13F HOLDINGS REPORT
Perseverance Asset Management International
Quarter ended Q4 2025 · Filed February 12, 2026 · Accession 0001802695-26-000001
Total Value
$682.5M
Positions
19
Other Managers
1
Confidential Omitted
No
Holdings (19)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | H WORLD GROUP LTD | HWLDF | 2,747,442 | $129.3M | 18.94% |
| 2 | PDD HOLDINGS INC | PDD | 1,027,372 | $116.5M | 17.07% |
| 3 | H WORLD GROUP LTD | HWLDF | 2,424,928 | $114.1M | 16.72% |
| 4 | PDD HOLDINGS INC | PDD | 934,720 | $106.0M | 15.53% |
| 5 | ALPHABET INC | GOOG | 300,000 | $94.1M | 13.79% |
| 6 | YUM CHINA HLDGS INC | YUMC | 713,999 | $34.1M | 4.99% |
| 7 | KE HLDGS INC | BEKE | 1,042,050 | $16.4M | 2.41% |
| 8 | IQIYI INC | IQ | 6,800,000 | $13.1M | 1.91% |
| 9 | NETEASE INC | NETTF | 90,000 | $12.4M | 1.81% |
| 10 | RLX TECHNOLOGY INC | RLX | 4,870,744 | $11.3M | 1.66% |
| 11 | RLX TECHNOLOGY INC | RLX | 2,920,184 | $6.8M | 1.00% |
| 12 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 19,385 | $5.9M | 0.86% |
| 13 | ISHARES TR | 464287432 | 59,100 | $5.2M | 0.75% |
| 14 | KANZHUN LIMITED | BZ | 251,642 | $5.1M | 0.75% |
| 15 | AGORA INC | API | 700,000 | $2.8M | 0.42% |
| 16 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 9,349 | $2.8M | 0.42% |
| 17 | NETEASE INC | NETTF | 20,000 | $2.8M | 0.40% |
| 18 | YATSEN HLDG LTD | YSG | 529,993 | $2.1M | 0.30% |
| 19 | KE HLDGS INC | BEKE | 113,389 | $1.8M | 0.26% |