Managers / Q4 2025 · view latest →
IDG China Capital Fund GP III Associates Ltd.
CIK 0001649611 · UNIT 5505, 55TH FLOOR, THE CENTER, 99 QUEEN'S ROAD, CENTRAL HONG KONG, F4, 00000 · 852-2529-1016
Summary
Idg China Capital Fund GP III Associates Ltd. reported $104M in U.S.-listed holdings across 2 positions for Q4 2025.
The portfolio is heavily concentrated: CRCL alone accounts for 99.5% of reported value.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 99.5% · $104M
- ADR · 0.5% · $538,033
Quarter-over-Quarter Changes full breakdown →
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| CRCLCIRCLE INTERNET GROUP INC | NEW | +1.31M | 1.31M | +$104M | $104M |
| WDHWATERDROP INC | NEW | +283.2K | 283.2K | +$538,033 | $538,033 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | CRCLCIRCLE INTERNET GROUP INChistory → | COM CL A | 99.48% | $104M | 1.31M |
| 2 | WDHWATERDROP INC | ADS | 0.52% | $538,033 | 283.2K |
Filing History
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.