First Beijing Investment Ltd — 13F Holdings & Portfolio
CIK 1701717 · latest 13F-HR filed 2026-08-12
First Beijing Investment Ltd manages $2.44B in 13F-reported U.S. long-equity assets across 11 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are YMM (30.50%), PDD (29.27%), EDU (16.41%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 1 new position and exited 2; 4 existing positions rose in reported value and 5 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-08-12
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 100%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Mar 31, 2026.
162 QUEENS ROAD CENTRAL
HONG KONG
Hong Kong
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| FIRST BEIJING INVESTMENT (CAYMAN) LIMITED Control | 100% OWNER since May 2012 | 75% or more | Foreign Entity |
| LI, JINGWEI Control | DIRECTOR since Nov 2023 | Less than 5% | Individual |
Ownership & leadership changes · 9 filings with changes since Mar 6, 2013
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- No longer listedHUANG, XIANG · DIRECTOR · Less than 5% · control person · listed since Mar 2012
- No longer listedLIANG, VICTOR, L J · CEO · Less than 5% · control person · listed since Sep 2020
- No longer listedLIGHTENED HEART LIMITED · SHAREHOLDER · 25–50% · indirect via FIRST BEIJING INVESTMENT (CAYMAN) LIMITED · control person · listed since Jun 2020
- No longer listedLIN, YANMING · SHAREHOLDER · 75% or more · indirect via LIGHTENED HEART LIMITED · control person · listed since Jun 2020
- No longer listedPROGRESSIVE SUCCESS LIMITED · SHAREHOLDER · 25–50% · indirect via FIRST BEIJING INVESTMENT (CAYMAN) LIMITED · control person · listed since Aug 2022
- No longer listedZhen, Xuejun · SHAREHOLDER · 75% or more · indirect via PROGRESSIVE SUCCESS LIMITED · control person · listed since Mar 2022
- ChangedLI, JINGWEI · title CHIEF COMPLIANCE OFFICER → DIRECTOR
- No longer listedPAPADATOS, DAVID · CHIEF OPERATING OFFICER · Less than 5% · control person · listed since Nov 2016
- No longer listedVo, David · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Oct 2021
- AddedLI, JINGWEI · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- No longer listedFIRST MANHATTAN LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via FIRST MANHATTAN CO · control person · listed since Jul 2002
- No longer listedFIRST MANHATTAN CO · OWNER · 25–50% · indirect via FIRST BEIJING INVESTMENT (CAYMAN) LIMITED · control person · listed since Oct 2015
- No longer listedGOTTESMAN, ROBERT, WILLIAM · EXECUTIVE CHAIRMAN · 25–50% · indirect via FIRST MANHATTAN CO · control person · listed since Jan 2006
- AddedPROGRESSIVE SUCCESS LIMITED · SHAREHOLDER · 25–50% · indirect via FIRST BEIJING INVESTMENT (CAYMAN) LIMITED · control person
- AddedZhen, Xuejun · SHAREHOLDER · 75% or more · indirect via PROGRESSIVE SUCCESS LIMITED · control person
- AddedVo, David · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ChangedPAPADATOS, DAVID · title COMPLIANCE OFFICER/CHIEF OPERATING OFFICER → CHIEF OPERATING OFFICER
- No longer listedFIRST BEIJING HOLDINGS LIMITED · OWNER · 50–75% · indirect via FIRST BEIJING INVESTMENT (CAYMAN) LIMITED · control person · listed since Mar 2012
- No longer listedLIANG, VICTOR, L J · PARTNERS/SHAREHOLDER · 25–50% · indirect via FIRST BEIJING HOLDINGS LIMITED · control person · listed since Aug 2009
- No longer listedLIN, YANMING · SHAREHOLDER · 25–50% · indirect via FIRST BEIJING HOLDINGS LIMITED · control person · listed since Aug 2014
- No longer listedPAPADATOS, DAVID · PARTNERS/SHAREHOLDER · 25–50% · indirect via FIRST BEIJING HOLDINGS LIMITED · control person · listed since Mar 2011
- AddedLIANG, VICTOR, L J · CEO · Less than 5% · control person
- AddedLIGHTENED HEART LIMITED · SHAREHOLDER · 25–50% · indirect via FIRST BEIJING INVESTMENT (CAYMAN) LIMITED · control person
- AddedLIN, YANMING · SHAREHOLDER · 75% or more · indirect via LIGHTENED HEART LIMITED · control person
- ChangedGOTTESMAN, ROBERT, WILLIAM · indirect via FIRST MANHATTAN CO: title CEO → EXECUTIVE CHAIRMAN
- ChangedHUANG, XIANG · ownership 25–50% → Less than 5%
- No longer listedFIRST BEIJING HOLDINGS LIMITED · OWNER · 50–75% · indirect via OWNER OF FIRST BEIJING INVESTMENT (CAYMAN) LIMITED · control person · listed since Mar 2012
