With YMM Down 29%, First Beijing Bought 13 Million More Shares
Key Points
Added 13,384,327 shares of Full Truck Alliance; estimated transaction value of $127.30 million based on quarterly average price
Quarter-end position value fell by $75.09 million, reflecting both new purchases and price movement
Transaction represented 5.49% of First Beijing Investment Ltd’s 13F reportable assets under management
Post-trade stake: 90,000,895 shares, valued at $747.01 million
The position now accounts for 32.22% of the fund’s U.S. equity portfolio, making it one of the fund's top two holdings
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First Beijing Investment Ltd disclosed in a May 13, 2026, SEC filing that it bought 13,384,327 shares of Full Truck Alliance (NYSE:YMM), an estimated $127.30 million trade based on quarterly average pricing.
What happened
According to a SEC filing dated May 13, 2026, First Beijing Investment Ltd increased its stake in Full Truck Alliance by 13,384,327 shares. The estimated trade value is $127.30 million, calculated using the average closing price for the first quarter of 2026. As a result, the quarter-end position’s value fell by $75.09 million, a change driven by both additional shares and stock price fluctuations.
What else to know
- The fund’s buy lifted its Full Truck Alliance stake to 32.22% of its 13F assets under management as of March 31, 2026
- Top holdings after the filing:
- NASDAQ: PDD: $832.68 million (35.9% of AUM)
- NYSE: EDU: $509.40 million (22.0% of AUM)
- NYSE: RLX: $132.29 million (5.7% of AUM)
- NASDAQ: LEGN: $41.54 million (1.8% of AUM)
- NASDAQ: KSPI: $32.17 million (1.4% of AUM)
- As of May 15, 2026, Full Truck Alliance shares were priced at $8.66, down 30.6% over one year and lagging the S&P 500 by 55.82 percentage points
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close May 15, 2026) | $8.66 |
| Market capitalization | $8.98 billion |
| Revenue (TTM) | $1.73 billion |
| Net income (TTM) | $619.53 million |
Company Snapshot
- Offers a digital freight platform connecting shippers with truckers, providing freight listing, matching, brokerage, online transaction services, and value-added solutions such as credit, insurance, toll, and energy services.
- Generates revenue primarily through transaction fees, value-added services, and technology development, leveraging a network-driven, platform-based business model.
- Targets shippers and truckers across China, serving logistics needs for businesses of varying sizes and cargo types.
Full Truck Alliance operates at scale as a leading digital freight platform in China, facilitating efficient connections between shippers and truckers. The company’s strategy centers on technology-driven logistics solutions and a broad suite of value-added services, enhancing its competitive position in the rapidly evolving transportation sector.
What this transaction means for investors
First Beijing Investment is not a diversified fund. After this buy, its top two positions — PDD Holdings and Full Truck Alliance — account for roughly 68% of its reported 13F assets. Adding 13.4 million YMM shares into a stock that's down 29% over the prior year isn't a contrarian signal so much as an expression of existing conviction: the fund has been in this trade and is staying in it. The position value still fell $75 million quarter-over-quarter despite the higher share count. That's the math of buying into a declining stock — more shares, lower price, net value down. There's no hidden accounting effect here. For investors watching this filing for a signal, the relevant question isn't whether First Beijing likes YMM — clearly it does. It's whether you share the thesis on a Chinese digital freight platform at a time when the stock is pricing in real doubt. First Beijing's concentrated style means this filing reflects a deliberate, undiversified bet on a small set of Chinese ADRs. That's context worth having before you follow institutional money into a position this size.
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Seena Hassouna has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Joint Stock Kaspi.kz and Legend Biotech. The Motley Fool has a disclosure policy.
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