Q2 2025 · 13F-HR
First Beijing Investment Ltdholdings as filed
Filed 2025-08-15 · accession 0001701717-25-000014
$1.79B
Reported value
9
Positions
2025-06-30
Period end
The Brief · First Beijing Investment Ltd · Q2 2025
AI · grounded in 13F
First Beijing Investment Ltd established a new position in PDD valued at $583.8M. The fund also initiated new stakes in YMM for $466.4M and EDU for $383.9M. Additional new positions include ATAT at $190.2M, RLX at $138.9M, and LU at $18.0M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 722304102 | PDD | PDD HOLDINGS INC | $583.8M | 32.7% | 5,577,852 | Common | NONE |
| 35969L108 | YMM | FULL TRUCK ALLIANCE CO LTD | $466.4M | 26.1% | 39,494,654 | Common | NONE |
| 647581206 | EDU | NEW ORIENTAL ED & TECHNOLOGY | $383.9M | 21.5% | 7,115,332 | Common | NONE |
| 04965M106 | ATAT | ATOUR LIFESTYLE HOLDINGS LTD | $190.2M | 10.6% | 5,849,962 | Common | NONE |
| 74969N103 | RLX | RLX TECHNOLOGY INC | $138.9M | 7.77% | 62,864,424 | Common | SOLE |
| 54975P201 | LU | LUFAX HOLDING LTD | $18.0M | 1.01% | 6,464,988 | Common | SOLE |
| 00246W103 | AXTI | AXT INC | $3.6M | 0.20% | 1,730,156 | Common | SOLE |
| 65487X102 | NOAH | NOAH HLDGS LTD | $2.1M | 0.12% | 175,328 | Common | SOLE |
| 00851L103 | API | AGORA INC | $37,719 | 0.00% | 9,900 | 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.