Perseverance Asset Management International
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Perseverance Asset Management International reported 15 stock positions worth $582.0 million. Its top holding was H World Group Ltd.-ADR (HTHT) at 35.0% of the portfolio, followed by PDD (PDD, 30.3%) and Alphabet Class C (GOOG, 12.6%). Compared with Q2 2025, it opened 6 new positions, added to 5 and reduced 3. The biggest buy was Alphabet Class C (GOOG, shares +1400%) and the biggest sale Yum China (YUMC, shares −19%).
- Most Recent 13F
- Q2 2026
- Location
- GEORGE TOWN, E9
- CIK
- 0001802695
- Portfolio Value
- $582.0M (Q3 2025)
- SEC Filing
- 0001802695-25-000012 ↗ filed Nov 14, 2025
Holdings Value
Holdings 15 stocks · $582.0M
| HTHT H World Group Ltd.-ADR | 34.95% | 5,201,183 | $203.4M | Add +5.2% |
| PDD PDD Holdings Inc. | 30.28% | 1,333,235 | $176.2M | Add +1.6% |
| GOOG Alphabet Inc. Class C | 12.55% | 300,000 | $73.1M | Add +1400.0% |
| YUMC Yum China Holdings Inc. | 5.27% | 713,999 | $30.6M | Reduce -19.1% |
| RLX RLX Technology Inc.-ADR | 3.37% | 7,465,567 | $19.6M | Add +12.4% |
| AS Amer Sports Inc. | 3.24% | 543,404 | $18.9M | Reduce -11.7% |
| NTES Netease Inc.-ADR | 2.92% | 112,000 | $17.0M | New |
| IQ Iqiyi Inc.-ADR | 2.37% | 5,390,000 | $13.8M | Add +185.2% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 2.15% | 659,849 | $12.5M | New |
| BZ Kanzhun Ltd. - ADR | 1.01% | 251,642 | $5.9M | No change |
| TLT iShares 20+ Year Treasury BD | 0.91% | 59,100 | $5.3M | New |
| GOOS Canada Goose Holdings Inc. | 0.52% | 220,000 | $3.0M | New |
| SMMT Summit Therapeutics Inc. | 0.21% | 59,745 | $1.2M | Reduce -57.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.15% | 3,141 | $877K | New |
| RERE Atrenew Inc. | 0.08% | 97,850 | $450K | New |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| GOOG Alphabet Inc. Class C | Add +1400.0% | 12.55% | +11.66 |
| NTES Netease Inc.-ADR | New | 2.92% | +2.92 |
| BEKE Ke Holdings Inc.-ADR | New | 2.15% | +2.15 |
| IQ Iqiyi Inc.-ADR | Add +185.2% | 2.37% | +1.53 |
| TLT iShares 20+ Year Treasury BD | New | 0.91% | +0.91 |
| GOOS Canada Goose Holdings Inc. | New | 0.52% | +0.52 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.15% | +0.15 |
| RERE Atrenew Inc. | New | 0.08% | +0.08 |
| RLX RLX Technology Inc.-ADR | Add +12.4% | 3.37% | −0.32 |
| PDD PDD Holdings Inc. | Add +1.6% | 30.28% | −4.29 |
| HTHT H World Group Ltd.-ADR | Add +5.2% | 34.95% | −7.24 |
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 |