First Beijing Investment Ltd 13F: Quarter-over-Quarter Portfolio Changes
First Beijing Investment Ltd reported a disclosed portfolio value of approximately $2.3 billion in its latest SEC Form 13F-HR filing for Q1 2026, down 8.6% quarter on quarter. Over the quarter, the fund initiated 5 new positions, bought more shares in 3 holdings, trimmed 4 holdings, and exited 1 position.
First Beijing Investment Ltd's top buy was a new stake in Legend Biotech CORP (LEGN) , equal to 1.8% of the disclosed portfolio. Its top sell was Atour Lifestyle Hldgs LTD (ATAT) . The fund exited the position completely after it had accounted for 9.0% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| LEGEND BIOTECH CORP | LEGN | 1.8% | History → |
| SEA LTD | SE | 0.7% | History → |
| DINGDONG CAYMAN LTD | DDL | 0.1% | History → |
| ZHIHU, INC. | ZH | 0.1% | History → |
| BAOZUN INC | BZUN | 0.0% | Holders → |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| JSC KASPI.KZ | KSPI | +1.0% | +286.5% | History → |
| PDD HOLDINGS INC | PDD | +5.6% | +20.1% | History → |
| FULL TRUCK A-ADR | YMM | +-0.2% | +17.5% | History → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| NOAH HLDGS LTD | NOAH | -0.1% | 65.4% | History → |
| AGORA INC | API | -0.0% | 22.2% | Holders → |
| NEW ORIENTAL ED & TECHNOLOGY | EDU | 0.0% | 11.0% | History → |
| RLX TECHNOLOGY INC | RLX | -0.1% | 4.4% | History → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| ATOUR LIFESTYLE HLDGS LTD | ATAT | 9.0% |
Net Portfolio Value ChangeQ1 2026
- $2.5BPrior quarter
- $2.3BCurrent quarter
- $-0.2BNet delta
- -8.6%% change
Methodology & FAQ
How First Beijing Investment Ltd Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for First Beijing Investment Ltd: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did First Beijing Investment Ltd buy in Q1 2026?
In Q1 2026, First Beijing Investment Ltd initiated 5 new positions (LEGEND BIOTECH CORP (LEGN), SEA LTD (SE), DINGDONG CAYMAN LTD (DDL), ZHIHU, INC. (ZH), BAOZUN INC (BZUN)); bought more shares of JSC KASPI.KZ (KSPI), PDD HOLDINGS INC (PDD), FULL TRUCK A-ADR (YMM).
What stocks did First Beijing Investment Ltd sell in Q1 2026?
In Q1 2026, First Beijing Investment Ltd fully sold 1 position (ATOUR LIFESTYLE HLDGS LTD (ATAT)); reduced holdings in NOAH HLDGS LTD (NOAH), AGORA INC (API), NEW ORIENTAL ED & TECHNOLOGY (EDU), RLX TECHNOLOGY INC (RLX).
Which positions did First Beijing Investment Ltd initiate in Q1 2026?
First Beijing Investment Ltd established 5 new positions in Q1 2026: LEGEND BIOTECH CORP (LEGN, 1.8%), SEA LTD (SE, 0.7%), DINGDONG CAYMAN LTD (DDL, 0.1%), ZHIHU, INC. (ZH, 0.1%), BAOZUN INC (BZUN, 0.0%).
Which existing positions saw the largest allocation increases for First Beijing Investment Ltd in Q1 2026?
Of 3 existing positions with share-count increases in Q1 2026, the largest were: JSC KASPI.KZ (KSPI, +1.0% weight, +286.5% shares), PDD HOLDINGS INC (PDD, +5.6% weight, +20.1% shares), FULL TRUCK A-ADR (YMM, +-0.2% weight, +17.5% shares).
Which positions did First Beijing Investment Ltd fully exit in Q1 2026?
First Beijing Investment Ltd fully exited 1 position in Q1 2026: ATOUR LIFESTYLE HLDGS LTD (ATAT, last-reported weight 9.0%).
Which existing positions saw the largest allocation reductions for First Beijing Investment Ltd in Q1 2026?
Of 4 existing positions with share-count reductions in Q1 2026, the largest were: NOAH HLDGS LTD (NOAH, -0.1% weight, -65.4% shares), AGORA INC (API, -0.0% weight, -22.2% shares), NEW ORIENTAL ED & TECHNOLOGY (EDU, 0.0% weight, -11.0% shares), RLX TECHNOLOGY INC (RLX, -0.1% weight, -4.4% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.