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Livermore
Livermore
ZHEN

First Beijing Investment Ltd

SEC CIK
0001701717
Latest filing
Aug 12, 2026

The latest 13F from First Beijing Investment Ltd covers Q2 2026 (filed Aug 12, 2026): 11 long positions worth $2.44B. The top 10 holdings make up 100.0% of the portfolio, and the largest is Full Truck Alliance Co. Ltd. (YMM) at 30.5%. Livermore has 14 filings on Form 13F from this institution, going back to Q2 2023.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
1
Est. +$129.3M
Added
3
Est. +$386.1M
Reduced
6
Est. −$14.9M
Sold out
2
Est. −$41.6M

Top 5 holdings

Share of this quarter's portfolio value

  1. YMMFull Truck Alliance Co. Ltd.
    30.5%$745.3MHistory
  2. PDDPDD Holdings Inc.
    29.3%$715.3MHistory
  3. EDUNew Oriental Education & Technology Group Inc.
    16.4%$401.0MHistory
  4. SESea Ltd
    12.2%$297.9MHistory
  5. FUTUFutu Holdings Ltd
    5.3%$129.3MHistory

Share of portfolio

Top 5 holdings and the other 6 positions, by share of portfolio value

  1. YMM30.5%
  2. PDD29.3%
  3. EDU16.4%
  4. SE12.2%
  5. FUTU5.3%
  6. Other 6 positions6.3%

Biggest buys

New and added positions, by estimated amount bought

  1. SESea Ltd
    +$277.9MAddedHistory
  2. FUTUFutu Holdings Ltd
    +$129.3MNewHistory
  3. PDDPDD Holdings Inc.
    +$93.7MAddedHistory
  4. YMMFull Truck Alliance Co. Ltd.
    +$14.5MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. SESea Ltd
    +11.45 pp0.7% → 12.2%History
  2. FUTUFutu Holdings Ltd
    +5.29 pp0.0% → 5.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. LEGNLegend Biotech Corp
    −$41.5MSold outHistory
  2. EDUNew Oriental Education & Technology Group Inc.
    −$12.0MReducedHistory
  3. NOAHNoah Holdings Ltd
    −$973.0KReducedHistory
  4. KSPIJoint Stock Co Kaspi.kz
    −$843.6KReducedHistory
  5. RLXRLX Technology Inc.
    −$584.9KReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. EDUNew Oriental Education & Technology Group Inc.
    −5.56 pp22.0% → 16.4%History
  2. LEGNLegend Biotech Corp
    −1.79 pp1.8% → 0.0%History
  3. RLXRLX Technology Inc.
    −1.05 pp5.7% → 4.7%History
  4. DDLDingdong (Cayman) Ltd
    −0.04 pp0.1% → <0.1%History
  5. NOAHNoah Holdings Ltd
    −0.04 pp0.1% → <0.1%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$2.44B
+$125.3M (+5.4%) vs. prior quarter
Positions
11
−1 vs. prior quarter
Top 10 concentration
100.0%
Top 10 as share of value
Turnover
2.4%
Q2 2026, one quarter
Average holding period
8.3 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q2 2023), so positions held before then are understated.

13F filings by quarter

13 quarters, going back to Q2 2023. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $2.59B (Q3 2025)

Q2 2023: $331.3MQ3 2023: $519.3MQ4 2023: $604.4MQ1 2024: $519.5MQ2 2024: $924.3MQ3 2024: $1.36BQ4 2024: $1.41BQ1 2025: $1.46BQ2 2025: $1.79BQ3 2025: $2.59BQ4 2025: $2.54BQ1 2026: $2.32BQ2 2026: $2.44B
Q2 2023Q2 2026
13F filings of First Beijing Investment Ltd by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 12, 202611$2.44BYMMPDDEDUvs. Q1 2026SEC
Q1 2026May 13, 202612$2.32BPDDYMMEDUvs. Q4 2025SEC
Q4 2025Feb 17, 20268$2.54BYMMPDDEDUvs. Q3 2025SEC
Q3 2025Nov 14, 20258$2.59BYMMPDDEDUvs. Q2 2025SEC
Q2 2025Aug 15, 20259$1.79BPDDYMMEDUvs. Q1 2025SEC
Q1 2025May 19, 20258$1.46BPDDYMMEDUvs. Q4 2024SEC
Q4 2024Feb 14, 202512$1.41BPDDYMMSEvs. Q3 2024SEC
Q3 2024Oct 31, 2024Amended13$1.36BPDDSEATATvs. Q2 2024SEC
Q2 2024Aug 14, 20249$924.3MPDDSEQFINvs. Q1 2024SEC
Q1 2024May 15, 20247$519.5MPDDSEQFINvs. Q4 2023SEC
Q4 2023Feb 13, 202426$604.4MPDDSEQFINvs. Q3 2023SEC
Q3 2023Nov 14, 202311$519.3MPDDSEQFINvs. Q2 2023SEC
Q2 2023Aug 17, 20238$331.3MPDDVIPSQFIN–SEC

