Triata Capital Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Triata Capital Ltd reported 15 stock positions worth $856.8 million. Its top holding was PDD (PDD) at 39.3% of the portfolio, followed by Vnet Group Inc.-ADR (VNET, 14.4%) and GDS Holdings Ltd. - ADR (GDS, 10.9%). Compared with Q2 2025, it opened 1 new position, sold out of 1, added to 13 and reduced 1. The biggest buy was PDD (PDD, shares +56%) and the biggest sale an exit from Baidu Inc. - Spon ADR (BIDU).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0002014039
- Portfolio Value
- $856.8M (Q3 2025)
- SEC Filing
- 0002014039-25-000008 ↗ filed Nov 13, 2025
Holdings Value
Holdings 15 stocks · $856.8M
| PDD PDD Holdings Inc. | 39.25% | 2,544,478 | $336.3M | Add +55.7% |
| VNET Vnet Group Inc.-ADR | 14.40% | 11,947,969 | $123.4M | Reduce -2.3% |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 10.88% | 2,407,953 | $93.2M | Add +35.5% |
| ACMR Acm Research Inc. Class A | 9.15% | 2,003,225 | $78.4M | Add +26.0% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 4.47% | 2,015,307 | $38.3M | Add +8.0% |
| QFIN Qfin Holdings Inc.-ADR | 3.64% | 1,083,980 | $31.2M | Add +921.4% |
| IQ Iqiyi Inc.-ADR | 3.53% | 11,802,100 | $30.2M | Add +41.8% |
| BABA Alibaba Group Holding-SP ADR | 3.38% | 162,241 | $29.0M | Add +139.9% |
| ATAT Atour Lifestyle Holdings-ADR | 2.92% | 665,269 | $25.0M | Add +55.5% |
| TCOM Trip.com Group Ltd.-ADR | 2.35% | 268,100 | $20.2M | Add +83.6% |
| EDU New Oriental Educatio-SP ADR | 2.28% | 367,374 | $19.5M | Add +4.1% |
| HTHT H World Group Ltd.-ADR | 1.57% | 344,135 | $13.5M | Add +18.6% |
| YMM Full Truck Alliance -SPN ADR | 1.53% | 1,009,219 | $13.1M | Add +107.5% |
| LEGN Legend Biotech Corp.-ADR | 0.62% | 161,800 | $5.3M | Add +50.5% |
| TUYA Tuya Inc. | 0.04% | 129,522 | $320K | New |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| PDD PDD Holdings Inc. | Add +55.7% | 39.25% | +5.86 |
| QFIN Qfin Holdings Inc.-ADR | Add +921.4% | 3.64% | +2.74 |
| BABA Alibaba Group Holding-SP ADR | Add +139.9% | 3.38% | +1.89 |
| ACMR Acm Research Inc. Class A | Add +26.0% | 9.15% | +1.11 |
| TCOM Trip.com Group Ltd.-ADR | Add +83.6% | 2.35% | +0.68 |
| IQ Iqiyi Inc.-ADR | Add +41.8% | 3.53% | +0.65 |
| YMM Full Truck Alliance -SPN ADR | Add +107.5% | 1.53% | +0.41 |
| GDS GDS Holdings Ltd. - ADR | Add +35.5% | 10.88% | +0.27 |
| ATAT Atour Lifestyle Holdings-ADR | Add +55.5% | 2.92% | +0.20 |
| TUYA Tuya Inc. | New | 0.04% | +0.04 |
| LEGN Legend Biotech Corp.-ADR | Add +50.5% | 0.62% | −0.13 |
| HTHT H World Group Ltd.-ADR | Add +18.6% | 1.57% | −0.35 |
| EDU New Oriental Educatio-SP ADR | Add +4.1% | 2.28% | −1.44 |
| BEKE Ke Holdings Inc.-ADR | Add +8.0% | 4.47% | −1.99 |
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 |