Matthews International Capital Management LLC In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 15, 2024), Matthews International Capital Management LLC reported 37 stock positions worth $499.8 million . Its top holding was Full Truck Alliance -SPN ADR (YMM) at 10.2% of the portfolio, followed by Ke Holdings Inc.-ADR (BEKE, 10.1% ) and Legend Biotech Corp.-ADR (LEGN, 8.4% ). Compared with Q4 2023, it opened 5 new positions, sold out of 4, added to 8 and reduced 23. The biggest buy was a new position in Sea Ltd.-ADR (SE) and the biggest sale PDD (PDD, shares −49% ).
Location SAN FRANCISCO, CA
CIK 0001028074
Portfolio Value $499.8M (Q1 2024) Holdings 37 stocks · $499.8M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 YMM Full Truck Alliance -SPN ADR 6,989,294 $50.8M Reduce -22.1% BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 3,677,481 $50.5M Reduce -40.4% LEGN Legend Biotech Corp.-ADR 751,935 $42.2M Reduce -7.1% PDD PDD Holdings Inc. 360,693 $41.9M Reduce -49.1% YUMC Yum China Holdings Inc. 903,001 $35.9M Reduce -54.2% TCOM Trip.com Group Ltd.-ADR 644,541 $28.3M Add +6.2% NVDA Nvidia Corp. 30,331 $27.4M Reduce -31.9% TSM Taiwan Semiconductor-SP ADR 165,439 $22.5M Reduce -50.3% ZH Zhihu Inc. 32,571,129 $22.3M Add +5.7% TME Tencent Music Entertainm-ADR 1,809,513 $20.2M Reduce -60.0% SE Sea Ltd.-ADR 311,619 $16.7M New AVGO Broadcom Inc. 12,135 $16.1M Add +82.2% ASML ASML Holding NV-NY Reg SHS 15,233 $14.8M Reduce -4.5% LRCX Lam Research Corp. 14,290 $13.9M Add +104.0% JD Jd.com Inc.-ADR 447,150 $12.2M New BZ Kanzhun Ltd. - ADR 694,441 $12.2M Reduce -67.4% MU Micron Technology Inc. 90,467 $10.7M Reduce -6.5% ACMR Acm Research Inc. Class A 364,344 $10.6M Reduce -47.3% EDU New Oriental Educatio-SP ADR 94,905 $8.2M Add +101.7% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 674,165 $8.0M Reduce -18.5% NTES Netease Inc.-ADR 77,206 $8.0M Reduce -21.9% BABA Alibaba Group Holding-SP ADR 68,036 $4.9M Add +2.8% HDB HDFC Bank Ltd.-ADR 60,778 $3.4M Reduce -27.0% IBN Icici Bank Ltd.-Spon ADR 109,265 $2.9M Reduce -44.5% MNSO Miniso Group Holding Ltd.-ADR 126,756 $2.6M Reduce -72.9% ZTO Zto Express Cayman Inc.-ADR 109,932 $2.3M Reduce -8.3% FCX Freeport-McMoran Inc. 42,123 $2.0M Add +71.7% GLOB Globant SA 8,859 $1.8M Add +2.8% TTE Totalenergies SE -Spon ADR 20,386 $1.4M Reduce -36.6% CREDICORP LTD 6,596 $1.1M New MELI MercadoLibre Inc. 686 $1.0M New INFY Infosys Ltd.-SP ADR 53,191 $954K Reduce -56.7% CPNG Coupang Inc. 50,761 $903K Reduce -36.4% VALE Vale SA-SP ADR 38,802 $473K Reduce -54.1% DESP Despegar.com Corp. 24,959 $299K New AMAT Applied Materials Inc. 679 $140K Reduce -99.1% SKM SK Telecom Co. Ltd.