Managers / Q1 2023 · view latest →
BRILLIANCE ASSET MANAGEMENT LTD
CIK 0001665751 · LEVEL 35, UNIT 3560, TWO PACIFIC PLACE, 88 QUEENSWAY, ADMIRALTY, HONG KONG, K3, 00000 · 85238502633
Summary
Brilliance Asset Management Ltd reported $334M in U.S.-listed holdings across 5 positions for Q1 2023.
The portfolio is heavily concentrated: BZ alone accounts for 49.6% of reported value.
Compared with Q4 2022, the fund opened 2 new positions and exited 3.
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. 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
- ADR · 100.0% · $334M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2022 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| HTHTH WORLD GROUP LTD | NEW | +448.2K | 448.2K | +$22M | $22M |
| PDDPDD HOLDINGS INC | NEW | +203.1K | 203.1K | +$15M | $15M |
| BABAALIBABA GROUP HLDG LTD | SOLD OUT | −540.1K | 0 | −$48M | $0 |
| SESEA LTD | SOLD OUT | −172.9K | 0 | −$9M | $0 |
| BEKEKE HLDGS INC | SOLD OUT | −32.7K | 0 | −$456,352 | $0 |
| LILI AUTO INC | TRIMMED | −2.67M | 5.04M | −$31M | $126M |
| BZKANZHUN LIMITED | ADDED | +1.48M | 8.69M | +$18M | $165M |
| TCOMTRIP COM GROUP LTD | TRIMMED | −13.2K | 131.5K | −$24,698 | $5M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2023
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | BZKANZHUN LIMITEDhistory → | SPONSORED ADS | 49.60% | $165M | 8.69M |
| 2 | LILI AUTO INChistory → | SPONSORED ADS | 37.72% | $126M | 5.04M |
| 3 | HTHTH WORLD GROUP LTDhistory → | SPONSORED ADS | 6.58% | $22M | 448.2K |
| 4 | PDDPDD HOLDINGS INChistory → | SPONSORED ADS | 4.62% | $15M | 203.1K |
| 5 | TCOMTRIP COM GROUP LTDhistory → | ADS | 1.48% | $5M | 131.5K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $339M | 16 | May 12, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $255M | 6 | Feb 12, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $187M | 7 | Nov 12, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $154M | 7 | Aug 11, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $303M | 9 | May 12, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $444M | 7 | Feb 12, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $391M | 9 | Nov 12, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $398M | 15 | Aug 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $453M | 10 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $462M | 6 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $396M | 8 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $387M | 6 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $334M | 5 | May 12, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $366M | 6 | Feb 13, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $348M | 6 | Nov 9, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $482M | 6 | Aug 12, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $254M | 4 | Apr 29, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $480M | 5 | Feb 11, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $859M | 6 | Nov 12, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $1.9B | 7 | Aug 13, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $2.2B | 9 | May 14, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $2.5B | 12 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $1.6B | 13 | Nov 13, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $1.1B | 7 | Aug 17, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $387M | 3 | May 7, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $426M | 4 | Feb 11, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $408M | 6 | Oct 18, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $323M | 6 | Jul 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $75M | 4 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $190M | 4 | Feb 14, 2019 | 13F-HR | changes · EDGAR ↗ |
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 ↗.