First Beijing Investment Ltd

First Beijing Investment's $2.32 billion U.S.-listed portfolio for March 2026 is one of the most concentrated and thematically coherent books in this filing cohort — a structure that reflects the manager's deliberate decision to build a pure-play China-facing consumer-internet-and-education vehicle and to hold through a difficult quarter rather than diversify away from the thesis. Three positions account for 90.1% of assets: PDD Holdings at $833 million (35.9%, up 20.1% in shares), Full Truck Alliance at $747 million (32.2%, up 17.5% in shares), and New Oriental Education & Technology at $509 million (22.0%, down 11.0% in shares). Together these three names represent a nearly complete bet on Chinese consumer-facing growth: PDD as the dominant discount-e-commerce platform, Full Truck Alliance as the freight-logistics backbone of China's e-commerce supply chain, and New Oriental as the leading after-school-tutoring and online-education company that has pivoted successfully from its K-12-tutoring post-ban identity into a multi-format educational-content and test-preparation platform. The portfolio added to all three positions in Q1 despite the broader China-tech sector facing headwinds from regulatory uncertainty, U.S.-China trade tensions, and soft consumer-spending data — a clear accumulation-into-weakness signal that reflects genuine long-term conviction. The portfolio's former fourth position, Atour Lifestyle Holdings (a Chinese midscale hotel operator), was liquidated completely ($229 million exit) and replaced with five smaller new entries — Legend Biotech, SEA Ltd, Dingdong, Zhihu, Noah Holdings, and Baozun — that round out the portfolio's China consumer-and-technology thematic exposure. The $216 million AUM contraction (−8.5%) was driven by share-price declines across the portfolio's core names rather than by realized losses. For readers tracking this as a signal of dedicated China investment positioning, the filing is unambiguous: the manager has been consistently building exposure to Chinese consumer and education technology through market cycles and via concentrated single-name selection rather than baskets, and shows no sign of rotating away from the thesis.