Primavera Capital Management Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Primavera Capital Management Ltd reported 3 stock positions worth $657.1 million. Its top holding was Yum China (YUMC) at 87.4% of the portfolio, followed by Xpeng Inc. - ADR (XPEV, 10.2%) and Cango Inc./KY - ADR (CANG, 2.4%). Compared with Q3 2025, it added to 1. The biggest buy was Cango Inc./KY - ADR (CANG, shares +100%).

Most Recent 13F
Q2 2026
Location
GRAND CAYMAN, E9
CIK
0001686305
Portfolio Value
$657.1M (Q4 2025)
SEC Filing
0000945621-26-000297 ↗ filed Feb 13, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $136.4M Q1 2024 Q2 2024: $517.6M Q2 2024 Q3 2024: $591.3M Q3 2024 Q4 2024: $641.5M Q4 2024 Q1 2025: $714.6M Q1 2025 Q2 2025: $622.2M Q2 2025 Q3 2025: $615.9M Q3 2025 Q4 2025: $657.1M $657.1M Q4 2025 Q1 2026: $647.9M Q1 2026 Q2 2026: $565.1M Q2 2026

Holdings 3 stocks · $657.1M
YUMC Yum China Holdings Inc. 87.44% 12,035,635 $574.6M No change
XPEV Xpeng Inc. - ADR 10.21% 3,306,567 $67.1M No change
CANG Cango Inc./KY - ADR 2.35% 10,308,662 $15.5M Add +100.0%

Portfolio Sells Q3 2025 → Q4 2025
None this quarter.

Portfolio Buys Q3 2025 → Q4 2025
CANG Cango Inc./KY - ADR Add +100.0% 2.35% −1.20

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 5$565.1MYUMC, XPEV, DSC, STG, CANG
Q1 2026 3$647.9MYUMC, XPEV, CANG
Q4 2025 3$657.1MYUMC, XPEV, CANG
Q3 2025 3$615.9MYUMC, XPEV, CANG
Q2 2025 3$622.2MYUMC, XPEV, CANG
Q1 2025 3$714.6MYUMC, XPEV, CANG
Q4 2024 3$641.5MYUMC, XPEV, CANG
Q3 2024 3$591.3MYUMC, XPEV, CANG
Q2 2024 4$517.6MYUMC, PLTR, XPEV, CANG
Q1 2024 3$136.4MPLTR, XPEV, CANG