Perseverance Asset Management International
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Perseverance Asset Management International reported 9 stock positions worth $397.4 million. Its top holding was H World Group Ltd.-ADR (HTHT) at 42.2% of the portfolio, followed by PDD (PDD, 34.6%) and Yum China (YUMC, 9.9%). Compared with Q1 2025, it sold out of 13, added to 3 and reduced 6. The biggest buy was Amer Sports (AS, shares +549%) and the biggest sale an exit from Ke Holdings Inc.-ADR (BEKE).
- Most Recent 13F
- Q2 2026
- Location
- GEORGE TOWN, E9
- CIK
- 0001802695
- Portfolio Value
- $397.4M (Q2 2025)
- SEC Filing
- 0001802695-25-000007 ↗ filed Aug 14, 2025
Holdings Value
Holdings 9 stocks · $397.4M
| HTHT H World Group Ltd.-ADR | 42.19% | 4,942,827 | $167.7M | Reduce -8.6% |
| PDD PDD Holdings Inc. | 34.57% | 1,312,663 | $137.4M | Reduce -13.3% |
| YUMC Yum China Holdings Inc. | 9.93% | 882,562 | $39.5M | Reduce -19.9% |
| AS Amer Sports Inc. | 6.00% | 615,197 | $23.8M | Add +549.3% |
| RLX RLX Technology Inc.-ADR | 3.69% | 6,643,226 | $14.7M | Reduce -24.0% |
| BZ Kanzhun Ltd. - ADR | 1.13% | 251,642 | $4.5M | Reduce -90.0% |
| GOOG Alphabet Inc. Class C | 0.89% | 20,000 | $3.5M | Reduce -80.0% |
| IQ Iqiyi Inc.-ADR | 0.84% | 1,890,000 | $3.3M | Add +0.5% |
| SMMT Summit Therapeutics Inc. | 0.75% | 139,928 | $3.0M | Add +53.2% |
Portfolio Sells Q1 2025 → Q2 2025
| BEKE Ke Holdings Inc.-ADR | Sold out | 0.00% | −10.44 |
| BZ Kanzhun Ltd. - ADR | Reduce -90.0% | 1.13% | −5.18 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −4.40 |
| TME Tencent Music Entertainm-ADR | Sold out | 0.00% | −3.07 |
| NTES Netease Inc.-ADR | Sold out | 0.00% | −2.77 |
| ZTO Zto Express Cayman Inc.-ADR | Sold out | 0.00% | −2.34 |
| V Visa Inc. Class A | Sold out | 0.00% | −2.06 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −1.78 |
| LI Li Auto Inc. - ADR | Sold out | 0.00% | −1.28 |
| GOOG Alphabet Inc. Class C | Reduce -80.0% | 0.89% | −1.15 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −1.13 |
| TAL Tal Education Group- ADR | Sold out | 0.00% | −0.86 |
| EDU New Oriental Educatio-SP ADR | Sold out | 0.00% | −0.52 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −0.49 |
| GOOS Canada Goose Holdings Inc. | Sold out | 0.00% | −0.21 |
| RLX RLX Technology Inc.-ADR | Reduce -24.0% | 3.69% | +1.55 |
| YUMC Yum China Holdings Inc. | Reduce -19.9% | 9.93% | +2.44 |
| PDD PDD Holdings Inc. | Reduce -13.3% | 34.57% | +11.17 |
| HTHT H World Group Ltd.-ADR | Reduce -8.6% | 42.19% | +16.05 |
Portfolio Buys Q1 2025 → Q2 2025
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 |