First Beijing Investment Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 19, 2025), First Beijing Investment Ltd reported 8 stock positions worth $1.5 billion. Its top holding was PDD (PDD) at 31.3% of the portfolio, followed by Full Truck Alliance -SPN ADR (YMM, 26.1%) and New Oriental Educatio-SP ADR (EDU, 17.9%). Compared with Q4 2024, it opened 1 new position, sold out of 5, added to 4 and reduced 3. The biggest buy was New Oriental Educatio-SP ADR (EDU, shares +1998%) and the biggest sale Sea Ltd.-ADR (SE, shares −63%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001701717
- Portfolio Value
- $1.5B (Q1 2025)
- SEC Filing
- 0001701717-25-000011 ↗ filed May 19, 2025
Holdings Value
Holdings 8 stocks · $1.5B
| PDD PDD Holdings Inc. | 31.34% | 3,857,223 | $456.5M | Add +2.4% |
| YMM Full Truck Alliance -SPN ADR | 26.07% | 29,736,802 | $379.7M | Reduce -4.8% |
| EDU New Oriental Educatio-SP ADR | 17.91% | 5,456,378 | $260.9M | Add +1997.8% |
| ATAT Atour Lifestyle Holdings-ADR | 9.80% | 5,036,355 | $142.8M | Reduce -7.3% |
| SE Sea Ltd.-ADR | 8.58% | 957,702 | $125.0M | Reduce -62.5% |
| RLX RLX Technology Inc.-ADR | 5.30% | 41,036,045 | $77.1M | Add +75.6% |
| LU Lufax Holding Ltd.-ADR | 0.90% | 4,392,625 | $13.0M | New |
| NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD | 0.11% | 163,443 | $1.5M | Add +19.5% |
Portfolio Sells Q4 2024 → Q1 2025
| SE Sea Ltd.-ADR | Reduce -62.5% | 8.58% | −10.68 |
| VIPS Vipshop Holdings Ltd. - ADR | Sold out | 0.00% | −9.41 |
| BILI Bilibili Inc.-Sponsored ADR | Sold out | 0.00% | −2.17 |
| LI Li Auto Inc. - ADR | Sold out | 0.00% | −2.14 |
| MOMO Hello Group Inc. -SPN ADR | Sold out | 0.00% | −1.51 |
| ATAT Atour Lifestyle Holdings-ADR | Reduce -7.3% | 9.80% | −0.57 |
| LX Lexinfintech Holdings L-ADR | Sold out | 0.00% | −0.34 |
| YMM Full Truck Alliance -SPN ADR | Reduce -4.8% | 26.07% | +2.07 |
Portfolio Buys Q4 2024 → Q1 2025
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 |