IDG China Capital Fund III Associates L.P.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), IDG China Capital Fund III Associates L.P. reported 2 stock positions worth $801.2 million. Its top holding was Circle Internet (CRCL) at 98.6% of the portfolio, followed by Waterdrop (WDH, 1.4%). Compared with Q3 2025, it sold out of 1 and reduced 1. The biggest sale was an exit from Pony AI (PONY).

Most Recent 13F
Q2 2026
Location
CENTRAL HONG KONG, F4
CIK
0001649614
Portfolio Value
$801.2M (Q4 2025)
SEC Filing
0001104659-26-014659 ↗ filed Feb 13, 2026

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 Q3 2025 Q4 2025: $801.2M $801.2M Q4 2025 Q1 2026: $868.3M Q1 2026 Q2 2026: $564.0M Q2 2026

Holdings 2 stocks · $801.2M
CRCL Circle Internet Group Inc. 98.64% 9,965,659 $790.3M Reduce -9.6%
WDH Waterdrop Inc. 1.36% 5,729,041 $10.9M No change

Portfolio Sells Q3 2025 → Q4 2025
PONY Pony AI Inc. Sold out 0.00% −6.52
CRCL Circle Internet Group Inc. Reduce -9.6% 98.64% +5.85

Portfolio Buys Q3 2025 → Q4 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