First Beijing Investment Ltd 13F holdings, Q2 2025
Holdings as of June 30, 2025 · filings on SEC EDGAR · latest filing →
First Beijing Investment Ltd disclosed 9 US equity positions worth $1.8bn in its Q2 2025 13F filing. The largest position was PDD at 32.7% of the reported book, followed by YMM and EDU. Against the Q1 2025 filing, it opened 2 new positions, added to 7 and reduced 0 among the top 9 holdings.
What did First Beijing Investment Ltd own in Q2 2025? Top 9 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q1 2025 |
|---|---|---|---|---|---|---|---|
| 1 | PDD PDD HOLDINGS INC | Consumer Cyclical | 32.7% | $583.8m | 5,577,852 | 45% | added |
| 2 | YMM FULL TRUCK ALLIANCE CO LTD | Technology | 26.1% | $466.4m | 39,494,654 | 33% | added |
| 3 | EDU NEW ORIENTAL ED & TECHNOLOGY | Consumer Defensive | 21.5% | $383.9m | 7,115,332 | 30% | added |
| 4 | ATAT ATOUR LIFESTYLE HOLDINGS LTD | Consumer Cyclical | 10.6% | $190.2m | 5,849,962 | 16% | added |
| 5 | RLX RLX TECHNOLOGY INC | Consumer Defensive | 7.8% | $138.9m | 62,864,424 | 53% | added |
| 6 | LU LUFAX HOLDING LTD | Financial Services | 1.0% | $18.0m | 6,464,988 | 47% | added |
| 7 | AXTI AXT INC | Technology | 0.2% | $3.6m | 1,730,156 | – | new |
| 8 | NOAH NOAH HLDGS LTD | 0.1% | $2.1m | 175,328 | 7% | added | |
| 9 | API AGORA INC | Technology | 0.0% | $37.7k | 9,900 | – | new |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.