Primavera Capital Management Ltd — Q3 2025 13F-HR

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Q3 2025 · 13F-HR

Primavera Capital Management Ltdholdings as filed

Filed 2025-11-13 · accession 0000945621-25-001075

$615.9M

Reported value

Positions

2025-09-30

Period end

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The Brief · Primavera Capital Management Ltd · Q3 2025

AI · grounded in 13F

Primavera Capital Management Ltd established a new position in YUMC valued at $516.6M. The fund also initiated new stakes in XPEV for $77.4M and 9C0A for $21.9M. These three holdings comprise the fund's total AUM of $615.9M.

Holdings as filed

CUSIP	Ticker	Issuer	Value	% port.	Shares	Class	Voting
98850P109	YUMC	YUM CHINA HLDGS INC.	$516.6M	83.9%	12,035,635	Common	SOLE
98422D105	XPEV	XPENG INC.	$77.4M	12.6%	3,306,567	Common	SOLE
137586103	9C0A	CANGO INC.	$21.9M	3.55%	5,154,331	Common	SOLE

Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.