First Beijing Investment Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), First Beijing Investment Ltd reported 8 stock positions worth $2.6 billion. Its top holding was Full Truck Alliance -SPN ADR (YMM) at 34.4% of the portfolio, followed by PDD (PDD, 31.5%) and New Oriental Educatio-SP ADR (EDU, 19.2%). Compared with Q2 2025, it sold out of 1, added to 3 and reduced 1. The biggest buy was Full Truck Alliance -SPN ADR (YMM, shares +74%) and the biggest sale Atour Lifestyle Holdings-ADR (ATAT, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001701717
- Portfolio Value
- $2.6B (Q3 2025)
- SEC Filing
- 0001701717-25-000020 ↗ filed Nov 14, 2025
Holdings Value
Holdings 8 stocks · $2.6B
| YMM Full Truck Alliance -SPN ADR | 34.38% | 68,645,580 | $890.3M | Add +73.8% |
| PDD PDD Holdings Inc. | 31.48% | 6,168,721 | $815.3M | Add +10.6% |
| EDU New Oriental Educatio-SP ADR | 19.15% | 9,346,501 | $496.0M | Add +31.4% |
| ATAT Atour Lifestyle Holdings-ADR | 8.23% | 5,668,822 | $213.1M | Reduce -3.1% |
| RLX RLX Technology Inc.-ADR | 6.38% | 62,864,424 | $165.3M | No change |
| AXTI Axt Inc. | 0.30% | 1,730,156 | $7.8M | No change |
| NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD | 0.08% | 175,328 | $2.0M | No change |
| API Agora Inc.-ADR | 0.00% | 9,900 | $38K | No change |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 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 |