- No longer listedFIRST MANHATTAN CO · OWNER · 25–50% · indirect via OWNER OF FIRST BEIJING INVESTMENT (CAYMAN) LIMITED · control person · listed since Oct 2015
- No longer listedMUNG, BUN MAN, ALAN · PARTNERS/SHAREHOLDER · 25–50% · indirect via FIRST BEIJING HOLDINGS LIMITED · control person · listed since Aug 2009
- AddedFIRST BEIJING HOLDINGS LIMITED · OWNER · 50–75% · indirect via FIRST BEIJING INVESTMENT (CAYMAN) LIMITED · control person
- AddedFIRST MANHATTAN CO · OWNER · 25–50% · indirect via FIRST BEIJING INVESTMENT (CAYMAN) LIMITED · control person
- No longer listedTONG, WING SZE, MIMI · COMPLIANCE OFFICER/CHIEF OPERATING OFFICER · Less than 5% · control person · listed since Oct 2012
- AddedPAPADATOS, DAVID · COMPLIANCE OFFICER/CHIEF OPERATING OFFICER · Less than 5% · control person
- No longer listedHUANG, XIANG · PARTNERS/SHAREHOLDER · 25–50% · indirect via FIRST BEIJING HOLDINGS LIMITED · control person · listed since Aug 2009
- AddedFIRST MANHATTAN LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via FIRST MANHATTAN CO · control person
- AddedFIRST MANHATTAN CO · OWNER · 25–50% · indirect via OWNER OF FIRST BEIJING INVESTMENT (CAYMAN) LIMITED · control person
- AddedGOTTESMAN, ROBERT, WILLIAM · CEO · 25–50% · indirect via FIRST MANHATTAN CO · control person
- AddedLIN, YANMING · SHAREHOLDER · 25–50% · indirect via FIRST BEIJING HOLDINGS LIMITED · control person
- ChangedFIRST BEIJING HOLDINGS LIMITED · indirect via OWNER OF FIRST BEIJING INVESTMENT (CAYMAN) LIMITED: title 100% OWNER → OWNER; ownership 75% or more → 50–75%
- No longer listedMUNG, BUN MAN, ALAN · DIRECTOR · 25–50% · control person · listed since Mar 2012
- ListedFIRST BEIJING HOLDINGS LIMITED · 100% OWNER · 75% or more · indirect via OWNER OF FIRST BEIJING INVESTMENT (CAYMAN) LIMITED · control person
- ListedFIRST BEIJING INVESTMENT (CAYMAN) LIMITED · 100% OWNER · 75% or more · control person
- ListedHUANG, XIANG · PARTNERS/SHAREHOLDER · 25–50% · indirect via FIRST BEIJING HOLDINGS LIMITED · control person
- ListedHUANG, XIANG · DIRECTOR · 25–50% · control person
- ListedLIANG, VICTOR, L J · PARTNERS/SHAREHOLDER · 25–50% · indirect via FIRST BEIJING HOLDINGS LIMITED · control person
- ListedMUNG, BUN MAN, ALAN · PARTNERS/SHAREHOLDER · 25–50% · indirect via FIRST BEIJING HOLDINGS LIMITED · control person
- ListedMUNG, BUN MAN, ALAN · DIRECTOR · 25–50% · control person
- ListedPAPADATOS, DAVID · PARTNERS/SHAREHOLDER · 25–50% · indirect via FIRST BEIJING HOLDINGS LIMITED · control person
- ListedTONG, WING SZE, MIMI · COMPLIANCE OFFICER/CHIEF OPERATING OFFICER · Less than 5% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- SEA LTD$280.6M +1621.8%
- KASPI KZ JSC$4.6M +14.3%
- BAOZUN INC$163.0K +15.3%
- ZHIHU INC$159.8K +10.2%
Top Trims
- PDD HOLDINGS INC-$117.4M -14.1%
- NEW ORIENTAL ED & TECHNOLOGY-$108.4M -21.3%
- RLX TECHNOLOGY INC-$18.6M -14.1%
- DINGDONG CAYMAN LTD-$972.8K -44.7%
- NOAH HLDGS LTD-$960.7K -71.4%
First Beijing Investment Ltd Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | FULL TRUCK ALLIANCE CO LTD | YMM | 35969L108 | $745.3M | 30.50% | 91,790,875 | SH |
| 2 | PDD HOLDINGS INC | PDD | 722304102 | $715.3M | 29.27% | 9,377,416 | SH |
| 3 | NEW ORIENTAL ED & TECHNOLOGY | EDU | 647581206 | $401.0M | 16.41% | 8,733,979 | SH |
| 4 | SEA LTD | SE | 81141R100 | $297.9M | 12.19% | 3,109,067 | SH |
| 5 | FUTU HLDGS LTD | FUTU | 36118L106 | $129.3M | 5.29% | 1,379,102 | SH |
| 6 | RLX TECHNOLOGY INC | RLX | 74969N103 | $113.7M | 4.65% | 59,821,839 | SH |
| 7 | KASPI KZ JSC | KSPI | 48581R205 | $36.8M | 1.51% | 424,613 | SH |
| 8 | ZHIHU INC | ZH | 98955N207 | $1.7M | 0.07% | 551,048 | SH |
| 9 | BAOZUN INC | BZUN | 06684L103 | $1.2M | 0.05% | 432,828 | SH |
| 10 | DINGDONG CAYMAN LTD | DDL | 25445D101 | $1.2M | 0.05% | 622,432 | SH |
| 11 | NOAH HLDGS LTD | NOAH | 65487X102 | $385.6K | 0.02% | 38,595 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-12 | $2.44B | 11 | 0001701717-26-000011 |
| 2026-03-31 | 2026-05-13 | $2.32B | 12 | 0001701717-26-000010 |
| 2025-12-31 | 2026-02-17 | $2.54B | 8 | 0001701717-26-000005 |
| 2025-09-30 | 2025-11-14 | $2.59B | 8 | 0001701717-25-000020 |
162 QUEENS ROAD, CENTRAL
HONG KONG 999077