Name: First Beijing Investment Ltd 13F Holdings
Creator: 13F Insight

AI Analysis · Q2 2026

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.

PDD Holdings (PDD) at $833 million and 35.9% of assets — PDD is the parent of Pinduoduo, China's largest group-buying and discount-e-commerce platform, which operates both the Pinduoduo app (a social-commerce marketplace where users organize group purchases for deep discounts) and the Temu international e-commerce app (a U.S.-facing cross-border discount platform that grew explosively from 2022 through 2025). PDD's core China business generates revenue through online-marketing services (merchant advertising and transaction commissions) and has maintained remarkably high user-retention rates and gross-merchandise-volume growth rates relative to its larger competitors (Alibaba, JD.com). The portfolio held 6.78 million shares at year-end 2025 and added 1.36 million shares in Q1 2026, a 20.1% increase that deployed substantial new capital into a stock that was under price pressure from: (1) Temu's rising compliance costs as U.S. regulators scrutinized the de minimis tariff exemption; (2) intensifying competition from Chinese domestic e-commerce competitors (Douyin/TikTok Shop, Kuaishou) in the social-commerce segment; and (3) broader market skepticism about the ability of Chinese consumer-tech companies to sustain hypergrowth in a moderating GDP environment. The manager's decision to add to the position into this combination of headwinds — adding $64 million in net new capital to the portfolio's largest position — is the highest-conviction signal in the filing. Either the manager has information or analysis that justifies a view that PDD's core China business will sustain 20%+ revenue growth for multiple years, or he is buying into a historical valuation trough with extraordinary patience. From the outside, both interpretations are consistent with the filing; the 13F cannot distinguish them.

Full Truck Alliance (YMM) at $747 million and 32.2% of assets — Full Truck Alliance is China's largest digital freight-matching platform, operating a Uber-for-trucking model that connects shippers with truck drivers through a mobile app, similar to the U.S.-based Uber Freight and Convoy models but at a scale appropriate to China's fragmented and logistics-intensive freight market. China's road freight market is one of the largest in the world, with approximately 20 million registered trucks and a market structure characterized by millions of small, independent owner-operators who historically relied on informal freight-exchange networks. Full Truck Alliance's platform digitizes that matching process, reduces empty-backhaul rates, and generates revenue through transaction fees, advertising, and value-added logistics services. The portfolio held 76.6 million shares at year-end and added 13.4 million shares in Q1, a 17.5% increase that deployed at a time when China's industrial production data was soft and when investors were concerned about the impact of moderating manufacturing activity on freight volumes. Full Truck Alliance's revenue is structurally correlated with China's manufacturing and e-commerce sectors — both of which were under pressure in Q1 — making the addition a genuine counter-consensus bet on Chinese industrial recovery.

Quarter at a glance — Q2 2026

Top 10 holdings

Filing history