Perseverance Asset Management International
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Perseverance Asset Management International reported 22 stock positions worth $765.5 million. Its top holding was H World Group Ltd.-ADR (HTHT) at 26.1% of the portfolio, followed by PDD (PDD, 23.4%) and Ke Holdings Inc.-ADR (BEKE, 10.4%). Compared with Q4 2024, it opened 4 new positions, sold out of 1, added to 5 and reduced 11. The biggest buy was H World Group Ltd.-ADR (HTHT, shares +32%) and the biggest sale Meta Platforms Class A (META, shares −80%).
- Most Recent 13F
- Q2 2026
- Location
- GEORGE TOWN, E9
- CIK
- 0001802695
- Portfolio Value
- $765.5M (Q1 2025)
- SEC Filing
- 0001802695-25-000004 ↗ filed May 14, 2025
Holdings Value
Holdings 22 stocks · $765.5M
| HTHT H World Group Ltd.-ADR | 26.14% | 5,406,616 | $200.1M | Add +32.3% |
| PDD PDD Holdings Inc. | 23.40% | 1,513,763 | $179.2M | Reduce -8.1% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 10.44% | 3,977,989 | $79.9M | Reduce -14.0% |
| YUMC Yum China Holdings Inc. | 7.49% | 1,101,087 | $57.3M | Reduce -28.3% |
| BZ Kanzhun Ltd. - ADR | 6.31% | 2,519,195 | $48.3M | Add +173.6% |
| TCOM Trip.com Group Ltd.-ADR | 4.40% | 529,276 | $33.7M | Add +2.3% |
| TME Tencent Music Entertainm-ADR | 3.07% | 1,630,011 | $23.5M | No change |
| NTES Netease Inc.-ADR | 2.77% | 206,350 | $21.2M | Reduce -39.1% |
| ZTO Zto Express Cayman Inc.-ADR | 2.34% | 903,947 | $17.9M | Reduce -5.8% |
| RLX RLX Technology Inc.-ADR | 2.15% | 8,745,994 | $16.4M | Reduce -24.0% |
| V Visa Inc. Class A | 2.06% | 45,000 | $15.8M | No change |
| GOOG Alphabet Inc. Class C | 2.04% | 100,000 | $15.6M | Reduce -50.0% |
| TSM Taiwan Semiconductor-SP ADR | 1.78% | 82,000 | $13.6M | Add +720.0% |
| LI Li Auto Inc. - ADR | 1.28% | 389,793 | $9.8M | Reduce -18.4% |
| META Meta Platforms Inc. Class A | 1.13% | 15,000 | $8.6M | Reduce -80.0% |
| TAL Tal Education Group- ADR | 0.86% | 499,687 | $6.6M | Reduce -28.6% |
| IQ Iqiyi Inc.-ADR | 0.56% | 1,880,000 | $4.2M | Add +22.2% |
| EDU New Oriental Educatio-SP ADR | 0.52% | 83,832 | $4.0M | New |
| MSFT Microsoft Corp. | 0.49% | 10,000 | $3.8M | Reduce -50.0% |
| AS Amer Sports Inc. | 0.33% | 94,744 | $2.5M | New |
| SMMT Summit Therapeutics Inc. | 0.23% | 91,359 | $1.8M | New |
| GOOS Canada Goose Holdings Inc. | 0.21% | 200,000 | $1.6M | New |
Portfolio Sells Q4 2024 → Q1 2025
| META Meta Platforms Inc. Class A | Reduce -80.0% | 1.13% | −4.79 |
| GOOG Alphabet Inc. Class C | Reduce -50.0% | 2.04% | −3.09 |
| ATAT Atour Lifestyle Holdings-ADR | Sold out | 0.00% | −2.61 |
| YUMC Yum China Holdings Inc. | Reduce -28.3% | 7.49% | −2.48 |
| NTES Netease Inc.-ADR | Reduce -39.1% | 2.77% | −1.30 |
| RLX RLX Technology Inc.-ADR | Reduce -24.0% | 2.15% | −1.20 |
| BEKE Ke Holdings Inc.-ADR | Reduce -14.0% | 10.44% | −1.04 |
| MSFT Microsoft Corp. | Reduce -50.0% | 0.49% | −0.65 |
| LI Li Auto Inc. - ADR | Reduce -18.4% | 1.28% | −0.26 |
| ZTO Zto Express Cayman Inc.-ADR | Reduce -5.8% | 2.34% | −0.18 |
| TAL Tal Education Group- ADR | Reduce -28.6% | 0.86% | −0.08 |
| PDD PDD Holdings Inc. | Reduce -8.1% | 23.40% | +1.88 |
Portfolio Buys Q4 2024 → Q1 2025
| HTHT H World Group Ltd.-ADR | Add +32.3% | 26.14% | +7.94 |
| BZ Kanzhun Ltd. - ADR | Add +173.6% | 6.31% | +4.60 |
| TSM Taiwan Semiconductor-SP ADR | Add +720.0% | 1.78% | +1.51 |
| EDU New Oriental Educatio-SP ADR | New | 0.52% | +0.52 |
| AS Amer Sports Inc. | New | 0.33% | +0.33 |
| SMMT Summit Therapeutics Inc. | New | 0.23% | +0.23 |
| GOOS Canada Goose Holdings Inc. | New | 0.21% | +0.21 |
| IQ Iqiyi Inc.-ADR | Add +22.2% | 0.56% | +0.14 |
| TCOM Trip.com Group Ltd.-ADR | Add +2.3% | 4.40% | −0.39 |
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 |