FIRST BEIJING INVESTMENT LTD
Q4 2025 Form 13-F

HONG KONG, HONG KONG
CIK 0001701717 · CRD 164293 · Exempt reporting adviser
$2.5B Reported Value Total
Exempt Reporting Adviser
Source: Form ADV filed 2026-03-31
Reported value
$2.5B
Quarter over quarter
-10.1%
Holdings
8
Top-10 concentration
100.0%

Key People

Named on the latest Form 13-F filing — not necessarily an owner
Li Jingwei
Director
Q3 2025
Q1 2026
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Q4 2025 13F filing summary

Period of report December 31, 2025
Filed February 17, 2026
Form 13F-HR
Reported value $2.5B
Positions 8
Change in reported value -2.1%
New positions 1
Exited positions 1
Position turnover 22.2%
Top-10 concentration 100.0%

13F filings by quarter

Quarter Positions Value
Q2 2026 13F
Filed Aug 12, 2026
 11 $2.4B
Q1 2026 13F
Filed May 13, 2026
 12 $2.3B
Q4 2025 13F
Filed Feb 17, 2026
 8 $2.5B
Q3 2025 13F
Filed Nov 14, 2025
 8 $2.6B
Q2 2025 13F
Filed Aug 15, 2025
 9 $1.8B
Q1 2025 13F
Filed May 19, 2025
 8 $1.5B
Q4 2024 13F
Filed Feb 14, 2025
 12 $1.4B
Q3 2024 13F
Filed Oct 31, 2024
 13 $1.4B
Q2 2024 13F
Filed Aug 14, 2024
 9 $924.3M
Q1 2024 13F
Filed May 15, 2024
 7 $519.5M
Q4 2023 13F
Filed Feb 13, 2024
 26 $604.4M
Q3 2023 13F
Filed Nov 14, 2023
 11 $519.3M
Q2 2023 13F
Filed Aug 17, 2023
 8 $331.3M

Top 8 holdings · Q4 2025

# Holding Reported value % of portfolio
1 YMM FULL TRUCK ALLIANCE CO LTD $822.1M 32.42%
2 PDD PDD HOLDINGS INC $769.1M 30.33%
3 EDU NEW ORIENTAL ED & TECHNOLOGY $556.1M 21.93%
4 ATAT ATOUR LIFESTYLE HOLDINGS LTD $229.0M 9.03%
5 RLX RLX TECHNOLOGY INC $146.5M 5.78%
6 KSPI KASPI KZ JSC $8.8M 0.35%
7 NOAH NOAH HLDGS LTD $3.9M 0.16%
8 API AGORA INC $40.3K < 0.01%

Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.

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