Triata Capital Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Triata Capital Ltd reported 15 stock positions worth $825.1 million. Its top holding was PDD (PDD) at 35.1% of the portfolio, followed by Vnet Group Inc.-ADR (VNET, 12.8%) and GDS Holdings Ltd. - ADR (GDS, 12.6%). Compared with Q3 2025, it added to 9 and reduced 2. The biggest buy was Qfin Holdings Inc.-ADR (QFIN, shares +188%) and the biggest sale Alibaba Group Holding-SP ADR (BABA, shares −31%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0002014039
- Portfolio Value
- $825.1M (Q4 2025)
- SEC Filing
- 0002014039-26-000001 ↗ filed Feb 17, 2026
Holdings Value
Holdings 15 stocks · $825.1M
| PDD PDD Holdings Inc. | 35.15% | 2,557,700 | $290.0M | Add +0.5% |
| VNET Vnet Group Inc.-ADR | 12.82% | 12,498,810 | $105.7M | Add +4.6% |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 12.58% | 2,974,298 | $103.8M | Add +23.5% |
| ACMR Acm Research Inc. Class A | 9.23% | 1,929,919 | $76.1M | Reduce -3.7% |
| QFIN Qfin Holdings Inc.-ADR | 7.30% | 3,125,331 | $60.2M | Add +188.3% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 3.85% | 2,015,307 | $31.8M | No change |
| ATAT Atour Lifestyle Holdings-ADR | 3.18% | 665,269 | $26.2M | No change |
| TCOM Trip.com Group Ltd.-ADR | 3.00% | 343,893 | $24.7M | Add +28.3% |
| IQ Iqiyi Inc.-ADR | 2.75% | 11,802,100 | $22.7M | No change |
| EDU New Oriental Educatio-SP ADR | 2.65% | 396,786 | $21.8M | Add +8.0% |
| YMM Full Truck Alliance -SPN ADR | 2.61% | 2,004,719 | $21.5M | Add +98.6% |
| BABA Alibaba Group Holding-SP ADR | 1.98% | 111,700 | $16.4M | Reduce -31.1% |
| HTHT H World Group Ltd.-ADR | 1.96% | 344,135 | $16.2M | No change |
| LEGN Legend Biotech Corp.-ADR | 0.67% | 252,600 | $5.5M | Add +56.1% |
| TUYA Tuya Inc. | 0.29% | 1,145,371 | $2.4M | Add +784.3% |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| QFIN Qfin Holdings Inc.-ADR | Add +188.3% | 7.30% | +3.66 |
| GDS GDS Holdings Ltd. - ADR | Add +23.5% | 12.58% | +1.70 |
| YMM Full Truck Alliance -SPN ADR | Add +98.6% | 2.61% | +1.08 |
| TCOM Trip.com Group Ltd.-ADR | Add +28.3% | 3.00% | +0.64 |
| EDU New Oriental Educatio-SP ADR | Add +8.0% | 2.65% | +0.37 |
| TUYA Tuya Inc. | Add +784.3% | 0.29% | +0.26 |
| LEGN Legend Biotech Corp.-ADR | Add +56.1% | 0.67% | +0.05 |
| VNET Vnet Group Inc.-ADR | Add +4.6% | 12.82% | −1.59 |
| PDD PDD Holdings Inc. | Add +0.5% | 35.15% | −4.10 |
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 |