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First Beijing Investment Ltd

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13F filer, CIK 1701717, HONG KONG, Hong Kong

First Beijing Investment Ltd reported $2,535,540,040 across 8 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001701717-26-000005

Period
2025-12-31
Reported value
$2.54B
Holdings
8
Top 10 weight
100%
New
1
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
YMMadded+7,970,988$85.5M
PDDadded+614,234$69.6M
EDUadded+759,464$41.8M
KSPInew+112,388$8.78M
ATATadded+142,282$5.61M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
AXTIexited-1,730,156-$7.77M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001701717-26-000005, largest first. % of portfolio is the value over $2,535,540,040, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
YMMFULL TRUCK ALLIANCE CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,740,729 shares; 2024Q4: 31,241,548 shares; 2025Q1: 29,736,802 shares; 2025Q2: 39,494,654 shares; 2025Q3: 68,645,580 shares; 2025Q4: 76,616,568 shares 76,616,568$822M32.42%+7,970,988Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,554,719 shares; 2024Q4: 3,765,809 shares; 2025Q1: 3,857,223 shares; 2025Q2: 5,577,852 shares; 2025Q3: 6,168,721 shares; 2025Q4: 6,782,955 shares 6,782,955$769M30.33%+614,234Timeline
EDUNEW ORIENTAL ED & TECHNOLOGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 260,097 shares; 2025Q1: 5,456,378 shares; 2025Q2: 7,115,332 shares; 2025Q3: 9,346,501 shares; 2025Q4: 10,105,965 shares 10,105,965$556M21.93%+759,464Timeline
ATATATOUR LIFESTYLE HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,639,562 shares; 2024Q4: 5,431,906 shares; 2025Q1: 5,036,355 shares; 2025Q2: 5,849,962 shares; 2025Q3: 5,668,822 shares; 2025Q4: 5,811,104 shares 5,811,104$229M9.03%+142,282Timeline
RLXRLX TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,440,248 shares; 2024Q4: 23,374,885 shares; 2025Q1: 41,036,045 shares; 2025Q2: 62,864,424 shares; 2025Q3: 62,864,424 shares; 2025Q4: 62,864,424 shares 62,864,424$146M5.78%0Timeline
KSPIKASPI KZ JSCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 112,388 shares 112,388$8.78M0.35%newTimeline
NOAHNOAH HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 124,149 shares; 2024Q4: 136,733 shares; 2025Q1: 163,443 shares; 2025Q2: 175,328 shares; 2025Q3: 175,328 shares; 2025Q4: 392,527 shares 392,527$3.94M0.16%+217,199Timeline
APIAGORA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 9,900 shares; 2025Q3: 9,900 shares; 2025Q4: 9,900 shares 9,900$40.3K<0.01%0Timeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
AXTIAXT INC1,730,156$7.77Mshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001701717-26-000005 base2026-02-17acceptance time not in the bulk data set