IDG China Capital Fund III Associates L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 5, 2025), IDG China Capital Fund III Associates L.P. reported 3 stock positions worth $1.6 billion. Its top holding was Circle Internet (CRCL) at 92.8% of the portfolio, followed by Pony AI (PONY, 6.5%) and Waterdrop (WDH, 0.7%). Compared with Q2 2025, it reduced 2. The biggest sale was Circle Internet (CRCL, shares −6%).

Most Recent 13F
Q2 2026
Location
CENTRAL HONG KONG, F4
CIK
0001649614
Portfolio Value
$1.6B (Q3 2025)
SEC Filing
0001104659-25-106844 ↗ filed Nov 5, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q4 2024: $100.5M Q4 2024 Q1 2025: $66.1M Q1 2025 Q2 2025: $2.2B Q2 2025 Q3 2025: $1.6B $1.6B Q3 2025 Q4 2025: $801.2M Q4 2025 Q1 2026: $868.3M Q1 2026 Q2 2026: $564.0M Q2 2026

Holdings 3 stocks · $1.6B
CRCL Circle Internet Group Inc. 92.79% 11,026,687 $1.5B Reduce -5.6%
PONY Pony AI Inc. 6.52% 4,570,712 $102.8M Reduce -28.5%
WDH Waterdrop Inc. 0.69% 5,729,041 $10.8M No change

Portfolio Sells Q2 2025 → Q3 2025
CRCL Circle Internet Group Inc. Reduce -5.6% 92.79% −3.04
PONY Pony AI Inc. Reduce -28.5% 6.52% +2.70

Portfolio Buys Q2 2025 → Q3 2025
None this quarter.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 2$564.0MCRCL, WDH
Q1 2026 2$868.3MCRCL, WDH
Q4 2025 2$801.2MCRCL, WDH
Q3 2025 3$1.6BCRCL, PONY, WDH
Q2 2025 3$2.2BCRCL, PONY, WDH
Q1 2025 2$66.1MPONY, WDH
Q4 2024 2$100.5MPONY, WDH