Perseverance Asset Management International
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Perseverance Asset Management International reported 17 stock positions worth $867.8 million. Its top holding was PDD (PDD) at 27.3% of the portfolio, followed by H World Group Ltd.-ADR (HTHT, 17.0%) and Netease Inc.-ADR (NTES, 10.7%). Compared with Q2 2024, it opened 2 new positions, sold out of 4, added to 8 and reduced 6. The biggest buy was Ke Holdings Inc.-ADR (BEKE, shares +60%) and the biggest sale Tencent Music Entertainm-ADR (TME, shares −50%).
- Most Recent 13F
- Q2 2026
- Location
- GEORGE TOWN, E9
- CIK
- 0001802695
- Portfolio Value
- $867.8M (Q3 2024)
- SEC Filing
- 0001802695-24-000017 ↗ filed Nov 14, 2024
Holdings Value
Holdings 17 stocks · $867.8M
| PDD PDD Holdings Inc. | 27.31% | 1,757,906 | $237.0M | Add +10.9% |
| HTHT H World Group Ltd.-ADR | 17.04% | 3,973,756 | $147.8M | Add +31.4% |
| NTES Netease Inc.-ADR | 10.66% | 988,853 | $92.5M | Add +23.1% |
| YUMC Yum China Holdings Inc. | 8.37% | 1,613,731 | $72.7M | Add +22.1% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 8.14% | 3,548,313 | $70.6M | Add +60.2% |
| META Meta Platforms Inc. Class A | 4.62% | 70,000 | $40.1M | Reduce -30.0% |
| TCOM Trip.com Group Ltd.-ADR | 4.32% | 630,132 | $37.4M | Add +34.0% |
| IQ Iqiyi Inc.-ADR | 2.95% | 8,964,695 | $25.6M | Reduce -35.6% |
| ZTO Zto Express Cayman Inc.-ADR | 2.88% | 1,007,358 | $25.0M | Reduce -40.4% |
| ATAT Atour Lifestyle Holdings-ADR | 2.73% | 914,813 | $23.7M | No change |
| RLX RLX Technology Inc.-ADR | 2.70% | 12,966,367 | $23.5M | Reduce -10.0% |
| TME Tencent Music Entertainm-ADR | 2.48% | 1,785,872 | $21.5M | Reduce -49.6% |
| LI Li Auto Inc. - ADR | 1.57% | 529,701 | $13.6M | New |
| BZ Kanzhun Ltd. - ADR | 1.46% | 730,083 | $12.7M | New |
| TAL Tal Education Group- ADR | 1.01% | 742,860 | $8.8M | Add +205.9% |
| MSFT Microsoft Corp. | 0.99% | 20,000 | $8.6M | Reduce -69.2% |
| GOOG Alphabet Inc. Class C | 0.77% | 40,000 | $6.7M | Add +100.0% |
Portfolio Sells Q2 2024 → Q3 2024
| TME Tencent Music Entertainm-ADR | Reduce -49.6% | 2.48% | −4.05 |
| IQ Iqiyi Inc.-ADR | Reduce -35.6% | 2.95% | −3.75 |
| MSFT Microsoft Corp. | Reduce -69.2% | 0.99% | −2.82 |
| META Meta Platforms Inc. Class A | Reduce -30.0% | 4.62% | −2.00 |
| ZTO Zto Express Cayman Inc.-ADR | Reduce -40.4% | 2.88% | −1.73 |
| AS Amer Sports Inc. | Sold out | 0.00% | −1.38 |
| RLX RLX Technology Inc.-ADR | Reduce -10.0% | 2.70% | −0.77 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.37 |
| EDU New Oriental Educatio-SP ADR | Sold out | 0.00% | −0.20 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q2 2024 → Q3 2024
| BEKE Ke Holdings Inc.-ADR | Add +60.2% | 8.14% | +4.03 |
| HTHT H World Group Ltd.-ADR | Add +31.4% | 17.04% | +3.83 |
| YUMC Yum China Holdings Inc. | Add +22.1% | 8.37% | +3.03 |
| LI Li Auto Inc. - ADR | New | 1.57% | +1.57 |
| BZ Kanzhun Ltd. - ADR | New | 1.46% | +1.46 |
| TCOM Trip.com Group Ltd.-ADR | Add +34.0% | 4.32% | +1.42 |
| TAL Tal Education Group- ADR | Add +205.9% | 1.01% | +0.67 |
| NTES Netease Inc.-ADR | Add +23.1% | 10.66% | +0.59 |
| GOOG Alphabet Inc. Class C | Add +100.0% | 0.77% | +0.29 |
| PDD PDD Holdings Inc. | Add +10.9% | 27.31% | −0.33 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 18 | $977.3M | TSM, HTHT, PDD, BZ, TCOM |
| Q1 2026 | 21 | $909.0M | PDD, HTHT, TSM, BZ, NVDA |
| Q4 2025 | 13 | $682.5M | HTHT, PDD, GOOG, YUMC, BEKE |
| Q3 2025 | 15 | $582.0M | HTHT, PDD, GOOG, YUMC, RLX |
| Q2 2025 | 9 | $397.4M | HTHT, PDD, YUMC, AS, RLX |
| Q1 2025 | 22 | $765.5M | HTHT, PDD, BEKE, YUMC, BZ |
| Q4 2024 | 19 | $742.0M | PDD, HTHT, BEKE, YUMC, META |
| Q3 2024 | 17 | $867.8M | PDD, HTHT, NTES, YUMC, BEKE |
| Q2 2024 | 19 | $762.5M | PDD, HTHT, NTES, IQ, META |
| Q1 2024 | 21 | $553.8M | PDD, ZTO, HTHT, IQ, TME |