Perseverance Asset Management International

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Perseverance Asset Management International reported 21 stock positions worth $553.8 million. Its top holding was PDD (PDD) at 23.9% of the portfolio, followed by Zto Express Cayman Inc.-ADR (ZTO, 12.2%) and H World Group Ltd.-ADR (HTHT, 10.9%). Compared with Q4 2023, it opened 3 new positions, added to 10 and reduced 5. The biggest buy was H World Group Ltd.-ADR (HTHT, shares +116%) and the biggest sale Tal Education Group- ADR (TAL, shares −62%).

Most Recent 13F
Q2 2026
Location
GEORGE TOWN, E9
CIK
0001802695
Portfolio Value
$553.8M (Q1 2024)
SEC Filing
0001802695-24-000003 ↗ filed May 14, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $553.8M $553.8M Q1 2024 Q2 2024: $762.5M Q2 2024 Q3 2024: $867.8M Q3 2024 Q4 2024: $742.0M Q4 2024 Q1 2025: $765.5M Q1 2025 Q2 2025: $397.4M Q2 2025 Q3 2025: $582.0M Q3 2025 Q4 2025: $682.5M Q4 2025 Q1 2026: $909.0M Q1 2026 Q2 2026: $977.3M Q2 2026

Holdings 21 stocks · $553.8M
PDD PDD Holdings Inc. 23.89% 1,137,952 $132.3M Add +75.1%
ZTO Zto Express Cayman Inc.-ADR 12.23% 3,235,414 $67.7M Add +8.7%
HTHT H World Group Ltd.-ADR 10.93% 1,564,542 $60.5M Add +116.3%
IQ Iqiyi Inc.-ADR 9.00% 11,789,354 $49.9M Add +5.5%
TME Tencent Music Entertainm-ADR 7.05% 3,489,381 $39.0M Reduce -1.0%
NTES Netease Inc.-ADR 6.69% 358,219 $37.1M Add +21.4%
YUMC Yum China Holdings Inc. 4.98% 693,819 $27.6M Add +843.1%
MSFT Microsoft Corp. 4.94% 65,000 $27.3M Reduce -27.8%
RLX RLX Technology Inc.-ADR 4.89% 14,099,808 $27.1M Add +18.1%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 2.95% 1,190,317 $16.3M Add +206.8%
ATAT Atour Lifestyle Holdings-ADR 2.62% 809,545 $14.5M No change
TCOM Trip.com Group Ltd.-ADR 2.10% 265,619 $11.7M Add +96.5%
TSLA Tesla Inc. 1.59% 50,000 $8.8M New
TAL Tal Education Group- ADR 1.27% 621,038 $7.0M Reduce -61.8%
GOOG Alphabet Inc. Class C 1.24% 45,000 $6.9M Add +200.0%
BZ Kanzhun Ltd. - ADR 1.03% 325,223 $5.7M Reduce -24.3%
AS Amer Sports Inc. 0.86% 291,536 $4.8M New
BABA Alibaba Group Holding-SP ADR 0.76% 58,542 $4.2M No change
META Meta Platforms Inc. Class A 0.44% 5,000 $2.4M New
EDU New Oriental Educatio-SP ADR 0.31% 19,602 $1.7M Reduce -16.9%
BIDU Baidu Inc. - Spon ADR 0.22% 11,385 $1.2M No change

Portfolio Sells Q4 2023 → Q1 2024
TAL Tal Education Group- ADR Reduce -61.8% 1.27% −3.61
MSFT Microsoft Corp. Reduce -27.8% 4.94% −3.12
BZ Kanzhun Ltd. - ADR Reduce -24.3% 1.03% −0.67
TME Tencent Music Entertainm-ADR Reduce -1.0% 7.05% −0.51
EDU New Oriental Educatio-SP ADR Reduce -16.9% 0.31% −0.10

Portfolio Buys Q4 2023 → Q1 2024
HTHT H World Group Ltd.-ADR Add +116.3% 10.93% +5.17
YUMC Yum China Holdings Inc. Add +843.1% 4.98% +4.24
TSLA Tesla Inc. New 1.59% +1.59
BEKE Ke Holdings Inc.-ADR Add +206.8% 2.95% +1.45
PDD PDD Holdings Inc. Add +75.1% 23.89% +1.24
TCOM Trip.com Group Ltd.-ADR Add +96.5% 2.10% +0.95
AS Amer Sports Inc. New 0.86% +0.86
GOOG Alphabet Inc. Class C Add +200.0% 1.24% +0.73
META Meta Platforms Inc. Class A New 0.44% +0.44
NTES Netease Inc.-ADR Add +21.4% 6.69% +0.14
RLX RLX Technology Inc.-ADR Add +18.1% 4.89% −0.80
ZTO Zto Express Cayman Inc.-ADR Add +8.7% 12.23% −2.85
IQ Iqiyi Inc.-ADR Add +5.5% 9.00% −3.98

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 18$977.3MTSM, HTHT, PDD, BZ, TCOM
Q1 2026 21$909.0MPDD, HTHT, TSM, BZ, NVDA
Q4 2025 13$682.5MHTHT, PDD, GOOG, YUMC, BEKE
Q3 2025 15$582.0MHTHT, PDD, GOOG, YUMC, RLX
Q2 2025 9$397.4MHTHT, PDD, YUMC, AS, RLX
Q1 2025 22$765.5MHTHT, PDD, BEKE, YUMC, BZ
Q4 2024 19$742.0MPDD, HTHT, BEKE, YUMC, META
Q3 2024 17$867.8MPDD, HTHT, NTES, YUMC, BEKE
Q2 2024 19$762.5MPDD, HTHT, NTES, IQ, META
Q1 2024 21$553.8MPDD, ZTO, HTHT, IQ, TME