First Beijing Investment Ltd 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
First Beijing Investment Ltd disclosed 8 US equity positions worth $2.5bn in its Q4 2025 13F filing. The largest position was YMM at 32.4% of the reported book, followed by PDD and EDU. Against the Q3 2025 filing, it opened 1 new position, added to 5 and reduced 0 among the top 8 holdings.
What did First Beijing Investment Ltd own in Q4 2025? Top 8 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | YMM FULL TRUCK ALLIANCE CO LTD | Technology | 32.4% | $822.1m | 76,616,568 | 12% | added |
| 2 | PDD PDD HOLDINGS INC | Consumer Cyclical | 30.3% | $769.1m | 6,782,955 | 10% | added |
| 3 | EDU NEW ORIENTAL ED & TECHNOLOGY | Consumer Defensive | 21.9% | $556.1m | 10,105,965 | 8% | added |
| 4 | ATAT ATOUR LIFESTYLE HOLDINGS LTD | Consumer Cyclical | 9.0% | $229.0m | 5,811,104 | 3% | added |
| 5 | RLX RLX TECHNOLOGY INC | Consumer Defensive | 5.8% | $146.5m | 62,864,424 | 0% | held |
| 6 | KSPI KASPI KZ JSC | 0.3% | $8.8m | 112,388 | – | new | |
| 7 | NOAH NOAH HLDGS LTD | 0.2% | $3.9m | 392,527 | 124% | added | |
| 8 | API AGORA INC | Technology | 0.0% | $40.3k | 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.