Triata Capital Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Triata Capital Ltd reported 12 stock positions worth $442.0 million. Its top holding was PDD (PDD) at 49.5% of the portfolio, followed by Baidu Inc. - Spon ADR (BIDU, 11.8%) and Vnet Group Inc.-ADR (VNET, 8.4%). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 9 and reduced 2. The biggest buy was PDD (PDD, shares +176%) and the biggest sale GDS Holdings Ltd. - ADR (GDS, shares −83%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0002014039
- Portfolio Value
- $442.0M (Q1 2025)
- SEC Filing
- 0002014039-25-000005 ↗ filed May 14, 2025
Holdings Value
Holdings 12 stocks · $442.0M
| PDD PDD Holdings Inc. | 49.49% | 1,848,363 | $218.8M | Add +176.3% |
| BIDU Baidu Inc. - Spon ADR | 11.84% | 568,432 | $52.3M | Add +193.9% |
| VNET Vnet Group Inc.-ADR | 8.41% | 4,534,239 | $37.2M | Reduce -54.6% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 8.12% | 1,787,118 | $35.9M | Add +9.2% |
| ACMR Acm Research Inc. Class A | 7.24% | 1,371,125 | $32.0M | Add +33.5% |
| EDU New Oriental Educatio-SP ADR | 3.18% | 293,774 | $14.0M | New |
| ATAT Atour Lifestyle Holdings-ADR | 2.74% | 427,803 | $12.1M | Add +10.6% |
| BABA Alibaba Group Holding-SP ADR | 2.62% | 87,541 | $11.6M | Add +1708.3% |
| HTHT H World Group Ltd.-ADR | 2.43% | 290,035 | $10.7M | Add +38.6% |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 1.70% | 296,019 | $7.5M | Reduce -83.0% |
| YMM Full Truck Alliance -SPN ADR | 1.16% | 400,019 | $5.1M | Add +469.1% |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 1.08% | 106,131 | $4.8M | Add +71.9% |
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
| PDD PDD Holdings Inc. | Add +176.3% | 49.49% | +22.62 |
| BIDU Baidu Inc. - Spon ADR | Add +193.9% | 11.84% | +5.08 |
| EDU New Oriental Educatio-SP ADR | New | 3.18% | +3.18 |
| BABA Alibaba Group Holding-SP ADR | Add +1708.3% | 2.62% | +2.45 |
| YMM Full Truck Alliance -SPN ADR | Add +469.1% | 1.16% | +0.84 |
| ACMR Acm Research Inc. Class A | Add +33.5% | 7.24% | +0.82 |
| QFIN Qfin Holdings Inc.-ADR | Add +71.9% | 1.08% | +0.10 |
| HTHT H World Group Ltd.-ADR | Add +38.6% | 2.43% | −0.43 |
| ATAT Atour Lifestyle Holdings-ADR | Add +10.6% | 2.74% | −1.57 |
| BEKE Ke Holdings Inc.-ADR | Add +9.2% | 8.12% | −4.37 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 12 | $588.3M | PDD, VNET, QFIN, GDS, BEKE |
| Q1 2026 | 14 | $551.8M | PDD, VNET, QFIN, GDS, BABA |
| Q4 2025 | 15 | $825.1M | PDD, VNET, GDS, ACMR, QFIN |
| Q3 2025 | 15 | $856.8M | PDD, VNET, GDS, ACMR, BEKE |
| Q2 2025 | 15 | $512.3M | PDD, VNET, GDS, ACMR, BIDU |
| Q1 2025 | 12 | $442.0M | PDD, BIDU, VNET, BEKE, ACMR |
| Q4 2024 | 12 | $241.4M | PDD, VNET, GDS, BEKE, BIDU |