First Beijing Investment Ltd 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
First Beijing Investment Ltd disclosed 8 US equity positions worth $2.6bn in its Q3 2025 13F filing. The largest position was YMM at 34.4% of the reported book, followed by PDD and EDU. Against the Q2 2025 filing, it opened 0 new positions, added to 3 and reduced 1 among the top 8 holdings.
What did First Beijing Investment Ltd own in Q3 2025? Top 8 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | YMM FULL TRUCK ALLIANCE CO LTD | Technology | 34.4% | $890.3m | 68,645,580 | 74% | added |
| 2 | PDD PDD HOLDINGS INC | Consumer Cyclical | 31.5% | $815.3m | 6,168,721 | 11% | added |
| 3 | EDU NEW ORIENTAL ED & TECHNOLOGY | Consumer Defensive | 19.2% | $496.0m | 9,346,501 | 31% | added |
| 4 | ATAT ATOUR LIFESTYLE HOLDINGS LTD | Consumer Cyclical | 8.2% | $213.1m | 5,668,822 | -3% | reduced |
| 5 | RLX RLX TECHNOLOGY INC | Consumer Defensive | 6.4% | $165.3m | 62,864,424 | 0% | held |
| 6 | AXTI AXT INC | Technology | 0.3% | $7.8m | 1,730,156 | 0% | held |
| 7 | NOAH NOAH HLDGS LTD | 0.1% | $2.0m | 175,328 | 0% | held | |
| 8 | API AGORA INC | Technology | 0.0% | $37.8k | 9,900 | 0% | held |
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.