First Beijing Investment Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), First Beijing Investment Ltd reported 8 stock positions worth $2.5 billion. Its top holding was Full Truck Alliance -SPN ADR (YMM) at 32.4% of the portfolio, followed by PDD (PDD, 30.3%) and New Oriental Educatio-SP ADR (EDU, 21.9%). Compared with Q3 2025, it opened 1 new position, sold out of 1 and added to 5. The biggest buy was New Oriental Educatio-SP ADR (EDU, shares +8%) and the biggest sale an exit from Axt (AXTI).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001701717
- Portfolio Value
- $2.5B (Q4 2025)
- SEC Filing
- 0001701717-26-000005 ↗ filed Feb 17, 2026
Holdings Value
Holdings 8 stocks · $2.5B
| YMM Full Truck Alliance -SPN ADR | 32.42% | 76,616,568 | $822.1M | Add +11.6% |
| PDD PDD Holdings Inc. | 30.33% | 6,782,955 | $769.1M | Add +10.0% |
| EDU New Oriental Educatio-SP ADR | 21.93% | 10,105,965 | $556.1M | Add +8.1% |
| ATAT Atour Lifestyle Holdings-ADR | 9.03% | 5,811,104 | $229.0M | Add +2.5% |
| RLX RLX Technology Inc.-ADR | 5.78% | 62,864,424 | $146.5M | No change |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.35% | 112,388 | $8.8M | New |
| NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD | 0.16% | 392,527 | $3.9M | Add +123.9% |
| API Agora Inc.-ADR | 0.00% | 9,900 | $40K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| AXTI Axt Inc. | Sold out | 0.00% | −0.30 |
Portfolio Buys Q3 2025 → Q4 2025
| EDU New Oriental Educatio-SP ADR | Add +8.1% | 21.93% | +2.78 |
| ATAT Atour Lifestyle Holdings-ADR | Add +2.5% | 9.03% | +0.80 |
| KSPI JSC Kaspi.kz ADR | New | 0.35% | +0.35 |
| NOAH Noah Holdings Ltd.-Spon ADS | Add +123.9% | 0.16% | +0.08 |
| PDD PDD Holdings Inc. | Add +10.0% | 30.33% | −1.15 |
| YMM Full Truck Alliance -SPN ADR | Add +11.6% | 32.42% | −1.95 |
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 |