First Beijing Investment Ltd
Net buyer this quarter
$2.44B
11
+$434M
100.0%
Holdings
| Company | Value | % of portfolio | % of company | POSITION CHANGE qoq % | First reported |
|---|---|---|---|---|---|
| Q2 2026 | |||||
 YMM | $745M | 30.50% | Not reported | +2.0% | Q3 2024 |
 PDD | $715M | 29.27% | 0.16% | +15.1% | Q2 2023 |
 EDU | $401M | 16.41% | 0.56% | -2.9% | Q2 2025 |
 SE | $298M | 12.19% | 1.76% | +1387.9% | Q2 2023 |
 FUTU | $129M | 5.29% | 0.34% | New | Q2 2026 |
 RLX | $114M | 4.65% | 3.86% | -0.5% | Q3 2023 |
 KSPI | $36.8M | 1.51% | 0.22% | -2.2% | Q4 2025 |
 ZH | $1.72M | 0.07% | 5.62% | Not reported | Q1 2026 |
 BZUN | $1.22M | 0.05% | 0.25% | -2.6% | Q1 2026 |
 DDL | $1.2M | 0.05% | Not reported | -26.4% | Q1 2026 |
 NOAH | $386K | 0.02% | 0.01% | -71.6% | Q3 2024 |
| Q1 2026 | |||||
| PDD | $833M | 35.91% | 0.14% | +20.1% | Q2 2023 |
| YMM | $747M | 32.22% | Not reported | +17.5% | Q3 2024 |
| EDU | $509M | 21.97% | 0.57% | -11.0% | Q2 2025 |
| RLX | $132M | 5.71% | 3.88% | -4.4% | Q3 2023 |
 LEGN | $41.5M | 1.79% | 0.62% | New | Q1 2026 |
| KSPI | $32.2M | 1.39% | 0.23% | +286.5% | Q4 2025 |
| SE | $17.3M | 0.75% | 0.12% | Not reported | Q2 2023 |
| DDL | $2.17M | 0.09% | Not reported | New | Q1 2026 |
| ZH | $1.56M | 0.07% | 5.62% | New | Q1 2026 |
| NOAH | $1.35M | 0.06% | 0.04% | -65.4% | Q3 2024 |
| BZUN | $1.06M | 0.05% | 0.26% | New | Q1 2026 |
 API | $27.3K | 0.00% | 0.00% | -22.2% | Q2 2025 |
| Q4 2025 | |||||
| YMM | $822M | 32.42% | Not reported | +11.6% | Q3 2024 |
| PDD | $769M | 30.33% | 0.12% | +10.0% | Q2 2023 |
| EDU | $556M | 21.93% | 0.64% | +8.1% | Q2 2025 |
 ATAT | $229M | 9.03% | 1.41% | +2.5% | Q2 2023 |
| RLX | $146M | 5.78% | 4.00% | Not reported | Q3 2023 |
| KSPI | $8.78M | 0.35% | 0.06% | New | Q4 2025 |
| NOAH | $3.94M | 0.16% | 0.12% | +123.9% | Q3 2024 |
| API | $40.3K | 0.00% | 0.00% | Not reported | Q2 2025 |
| Q3 2025 | |||||
| YMM | $890M | 34.38% | Not reported | +73.8% | Q3 2024 |
| PDD | $815M | 31.48% | 0.11% | +10.6% | Q2 2023 |
| EDU | $496M | 19.15% | 0.59% | +31.4% | Q2 2025 |
| ATAT | $213M | 8.23% | 1.37% | -3.1% | Q2 2023 |
| RLX | $165M | 6.38% | 4.00% | Not reported | Q3 2023 |
 AXTI | $7.77M | 0.30% | 3.74% | Not reported | Q2 2025 |
| NOAH | $2.03M | 0.08% | 0.05% | Not reported | Q3 2024 |
| API | $37.8K | 0.00% | 0.00% | Not reported | Q2 2025 |