With YMM Down 29%, First Beijing Bought 13 Million More Shares

What other to cognize

• The fund’s bargain lifted its Full Truck Alliance involvement to 32.22% of its 13F assets nether absorption arsenic of March 31, 2026

• Top holdings aft the filing:

  • NASDAQ: PDD: $832.68 cardinal (35.9% of AUM)

  • NYSE: EDU: $509.40 cardinal (22.0% of AUM)

  • NYSE: RLX: $132.29 cardinal (5.7% of AUM)

  • NASDAQ: LEGN: $41.54 cardinal (1.8% of AUM)

  • NASDAQ: KSPI: $32.17 cardinal (1.4% of AUM)

• As of May 15, 2026, Full Truck Alliance shares were priced astatine $8.66, down 30.6% implicit 1 twelvemonth and lagging the S&P 500 by 55.82 percent points

Company Overview

Company Snapshot

• Offers a integer freight level connecting shippers with truckers, providing freight listing, matching, brokerage, online transaction services, and value-added solutions specified arsenic credit, insurance, toll, and vigor services.

• Generates gross chiefly done transaction fees, value-added services, and exertion development, leveraging a network-driven, platform-based concern model.

• Targets shippers and truckers crossed China, serving logistics needs for businesses of varying sizes and cargo types.

Full Truck Alliance operates astatine standard arsenic a starring integer freight level successful China, facilitating businesslike connections betwixt shippers and truckers. The company’s strategy centers connected technology-driven logistics solutions and a wide suite of value-added services, enhancing its competitory presumption successful the rapidly evolving proscription sector.

What this transaction means for investors

First Beijing Investment is not a diversified fund. After this buy, its apical 2 positions — PDD Holdings and Full Truck Alliance — relationship for astir 68% of its reported 13F assets. Adding 13.4 cardinal YMM shares into a banal that's down 29% implicit the anterior twelvemonth isn't a contrarian awesome truthful overmuch arsenic an look of existing conviction: the money has been successful this commercialized and is staying successful it. The presumption worth inactive fell $75 cardinal quarter-over-quarter contempt the higher stock count. That's the mathematics of buying into a declining banal — much shares, little price, nett worth down. There's nary hidden accounting effect here. For investors watching this filing for a signal, the applicable question isn't whether First Beijing likes YMM — intelligibly it does. It's whether you stock the thesis connected a Chinese integer freight level astatine a clip erstwhile the banal is pricing successful existent doubt. First Beijing's concentrated benignant means this filing reflects a deliberate, undiversified stake connected a tiny acceptable of Chinese ADRs. That's discourse worthy having earlier you travel organization wealth into a presumption this size.