First Beijing Investment
HONG KONG, K3files as First Beijing Investment Ltd
$2.4bn in 11 US stocks at the end of 30 June 2026. The top 10 are 100.0% of the money. It changed about 16.9% of the portfolio this quarter.
Value
$2.4bn
Stocks
11
Top 10 share
100.0%
Turnover
16.9%
What changed this quarter
New
Bought for the first time this quarter.
- Futu HldgsFUTU5.3% of the fund
Added
Bought more of a stock they already held.
- PDD HoldingsPDD29.3% of the fund+15%
- SeaSE12.2% of the fund+1388%
Cut
Sold some of their stake.
- New Oriental Education & Technology GroupEDU16.4% of the fund-3%
- Joint Stock Co Kaspi.kzKSPI1.5% of the fund-2%
- BaozunBZUN<0.1% of the fund-3%
- Dingdong CaymanDDL<0.1% of the fund-26%
- Noah HldgsNOAH<0.1% of the fund-72%
Sold out
Sold their entire stake.
- Legend BiotechLEGN-100%
- AgoraAPI-100%
Holdings
- Full Truck AllianceYMM
- Share
- 30.5%
- Value
- $745m
- Shares
- 91,790,875
Held
- PDD HoldingsPDD
- Share
- 29.3%
- Value
- $715m
- Shares
- 9,377,416
+15%
- SeaSE
- Share
- 12.2%
- Value
- $298m
- Shares
- 3,109,067
+1388%
- Futu HldgsFUTU
- Share
- 5.3%
- Value
- $129m
- Shares
- 1,379,102
New
- RLX TechnologyRLX
- Share
- 4.7%
- Value
- $114m
- Shares
- 59,821,839
Held
- ZhihuZH
- Share
- <0.1%
- Value
- $2m
- Shares
- 551,048
Held
- BaozunBZUN
- Share
- <0.1%
- Value
- $1m
- Shares
- 432,828
-3%
- Dingdong CaymanDDL
- Share
- <0.1%
- Value
- $1m
- Shares
- 622,432
-26%
- Noah HldgsNOAH
- Share
- <0.1%
- Value
- $385,564
- Shares
- 38,595
-72%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Full Truck AllianceYMM | 30.5% | $745m | 91,790,875 | Held |
| PDD HoldingsPDD | 29.3% | $715m | 9,377,416 | +15% |
| New Oriental Education & Technology GroupEDU | 16.4% | $401m | 8,733,979 | -3% |
| SeaSE | 12.2% | $298m | 3,109,067 | +1388% |
| Futu HldgsFUTU | 5.3% | $129m | 1,379,102 | New |
| RLX TechnologyRLX | 4.7% | $114m | 59,821,839 | Held |
| Joint Stock Co Kaspi.kzKSPI | 1.5% | $37m | 424,613 | -2% |
| ZhihuZH | <0.1% | $2m | 551,048 | Held |
| BaozunBZUN | <0.1% | $1m | 432,828 | -3% |
| Dingdong CaymanDDL | <0.1% | $1m | 622,432 | -26% |
| Noah HldgsNOAH | <0.1% | $385,564 | 38,595 | -72% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 36.8% since 30 June 2025.
Where the money is
Retail & consumer16.4%
Technology1.5%
Other82.1%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.