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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
-9.36%
1 Year Est. Return
-8.06%
3 Year Est. Return
+91.69%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$2.54B
AUM Growth
-$54.4M
Cap. Flow
+$222M
Cap. Flow %
8.76%
Top 10 Hldgs %
100%
Holding
9
New
1
Increased
5
Reduced
–
Closed
1

Top Buys

Rank Stock Value
1
YMM icon
Full Truck Alliance
YMM
+$95.6M
2
PDD icon
Pinduoduo
PDD
+$76.3M
3
EDU icon
New Oriental
EDU
+$41.6M
4
KSPI icon
Kaspi.kz JSC
KSPI
+$8.49M
5
ATAT icon
Atour Lifestyle Holdings
ATAT
+$5.57M

Top Sells

Rank Stock Value
1
AXTI icon
AXT Inc
AXTI
+$7.77M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 39.36%
2 Technology 32.77%
3 Consumer Staples 27.71%
4 Financials 0.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
YMM icon
1
Full Truck Alliance
YMM
$9.66B
$822M 32.42%
76,616,568
+7,970,988
+12% +$95.6M
PDD icon
2
Pinduoduo
PDD
$121B
$769M 30.33%
6,782,955
+614,234
+10% +$76.3M
EDU icon
3
New Oriental
EDU
$7.94B
$556M 21.93%
10,105,965
+759,464
+8% +$41.6M
ATAT icon
4
Atour Lifestyle Holdings
ATAT
$4.56B
$229M 9.03%
5,811,104
+142,282
+3% +$5.57M
RLX icon
5
RLX Technology
RLX
$2.49B
$146M 5.78%
62,864,424
– –
KSPI icon
6
Kaspi.kz JSC
KSPI
$16.4B
$8.78M 0.35%
+112,388
New +$8.49M
NOAH
7
Noah Holdings
NOAH
$595M
$3.94M 0.16%
392,527
+217,199
+124% +$2.36M
API
8
Agora
API
$337M
$40.3K ﹤0.01%
9,900
– –
AXTI icon
9
AXT Inc
AXTI
$3.13B
– –
-1,730,156
Closed -$7.77M

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First Beijing Investment Ltd's Q4 2025 Portfolio in Review

As of Q4 2025, First Beijing Investment Ltd held 9 positions worth $2.54B, down 2.1% from $2.59B the previous quarter. Its ten largest holdings account for 100% of the portfolio.

First Beijing Investment Ltd deployed $222M of net new capital in Q4 2025, opening 1 new position and adding to 5 existing holdings. Its largest new stake was Kaspi.kz JSC: 112,388 shares worth $8.78M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 39% of assets, down from 40% a quarter earlier, followed by Technology and Consumer Staples.

On the sell side, the most notable exit was AXT Inc, an estimated $7.77M sold.

  • First Beijing Investment Ltd's largest Q4 2025 buy was Kaspi.kz JSC: 112,388 shares worth $8.78M.
  • First Beijing Investment Ltd added most to Full Truck Alliance in Q4 2025, an estimated $95.6M increase.
  • First Beijing Investment Ltd fully exited AXT Inc in Q4 2025, selling an estimated $7.77M.
  • First Beijing Investment Ltd's ten largest holdings make up 100% of its $2.54B portfolio in Q4 2025.
  • First Beijing Investment Ltd opened 1 new position and closed 1 in Q4 2025.
  • First Beijing Investment Ltd's portfolio value fell 2.1% quarter-over-quarter to $2.54B.

Based on First Beijing Investment Ltd's 13F filing for Q4 2025, filed 17 Feb 2026.