Q3 2025 · 13F-HR
First Beijing Investment Ltdholdings as filed
Filed 2025-11-14 · accession 0001701717-25-000020
$2.59B
Reported value
8
Positions
2025-09-30
Period end
The Brief · First Beijing Investment Ltd · Q3 2025
AI · grounded in 13F
First Beijing Investment Ltd established a new position in Full Truck Alliance Co Ltd YMM valued at $890.3M. The fund also initiated stakes in PDD Holdings Inc PDD for $815.3M and New Oriental Ed & Technology EDU for $496M. Additional new positions include Atour Lifestyle Holdings Ltd ATAT, RLX Technology Inc RLX, and AXT Inc AXTI.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 35969L108 | YMM | FULL TRUCK ALLIANCE CO LTD | $890.3M | 34.4% | 68,645,580 | Common | NONE |
| 722304102 | PDD | PDD HOLDINGS INC | $815.3M | 31.5% | 6,168,721 | Common | NONE |
| 647581206 | EDU | NEW ORIENTAL ED & TECHNOLOGY | $496.0M | 19.2% | 9,346,501 | Common | NONE |
| 04965M106 | ATAT | ATOUR LIFESTYLE HOLDINGS LTD | $213.1M | 8.23% | 5,668,822 | Common | NONE |
| 74969N103 | RLX | RLX TECHNOLOGY INC | $165.3M | 6.38% | 62,864,424 | Common | SOLE |
| 00246W103 | AXTI | AXT INC | $7.8M | 0.30% | 1,730,156 | Common | SOLE |
| 65487X102 | NOAH | NOAH HLDGS LTD | $2.0M | 0.08% | 175,328 | Common | SOLE |
| 00851L103 | API | AGORA INC | $37,818 | 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.