IDG China Capital Fund III Associates L.P.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), IDG China Capital Fund III Associates L.P. reported 3 stock positions worth $2.2 billion. Its top holding was Circle Internet (CRCL) at 95.8% of the portfolio, followed by Pony AI (PONY, 3.8%) and Waterdrop (WDH, 0.4%). Compared with Q1 2025, it opened 1 new position and reduced 1. The biggest buy was a new position in Circle Internet (CRCL) and the biggest sale Pony AI (PONY, shares −2%).