First Beijing Investment Ltd

CIK

1701717

Location

HONG KONG, K3

Portfolio Value

Mid $2,318,567,321

Diversification

Highly concentrated

Filing Date

Global Rank

#1,104 / 8,623 ▼ 46 · as of Mar 2026

Top Industry

Internet Retail 36.7%

3Y Alpha vs SPY

+5.4%

Period ended 4 months ago

Filed May 13, 2026 · 3mo

11 quarters · since Jun 2023

Clone Performance

Aug 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+111.3%

SPY

+68.5%

Annualised alpha

+9.5%

Max drawdown

−36.8%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 11 quarters. Past performance does not predict future results.

Portfolio Concentration

12 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

35.9%

+3.5 pts

Top 5

97.6%

−1.9 pts

Top 10

100.0%

−0.0 pts

HHI

2,849

Highly concentrated+281

Portfolio Trend

11 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Consumer Cyclical	36.7%	$851,047,542	3
Technology	33.6%	$779,206,990	3
Consumer Defensive	27.8%	$643,860,832	3
Healthcare	1.8%	$41,540,700	1
Communication Services	0.1%	$1,564,976	1
Financial Services	0.1%	$1,346,281	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

3 positions

Ticker	Company	Δ Shares	Shares	Value
YMM	Full Truck Alliance Co. Ltd.	+13,384,327	90,000,895	$747,007,428
PDD	PDD Holdings Inc.	+1,366,207	8,149,162	$832,681,373
KSPI	Joint Stock Co Kaspi.kz	+321,962	434,350	$32,172,304
No positions match the current search.

Trimmed

Positions the filer reduced

4 positions

Ticker	Company	Δ Shares	Shares	Value
RLX	RLX Technology Inc.	−2,734,753	60,129,671	$132,285,276
EDU	New Oriental Education & Technology Group Inc.	−1,110,707	8,995,258	$509,401,460
NOAH	Noah Holdings Ltd	−256,539	135,988	$1,346,281
API	Agora, Inc.	−2,200	7,700	$27,258
No positions match the current search.

New Positions

Positions the filer opened this quarter

5 positions

Ticker	Company	Shares	Value
LEGN	Legend Biotech Corp	2,296,335	$41,540,700
SE	Sea Ltd	208,963	$17,304,226
DDL	Dingdong (Cayman) Ltd	845,952	$2,174,096
ZH	Zhihu Inc.	551,048	$1,564,976
BZUN	Baozun Inc.	444,328	$1,061,943
No positions match the current search.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
ATAT	Atour Lifestyle Holdings Ltd	5,811,104	$228,957,497
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

12 tracked positions · $2,318,567,321 total · filing declares 12 positions · $2,318,567,326 · as of Mar 31, 2026

All sectors Communication Services Consumer Cyclical Consumer Defensive Financial Services Healthcare Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
PDD	PDD Holdings Inc. Consumer Cyclical	Added	8,149,162	+1,366,207	$832,681,373	+8.3%	35.91%
YMM	Full Truck Alliance Co. Ltd. Technology	Reduced	90,000,895	-1,518,947,033	$747,007,428	−95.7%	32.22%
EDU	New Oriental Education & Technology Group Inc. Consumer Defensive	Reduced	8,995,258	-1,110,707	$509,401,460	−8.4%	21.97%
RLX	RLX Technology Inc. Consumer Defensive	Reduced	60,129,671	-2,734,753	$132,285,276	−9.7%	5.71%
LEGN	Legend Biotech Corp Healthcare	NEW	2,296,335	NEW	$41,540,700	NEW	1.79%
KSPI	Joint Stock Co Kaspi.kz Technology	Added	434,350	+321,962	$32,172,304	+266.4%	1.39%
SE	Sea Ltd Consumer Cyclical	NEW	208,963	NEW	$17,304,226	NEW	0.75%
DDL	Dingdong (Cayman) Ltd Consumer Defensive	NEW	845,952	NEW	$2,174,096	NEW	0.09%
ZH	Zhihu Inc. Communication Services	NEW	551,048	NEW	$1,564,976	NEW	0.07%
NOAH	Noah Holdings Ltd Financial Services	Reduced	135,988	-256,539	$1,346,281	−65.8%	0.06%
BZUN	Baozun Inc. Consumer Cyclical	NEW	444,328	NEW	$1,061,943	NEW	0.05%
API	Agora, Inc. Technology	Reduced	7,700	-2,200	$27,258	−32.4%	0.00%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.