First Beijing Investment Ltd

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), First Beijing Investment Ltd reported 12 stock positions worth $2.3 billion. Its top holding was PDD (PDD) at 35.9% of the portfolio, followed by Full Truck Alliance -SPN ADR (YMM, 32.2%) and New Oriental Educatio-SP ADR (EDU, 22.0%). Compared with Q4 2025, it opened 5 new positions, sold out of 1, added to 3 and reduced 4. The biggest buy was PDD (PDD, shares +20%) and the biggest sale an exit from Atour Lifestyle Holdings-ADR (ATAT).

Most Recent 13F
Q2 2026
Location
HONG KONG, K3
CIK
0001701717
Portfolio Value
$2.3B (Q1 2026)
SEC Filing
0001701717-26-000010 ↗ filed May 13, 2026

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $519.5M Q1 2024 Q2 2024: $924.3M Q2 2024 Q3 2024: $1.4B Q3 2024 Q4 2024: $1.4B Q4 2024 Q1 2025: $1.5B Q1 2025 Q2 2025: $1.8B Q2 2025 Q3 2025: $2.6B Q3 2025 Q4 2025: $2.5B Q4 2025 Q1 2026: $2.3B $2.3B Q1 2026 Q2 2026: $2.4B Q2 2026

Holdings 12 stocks · $2.3B
PDD PDD Holdings Inc. 35.91% 8,149,162 $832.7M Add +20.1%
YMM Full Truck Alliance -SPN ADR 32.22% 90,000,895 $747.0M Add +17.5%
EDU New Oriental Educatio-SP ADR 21.97% 8,995,258 $509.4M Reduce -11.0%
RLX RLX Technology Inc.-ADR 5.71% 60,129,671 $132.3M Reduce -4.3%
LEGN Legend Biotech Corp.-ADR 1.79% 2,296,335 $41.5M New
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 1.39% 434,350 $32.2M Add +286.5%
SE Sea Ltd.-ADR 0.75% 208,963 $17.3M New
DDL Dingdong Cayman Ltd. -SPN ADR 0.09% 845,952 $2.2M New
ZH Zhihu Inc. - ADR 0.07% 551,048 $1.6M New
NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 0.06% 135,988 $1.3M Reduce -65.4%
BZUN Baozun Inc.-SPN ADR 0.05% 444,328 $1.1M New
API Agora Inc.-ADR 0.00% 7,700 $27K Reduce -22.2%

Portfolio Sells Q4 2025 → Q1 2026
ATAT Atour Lifestyle Holdings-ADR Sold out 0.00% −9.03
NOAH Noah Holdings Ltd.-Spon ADS Reduce -65.4% 0.06% −0.10
RLX RLX Technology Inc.-ADR Reduce -4.3% 5.71% −0.07
API Agora Inc.-ADR Reduce -22.2% 0.00% −0.00
EDU New Oriental Educatio-SP ADR Reduce -11.0% 21.97% +0.04

Portfolio Buys Q4 2025 → Q1 2026
PDD PDD Holdings Inc. Add +20.1% 35.91% +5.58
LEGN Legend Biotech Corp.-ADR New 1.79% +1.79
KSPI JSC Kaspi.kz ADR Add +286.5% 1.39% +1.04
SE Sea Ltd.-ADR New 0.75% +0.75
DDL Dingdong Cayman Ltd. -SPN ADR New 0.09% +0.09
ZH Zhihu Inc. - ADR New 0.07% +0.07
BZUN Baozun Inc.-SPN ADR New 0.05% +0.05
YMM Full Truck Alliance -SPN ADR Add +17.5% 32.22% −0.20

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 11$2.4BYMM, PDD, EDU, SE, FUTU
Q1 2026 12$2.3BPDD, YMM, EDU, RLX, LEGN
Q4 2025 8$2.5BYMM, PDD, EDU, ATAT, RLX
Q3 2025 8$2.6BYMM, PDD, EDU, ATAT, RLX
Q2 2025 9$1.8BPDD, YMM, EDU, ATAT, RLX
Q1 2025 8$1.5BPDD, YMM, EDU, ATAT, SE
Q4 2024 12$1.4BPDD, YMM, SE, ATAT, VIPS
Q3 2024Amended 13$1.4BPDD, SE, ATAT, YMM, VIPS
Q2 2024 9$924.3MPDD, SE, QFIN, RLX, ATAT
Q1 2024 7$519.5MPDD, SE, QFIN, RLX, DASH