First Beijing Investment Ltd

HONG KONG, K3 · CIK 1701717 · 13F filing filed 2026-08-12

Exempt reporting adviser since 2013 · other (specify)

Private funds2 (2 hedge) · $1.9bn gross assets
Form ADV · 2026-03-31SEC adviser record

$2.4bn reported value +5.4% vs Q1 2026

11positions

100.0%in top 10

1 new 3 added 6 reduced 2 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	FULL TRUCK ALLIANCE CO LTD SPONSORED ADS YMM	YMM	91,790,875	$745.3m30.50%	30.50%	Added +1.8m	+1,789,980 2.0%
2	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	9,377,416	$715.3m29.27%	29.27%	Added +1.2m	+1,228,254 15.1%
3	NEW ORIENTAL ED & TECHNOLOGY SPON ADR EDU	EDU	8,733,979	$401.0m16.41%	16.41%	Reduced -261.3k	-261,279 -2.9%
4	SEA LTD SPONSORD ADS SE	SE	3,109,067	$297.9m12.19%	12.19%	Added +2.9m	+2,900,104 1387.9%
5	FUTU HLDGS LTD SPON ADS CL A FUTU	FUTU	1,379,102	$129.3m5.29%	5.29%	New
6	RLX TECHNOLOGY INC SPONSORED ADS RLX	RLX	59,821,839	$113.7m4.65%	4.65%	Reduced -307.8k	-307,832 -0.5%
7	KASPI KZ JSC SPONSORED ADS KSPI	KSPI	424,613	$36.8m1.51%	1.51%	Reduced -9.7k	-9,737 -2.2%
8	ZHIHU INC SPONSORED ADS ZH	ZH	551,048	$1.7m0.07%	0.07%	Unchanged
9	BAOZUN INC SPONSORED ADR BZUN	BZUN	432,828	$1.2m0.05%	0.05%	Reduced -11.5k	-11,500 -2.6%
10	DINGDONG CAYMAN LTD ADS DDL	DDL	622,432	$1.2m0.05%	0.05%	Reduced -223.5k	-223,520 -26.4%
11	NOAH HLDGS LTD SPON ADS NOAH	NOAH	38,595	$385.6k0.02%	0.02%	Reduced -97.4k	-97,393 -71.6%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
LEGEND BIOTECH CORP LEGN	LEGN	2,296,335	$41.5m2.3m shares
AGORA INC API	API	7,700	$27.3k7.7k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
NEW ORIENTAL ED & TECHNOLOGY 13G · filed 2026-02-17		12.3%	+0.7 pts	13G	2026-02-17
NEW ORIENTAL ED & TECHNOLOGY EDU · 13G · filed 2026-05-13	EDU	10.9%		13G	2026-05-13
FULL TRUCK ALLIANCE CO LTD YMM · 13G · filed 2026-05-13	YMM	9.6%	+1.4 pts	13G	2026-05-13
LUCKIN COFFEE INC LKNCY · 13G · filed 2026-03-04	LKNCY	5.1%	new	13G	2026-03-04