# First Beijing Investment Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1701717. Source: https://holderbook.com/funds/1701717-first-beijing-investment-ltd/

- Reported value: $2.4B
- Positions: 11
- Weight of the ten largest: 100.0%
- Filed: 2026-08-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| FULL TRUCK ALLIANCE CO LTD | [YMM](https://holderbook.com/stocks/YMM/) | $745.3M | 91,790,875 | 30.5% | 8 |
| PDD HOLDINGS INC | [PDD](https://holderbook.com/stocks/PDD/) | $715.3M | 9,377,416 | 29.3% | 13 |
| NEW ORIENTAL ED & TECHNOLOGY | [EDU](https://holderbook.com/stocks/EDU/) | $401.0M | 8,733,979 | 16.4% | 7 |
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $297.9M | 3,109,067 | 12.2% | 2 |
| FUTU HLDGS LTD | [FUTU](https://holderbook.com/stocks/FUTU/) | $129.3M | 1,379,102 | 5.3% | 1 |
| RLX TECHNOLOGY INC | [RLX](https://holderbook.com/stocks/RLX/) | $113.7M | 59,821,839 | 4.7% | 12 |
| KASPI KZ JSC | [KSPI](https://holderbook.com/stocks/KSPI/) | $36.8M | 424,613 | 1.5% | 3 |
| ZHIHU INC | [ZH](https://holderbook.com/stocks/ZH/) | $1.7M | 551,048 | 0.1% | 2 |
| BAOZUN INC | [BZUN](https://holderbook.com/stocks/BZUN/) | $1.2M | 432,828 | 0.1% | 2 |
| DINGDONG CAYMAN LTD | [DDL](https://holderbook.com/stocks/DDL/) | $1.2M | 622,432 | 0.0% | 2 |
| NOAH HLDGS LTD | [NOAH](https://holderbook.com/stocks/NOAH/) | $385.6K | 38,595 | 0.0% | 8 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -13.3% | +14.8% | -28.2% | 100% |
| Q1 2026 | -10.6% | -4.6% | -6.0% | 100% |
| Q4 2025 | -9.3% | +2.4% | -11.6% | 100% |
| Q3 2025 | +14.6% | +7.8% | +6.8% | 100% |
| Q2 2025 | +1.0% | +10.5% | -9.5% | 100% |
| Q1 2025 | +16.0% | -4.6% | +20.5% | 100% |
| Q4 2024 | -6.8% | +2.1% | -8.9% | 100% |
| Q3 2024 | +20.8% | +5.4% | +15.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.4B | 11 |
| Q1 2026 | $2.3B | 12 |
| Q4 2025 | $2.5B | 8 |
| Q3 2025 | $2.6B | 8 |
| Q2 2025 | $1.8B | 9 |
| Q1 2025 | $1.5B | 8 |
| Q4 2024 | $1.4B | 12 |
| Q3 2024 | $1.4B | 13 |
| Q2 2024 | $924.3M | 9 |
| Q1 2024 | $519.5M | 7 |
| Q4 2023 | $604.4M | 26 |
| Q3 2023 | $519.3M | 11 |