −1.67 |
| MOMO Hello Group Inc. -SPN ADR | Reduce -32.0% | 1.51% | −0.75 |
| ATAT Atour Lifestyle Holdings-ADR | Reduce -3.7% | 10.37% | −0.37 |
| RLX RLX Technology Inc.-ADR | Reduce -17.8% | 3.58% | −0.20 |
| ZK Zeekr Intelligent Techno-ADR | Sold out | 0.00% | −0.02 |
Portfolio Buys Q3 2024 → Q4 2024
| YMM Full Truck Alliance -SPN ADR | Add +127.4% | 24.00% | +14.91 |
| SE Sea Ltd.-ADR | Add +0.8% | 19.26% | +1.70 |
| EDU New Oriental Educatio-SP ADR | New | 1.19% | +1.19 |
| VIPS Vipshop Holdings Ltd. - ADR | Add +28.8% | 9.41% | +0.58 |
| LX Lexinfintech Holdings L-ADR | New | 0.34% | +0.34 |
| NOAH Noah Holdings Ltd.-Spon ADS | Add +10.1% | 0.11% | +0.00 |
| PDD PDD Holdings Inc. | Add +5.9% | 25.93% | −9.26 |
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 |