First Beijing Investment Ltd Diversified Active

CIK: 0001701717 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $2,535,540 (100.0% shares, 0.0% debt)

Holdings (8)

New Positions (1)

KSPI KASPI KZ JSC 0.3%

Value ($000) $8,781 Shares 112,388 Est. Cost $78.13 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KSPI	KASPI KZ JSC	112,388	$8,781	0.3%	$78.13	—	SPONSORED ADS	48581R205

Increased Positions (5)

YMM FULL TRUCK ALLIANCE CO LTD 32.4%

Value ($000) $822,096 (-7.7%) Shares 76,616,568 (+11.6%) Est. Cost $11.45 Unrealized —

EDU NEW ORIENTAL ED & TECHNOLOGY 21.9%

Value ($000) $556,131 (+12.1%) Shares 10,105,965 (+8.1%) Est. Cost $50.94 Unrealized —

PDD PDD HOLDINGS INC 30.3%

Value ($000) $769,119 (-5.7%) Shares 6,782,955 (+10.0%) Est. Cost $106.17 Unrealized —

ATAT ATOUR LIFESTYLE HOLDINGS LTD 9.0%

Value ($000) $228,957 (+7.4%) Shares 5,811,104 (+2.5%) Est. Cost $24.83 Unrealized —

NOAH NOAH HLDGS LTD 0.2%

Value ($000) $3,941 (+93.9%) Shares 392,527 (+123.9%) Est. Cost $10.84 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
YMM	FULL TRUCK ALLIANCE CO LTD	76,616,568 (+11.6%)	$822,096 (-7.7%)	32.4%	$11.45	—	SPONSORED ADS	35969L108
EDU	NEW ORIENTAL ED & TECHNOLOGY	10,105,965 (+8.1%)	$556,131 (+12.1%)	21.9%	$50.94	—	SPON ADR	647581206
PDD	PDD HOLDINGS INC	6,782,955 (+10.0%)	$769,119 (-5.7%)	30.3%	$106.17	—	AMERICAN DEP	722304102
ATAT	ATOUR LIFESTYLE HOLDINGS LTD	5,811,104 (+2.5%)	$228,957 (+7.4%)	9.0%	$24.83	—	SPONSORED ADS	04965M106
NOAH	NOAH HLDGS LTD	392,527 (+123.9%)	$3,941 (+93.9%)	0.2%	$10.84	—	SPON ADS	65487X102

Exited Positions (1)

AXTI AXT INC 0.3%

Value ($000) $7,768 Shares 1,730,156 Est. Cost $1.55 Unrealized +521.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AXTI	AXT INC	1,730,156	$7,768	0.3%	$1.55	+521.9%	—	00246W103

Unchanged Positions (2)

RLX RLX TECHNOLOGY INC 5.8%

Value ($000) $146,474 Shares 62,864,424 Est. Cost $1.92 Unrealized —

API AGORA INC 0.0%

Value ($000) $40 Shares 9,900 Est. Cost $3.81 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RLX	RLX TECHNOLOGY INC	62,864,424	$146,474	5.8%	$1.92	—	SPONSORED ADS	74969N103
API	AGORA INC	9,900	$40	0.0%	$3.81	—	ADS	00851L103