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FBIL

First Beijing Investment Ltd Portfolio holdings

AUM $2.32B
1-Year Est. Return 8.06%
This Fund
S&P 500
This Quarter Est. Return
+14.18%
1 Year Est. Return
-8.06%
3 Year Est. Return
+91.69%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.59B
AUM Growth
+$803M
Cap. Flow
+$516M
Cap. Flow %
19.94%
Top 10 Hldgs %
100%
Holding
9
New
–
Increased
3
Reduced
1
Closed
1

Top Buys

Rank Stock Value
1
YMM icon
Full Truck Alliance
YMM
+$361M
2
EDU icon
New Oriental
EDU
+$110M
3
PDD icon
Pinduoduo
PDD
+$69.9M

Top Sells

Rank Stock Value
1
LU icon
Lufax Holding
LU
+$18M
2
ATAT icon
Atour Lifestyle Holdings
ATAT
+$6.62M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 39.71%
2 Technology 34.68%
3 Consumer Staples 25.54%
4 Financials 0.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
YMM icon
1
Full Truck Alliance
YMM
$9.85B
$890M 34.38%
68,645,580
+29,150,926
+74% +$361M
PDD icon
2
Pinduoduo
PDD
$126B
$815M 31.48%
6,168,721
+590,869
+11% +$69.9M
EDU icon
3
New Oriental
EDU
$9.37B
$496M 19.15%
9,346,501
+2,231,169
+31% +$110M
ATAT icon
4
Atour Lifestyle Holdings
ATAT
$4.67B
$213M 8.23%
5,668,822
-181,140
-3% -$6.62M
RLX icon
5
RLX Technology
RLX
$2.47B
$165M 6.38%
62,864,424
– –
AXTI icon
6
AXT Inc
AXTI
$3.95B
$7.77M 0.3%
1,730,156
– –
NOAH
7
Noah Holdings
NOAH
$580M
$2.03M 0.08%
175,328
– –
API
8
Agora
API
$338M
$37.8K ﹤0.01%
9,900
– –
LU icon
9
Lufax Holding
LU
$1.35B
– –
-6,464,988
Closed -$18M

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First Beijing Investment Ltd's Q3 2025 Portfolio in Review

As of Q3 2025, First Beijing Investment Ltd held 9 positions worth $2.59B, up 45% from $1.79B the previous quarter. Its ten largest holdings account for 100% of the portfolio.

First Beijing Investment Ltd deployed $516M of net new capital in Q3 2025, adding to 3 existing holdings.

By sector, the portfolio is most concentrated in Consumer Discretionary at 40% of assets, down from 43% a quarter earlier, followed by Technology and Consumer Staples.

On the sell side, the largest reduction was Atour Lifestyle Holdings, an estimated $6.62M trimmed.

  • First Beijing Investment Ltd added most to Full Truck Alliance in Q3 2025, an estimated $361M increase.
  • First Beijing Investment Ltd's biggest Q3 2025 reduction was Atour Lifestyle Holdings, cutting an estimated $6.62M.
  • First Beijing Investment Ltd fully exited Lufax Holding in Q3 2025, selling an estimated $18M.
  • First Beijing Investment Ltd's ten largest holdings make up 100% of its $2.59B portfolio in Q3 2025.
  • First Beijing Investment Ltd opened 0 new positions and closed 1 in Q3 2025.
  • First Beijing Investment Ltd's portfolio value rose 45% quarter-over-quarter to $2.59B.

Based on First Beijing Investment Ltd's 13F filing for Q3 2025, filed 14 Nov 2025.