First Beijing Investment Ltd
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 15, 2025), First Beijing Investment Ltd reported 9 stock positions worth $1.8 billion. Its top holding was PDD (PDD) at 32.7% of the portfolio, followed by Full Truck Alliance -SPN ADR (YMM, 26.1%) and New Oriental Educatio-SP ADR (EDU, 21.5%). Compared with Q1 2025, it opened 2 new positions, sold out of 1 and added to 7. The biggest buy was New Oriental Educatio-SP ADR (EDU, shares +30%) and the biggest sale an exit from Sea Ltd.-ADR (SE).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001701717
- Portfolio Value
- $1.8B (Q2 2025)
- SEC Filing
- 0001701717-25-000014 ↗ filed Aug 15, 2025
Holdings Value
Holdings 9 stocks · $1.8B
| PDD PDD Holdings Inc. | 32.67% | 5,577,852 | $583.8M | Add +44.6% |
| YMM Full Truck Alliance -SPN ADR | 26.10% | 39,494,654 | $466.4M | Add +32.8% |
| EDU New Oriental Educatio-SP ADR | 21.48% | 7,115,332 | $383.9M | Add +30.4% |
| ATAT Atour Lifestyle Holdings-ADR | 10.64% | 5,849,962 | $190.2M | Add +16.1% |
| RLX RLX Technology Inc.-ADR | 7.77% | 62,864,424 | $138.9M | Add +53.2% |
| LU Lufax Holding Ltd.-ADR | 1.01% | 6,464,988 | $18.0M | Add +47.2% |
| AXTI Axt Inc. | 0.20% | 1,730,156 | $3.6M | New |
| NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD | 0.12% | 175,328 | $2.1M | Add +7.3% |
| API Agora Inc.-ADR | 0.00% | 9,900 | $38K | New |
Portfolio Sells Q1 2025 → Q2 2025
| SE Sea Ltd.-ADR | Sold out | 0.00% | −8.58 |
Portfolio Buys Q1 2025 → Q2 2025
| EDU New Oriental Educatio-SP ADR | Add +30.4% | 21.48% | +3.57 |
| RLX RLX Technology Inc.-ADR | Add +53.2% | 7.77% | +2.48 |
| PDD PDD Holdings Inc. | Add +44.6% | 32.67% | +1.33 |
| ATAT Atour Lifestyle Holdings-ADR | Add +16.1% | 10.64% | +0.84 |
| AXTI Axt Inc. | New | 0.20% | +0.20 |
| LU Lufax Holding Ltd.-ADR | Add +47.2% | 1.01% | +0.11 |
| YMM Full Truck Alliance -SPN ADR | Add +32.8% | 26.10% | +0.03 |
| NOAH Noah Holdings Ltd.-Spon ADS | Add +7.3% | 0.12% | +0.01 |
| API Agora Inc.-ADR | New | 0.00% | +0.00 |
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 |