First Beijing Investment Ltd has significantly increased its stake in Full Truck Alliance (YMM), acquiring 13,384,327 shares for approximately $127.30 million, according to a May 13, 2026 SEC filing. This move raises First Beijing’s ownership in Full Truck Alliance to 32.22% of its 13F assets under management, despite the stock’s decline of 30.6% over the past year.
This investment highlights First Beijing’s concentrated strategy, as its top two holdings—Full Truck Alliance and PDD Holdings—now represent roughly 68% of its assets. While the additional shares indicate a strong conviction in Full Truck Alliance, the overall value of the position still fell by $75 million due to stock price fluctuations. This suggests that First Beijing is doubling down on its existing belief in the company’s potential, even as market sentiment remains skeptical.
For market professionals, this filing serves as a critical reminder of the risks associated with concentrated positions in volatile sectors, particularly in the context of Chinese ADRs. Investors should weigh First Beijing’s conviction against broader market trends before making similar bets.
Source: fool.com