Q4 2025 · 13F-HR
First Beijing Investment Ltdholdings as filed
Filed 2026-02-17 · accession 0001701717-26-000005
$2.54B
Reported value
8
Positions
2025-12-31
Period end
The Brief · First Beijing Investment Ltd · Q4 2025
AI · grounded in 13F
First Beijing Investment Ltd closed its position in AXT Inc AXTI, reducing its holdings by $7.77M. The fund added six new positions, including a new stake in Kaspi KZ JSC KSPI valued at $8.78M. Additionally, the fund increased its share count in Noah Hldgs Ltd NOAH by 123.88% and New Oriental Ed & Technology EDU by 8.13%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 35969L108 | YMM | FULL TRUCK ALLIANCE CO LTD | $822.1M | 32.4% | 76,616,568 | Common | NONE |
| 722304102 | PDD | PDD HOLDINGS INC | $769.1M | 30.3% | 6,782,955 | Common | NONE |
| 647581206 | EDU | NEW ORIENTAL ED & TECHNOLOGY | $556.1M | 21.9% | 10,105,965 | Common | SOLE |
| 04965M106 | ATAT | ATOUR LIFESTYLE HOLDINGS LTD | $229.0M | 9.03% | 5,811,104 | Common | NONE |
| 74969N103 | RLX | RLX TECHNOLOGY INC | $146.5M | 5.78% | 62,864,424 | Common | SOLE |
| 48581R205 | KSPI | KASPI KZ JSC | $8.8M | 0.35% | 112,388 | Common | SOLE |
| 65487X102 | NOAH | NOAH HLDGS LTD | $3.9M | 0.16% | 392,527 | Common | SOLE |
| 00851L103 | API | AGORA INC | $40,293 | 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.