Perseverance Asset Management International
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Perseverance Asset Management International reported 13 stock positions worth $682.5 million. Its top holding was H World Group Ltd.-ADR (HTHT) at 35.7% of the portfolio, followed by PDD (PDD, 32.6%) and Alphabet Class C (GOOG, 13.8%). Compared with Q3 2025, it opened 2 new positions, sold out of 4, added to 5 and reduced 2. The biggest buy was PDD (PDD, shares +47%) and the biggest sale an exit from Amer Sports (AS).
- Most Recent 13F
- Q2 2026
- Location
- GEORGE TOWN, E9
- CIK
- 0001802695
- Portfolio Value
- $682.5M (Q4 2025)
- SEC Filing
- 0001802695-26-000001 ↗ filed Feb 12, 2026
Holdings Value
Holdings 13 stocks · $682.5M
| HTHT H World Group Ltd.-ADR | 35.65% | 5,172,370 | $243.4M | Reduce -0.6% |
| PDD PDD Holdings Inc. | 32.60% | 1,962,092 | $222.5M | Add +47.2% |
| GOOG Alphabet Inc. Class C | 13.79% | 300,000 | $94.1M | No change |
| YUMC Yum China Holdings Inc. | 4.99% | 713,999 | $34.1M | No change |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 2.67% | 1,155,439 | $18.2M | Add +75.1% |
| RLX RLX Technology Inc.-ADR | 2.66% | 7,790,928 | $18.2M | Add +4.4% |
| NTES Netease Inc.-ADR | 2.22% | 110,000 | $15.1M | Reduce -1.8% |
| IQ Iqiyi Inc.-ADR | 1.91% | 6,800,000 | $13.1M | Add +26.2% |
| TSM Taiwan Semiconductor-SP ADR | 1.28% | 28,734 | $8.7M | Add +814.8% |
| TLT iShares 20+ Year Treasury BD | 0.75% | 59,100 | $5.2M | No change |
| BZ Kanzhun Ltd. - ADR | 0.75% | 251,642 | $5.1M | No change |
| API Agora Inc.-ADR | 0.42% | 700,000 | $2.8M | New |
| YSG Yatsen Holding Ltd.-ADR | 0.30% | 529,993 | $2.1M | New |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| PDD PDD Holdings Inc. | Add +47.2% | 32.60% | +2.32 |
| TSM Taiwan Semiconductor-SP ADR | Add +814.8% | 1.28% | +1.13 |
| BEKE Ke Holdings Inc.-ADR | Add +75.1% | 2.67% | +0.51 |
| API Agora Inc.-ADR | New | 0.42% | +0.42 |
| YSG Yatsen Holding Ltd.-ADR | New | 0.30% | +0.30 |
| IQ Iqiyi Inc.-ADR | Add +26.2% | 1.91% | −0.46 |
| RLX RLX Technology Inc.-ADR | Add +4.4% | 2.66% | −0.71 |
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 |