Institutional Manager · CIK 0001701717
First Beijing Investment Ltd
HONG KONG, K3 · File #028-23372
Latest AUM
$2.54B
Positions
8
Top-10 Concentration
100.0%
Filings
10
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| ADD | FULL TRUCK ALLIANCE CO LTD | YMM | +7,970,988 | +$85.5M | -$153.8M |
| ADD | PDD HOLDINGS INC | PDD | +614,234 | +$69.6M | -$115.8M |
| ADD | NEW ORIENTAL ED & TECHNOLOGY | 647581206 | +759,464 | +$41.8M | +$18.3M |
| NEW | KASPI KZ JSC | 48581R205 | +112,388 | +$8.8M | $0 |
| EXITED | AXT INC | 00246W103 | -1,730,156 | -$7.8M | $0 |
| ADD | ATOUR LIFESTYLE HOLDINGS LTD | ATAT | +142,282 | +$5.6M | +$10.3M |
| ADD | NOAH HLDGS LTD | NOAH | +217,199 | +$2.2M | -$271,759 |
| REDUCE | RLX TECHNOLOGY INC | RLX | 0 | $0 | -$18.9M |
| REDUCE | AGORA INC | API | 0 | $0 | +$2,475 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 20258 pos · $2.54B
- 13F HOLDINGS REPORTQ/E Sep 20258 pos · $2.59B
- 13F HOLDINGS REPORTQ/E Jun 20259 pos · $1.79B
- 13F HOLDINGS REPORTQ/E Mar 20258 pos · $1.46B
- 13F HOLDINGS REPORTQ/E Dec 202412 pos · $1.41B
- 13F HOLDINGS REPORTQ/E Sep 202413 pos · $1.40B
- 13F HOLDINGS REPORT (Amended)Q/E Sep 202413 pos · $1.36B
- 13F HOLDINGS REPORTQ/E Jun 20249 pos · $924.3M
- 13F HOLDINGS REPORTQ/E Mar 20247 pos · $519.5M
- 13F HOLDINGS REPORTQ/E Dec 202311 pos · $519.3M
Top 8 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | FULL TRUCK ALLIANCE CO LTD | YMM | 76,616,568 | $822.1M | 32.42% |
| 2 | PDD HOLDINGS INC | PDD | 6,782,955 | $769.1M | 30.33% |
| 3 | NEW ORIENTAL ED & TECHNOLOGY | 647581206 | 10,105,965 | $556.1M | 21.93% |
| 4 | ATOUR LIFESTYLE HOLDINGS LTD | ATAT | 5,811,104 | $229.0M | 9.03% |
| 5 | RLX TECHNOLOGY INC | RLX | 62,864,424 | $146.5M | 5.78% |
| 6 | KASPI KZ JSC | 48581R205 | 112,388 | $8.8M | 0.35% |
| 7 | NOAH HLDGS LTD | NOAH | 392,527 | $3.9M | 0.16% |
| 8 | AGORA INC | API | 9,900 | $40,293 | 0.00% |