13D and 13G filings

Companies where First Beijing Investment Ltd reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

4 companies, largest stake first.

Companies where First Beijing Investment Ltd owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
EDUNew Oriental Education & Technology Group Inc.13G/A12.30%194.9M shares+0.70 ppfrom 11.60%Apr 1, 20255 filingsFeb 17, 2026SEC
EDUNew Oriental Education & Technology Group Inc.13G/A10.90%171.7M shares–May 13, 20261 filingMay 13, 2026SEC
YMMFull Truck Alliance Co. Ltd.13G/A9.60%1.80B shares+1.40 ppfrom 8.20%Aug 6, 20254 filingsMay 13, 2026SEC
LKNCYLuckin Coffee Inc.13G5.10%107.7M sharesNewMar 4, 20261 filingMar 4, 2026SEC

Latest filings

15 filings on file made by First Beijing Investment Ltd or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by First Beijing Investment Ltd
CompanyFiled (ET)FormStakeChangeEvent dateFiling
YMMFull Truck Alliance Co. Ltd.May 13, 20267:18 AM ET13G/A9.60%1.80B shares+1.40 ppfrom 8.20%Mar 31, 2026SEC
EDUNew Oriental Education & Technology Group Inc.May 13, 20267:02 AM ET13G/A10.90%171.7M shares–Mar 31, 2026SEC
ATATAtour Lifestyle Holdings LtdMay 13, 20266:46 AM ET13G/A0.00%0 shares−5.10 ppfrom 5.10%Below 5%Mar 31, 2026SEC
LKNCYLuckin Coffee Inc.Mar 4, 20266:16 AM ET13G5.10%107.7M sharesNewMar 2, 2026SEC
EDUNew Oriental Education & Technology Group Inc.Feb 17, 202612:06 PM ET13G/A12.30%194.9M shares+0.70 ppfrom 11.60%Dec 31, 2025SEC
ATATAtour Lifestyle Holdings LtdFeb 17, 202611:04 AM ET13G/A5.10%17.4M shares+0.10 ppfrom 5.00%Dec 31, 2025SEC
YMMFull Truck Alliance Co. Ltd.Feb 17, 202610:43 AM ET13G/A8.20%1.53B shares+0.90 ppfrom 7.30%Dec 31, 2025SEC
YMMFull Truck Alliance Co. Ltd.Nov 14, 20257:23 AM ET13G/A7.30%1.37B shares+2.20 ppfrom 5.10%Sep 30, 2025SEC
ATATAtour Lifestyle Holdings LtdNov 14, 20257:06 AM ET13G/A5.00%17.0M shares−0.10 ppfrom 5.10%Sep 30, 2025SEC
EDUNew Oriental Education & Technology Group Inc.Nov 14, 20256:44 AM ET13G/A11.60%182.7M shares+0.90 ppfrom 10.70%Sep 30, 2025SEC
EDUNew Oriental Education & Technology Group Inc.Sep 19, 20256:45 AM ET13G/A10.70%175.5M shares+2.60 ppfrom 8.10%Sep 16, 2025SEC
EDUNew Oriental Education & Technology Group Inc.Aug 14, 20258:17 PM ET13G/A8.10%133.3M shares+3.00 ppfrom 5.10%Jun 30, 2025SEC
YMMFull Truck Alliance Co. Ltd.Aug 6, 20259:57 PM ET13G5.10%951.7M sharesNewJul 30, 2025SEC
ATATAtour Lifestyle Holdings LtdApr 21, 20256:08 AM ET13G5.10%17.2M sharesNewApr 11, 2025SEC
EDUNew Oriental Education & Technology Group Inc.Apr 1, 20256:41 AM ET13G5.10%83.4M sharesNewMar 24, 2025SEC