-Spon ADR 1,259 $27K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $7.9M (not counted above) Total filed on the 13F, all lines: $507.6M.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ PDD PDD Holdings Inc. Reduce -49.1% 8.39% −6.18 YUMC Yum China Holdings Inc. Reduce -54.2% 7.19% −4.57 BEKE Ke Holdings Inc.-ADR Reduce -40.4% 10.10% −3.95 BZ Kanzhun Ltd. - ADR Reduce -67.4% 2.44% −2.54 TME Tencent Music Entertainm-ADR Reduce -60.0% 4.05% −1.67 AMAT Applied Materials Inc. Reduce -99.1% 0.03% −1.63 MLCO Melco Resorts & Entert-ADR Sold out 0.00% −0.99 MNSO Miniso Group Holding Ltd.-ADR Reduce -72.9% 0.52% −0.82 ONC Beone Medicines Ltd.-ADR Sold out 0.00% −0.53 TSM Taiwan Semiconductor-SP ADR Reduce -50.3% 4.50% −0.36 VINP Vinci Compass Investments LT Sold out 0.00% −0.19 HTHT H World Group Ltd.-ADR Sold out 0.00% −0.19 INFY Infosys Ltd.-SP ADR Reduce -56.7% 0.19% −0.13 HDB HDFC Bank Ltd.-ADR Reduce -27.0% 0.68% −0.10 VALE Vale SA-SP ADR Reduce -54.1% 0.09% −0.09 IBN Icici Bank Ltd.-Spon ADR Reduce -44.5% 0.58% −0.08 TTE Totalenergies SE -Spon ADR Reduce -36.6% 0.28% −0.02 CPNG Coupang Inc. Reduce -36.4% 0.18% −0.00 ZTO Zto Express Cayman Inc.-ADR Reduce -8.3% 0.46% +0.10 ACMR Acm Research Inc. Class A Reduce -47.3% 2.12% +0.23 NTES Netease Inc.-ADR Reduce -21.9% 1.60% +0.30 NU Nu Holdings Ltd./Cayman Isl-A Reduce -18.5% 1.61% +0.64 MU Micron Technology Inc. Reduce -6.5% 2.13% +0.97 ASML ASML Holding NV-NY Reg SHS Reduce -4.5% 2.96% +1.26 YMM Full Truck Alliance -SPN ADR Reduce -22.1% 10.17% +1.33 LEGN Legend Biotech Corp.-ADR Reduce -7.1% 8.44% +1.60 NVDA Nvidia Corp. Reduce -31.9% 5.48% +2.39
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ SE Sea Ltd.-ADR New 3.35% +3.35 TCOM Trip.com Group Ltd.-ADR Add +6.2% 5.66% +2.59 JD Jd.com Inc.-ADR New 2.45% +2.45 AVGO Broadcom Inc. Add +82.2% 3.22% +2.17 LRCX Lam Research Corp. Add +104.0% 2.78% +2.01 EDU New Oriental Educatio-SP ADR Add +101.7% 1.65% +1.16 ZH Zhihu Inc. Add +5.7% 4.46% +0.40 BABA Alibaba Group Holding-SP ADR Add +2.8% 0.99% +0.26 FCX Freeport-McMoran Inc. Add +71.7% 0.40% +0.25 CREDICORP LTD New 0.22% +0.22 MELI MercadoLibre Inc. New 0.21% +0.21 GLOB Globant SA Add +2.8% 0.36% +0.07 DESP Despegar.com Corp. New 0.06% +0.06
Notes & Other Activity Q4 2023 → Q1 2024 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 32 $291.7M UMC, TSM, LEGN, MU, ACMR Q1 2026 37 $246.5M YUMC, TSM, PDD, LEGN, CYD Q4 2025 40 $329.4M PDD, FUTU, SE, LEGN, TCOM Q3 2025 39 $428.1M PDD, SE, LEGN, TCOM, BZ Q2 2025 39 $432.6M PDD, SE, LEGN, YMM, TCOM Q1 2025 36 $482.2M PDD, SE, YMM, LEGN, TCOM Q4 2024 41 $482.7M PDD, SE, LEGN, TSM, YUMC Q3 2024 41 $598.9M PDD, SE, YMM, BEKE, LEGN Q2 2024 37 $451.9M PDD, YMM, LEGN, SE, BEKE Q1 2024 37 $499.8M YMM, BEKE, LEGN, PDD, YUMC