Managers / Q4 2025 · view latest →
Perseverance Asset Management International
CIK 0001802695 · C/O WALKERS CORPORATE LIMITED, 190 ELGIN AVENUE, GEORGE TOWN, E9, KY1-9008 · 86-10-5671-1310
Summary
Perseverance Asset Management International reported $683M in U.S.-listed holdings across 19 positions for Q4 2025.
Its largest position, HTHT, represents 18.9% of the portfolio.
Compared with Q3 2025, the fund opened 2 new positions and exited 4.
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
- ADR · 80.5% · $549M
- Common Stock · 18.8% · $128M
- ETP · 0.8% · $5M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| APIAGORA INC | NEW | +700.0K | 700.0K | +$3M | $3M |
| YSGYATSEN HLDG LTD | NEW | +530.0K | 530.0K | +$2M | $2M |
| TSMTAIWAN SEMICONDUCTOR MFG LTD | ADDED | +25.6K | 28.7K | +$8M | $9M |
| AMER SPORTS INC | SOLD OUT | −543.4K | 0 | −$19M | $0 |
| GOOSCANADA GOOSE HLDGS INC | SOLD OUT | −220.0K | 0 | −$3M | $0 |
| SMMTSUMMIT THERAPEUTICS INC | SOLD OUT | −59.7K | 0 | −$1M | $0 |
| REREATRENEW INC | SOLD OUT | −97.8K | 0 | −$450,110 | $0 |
| BEKEKE HLDGS INC | ADDED | +495.6K | 1.16M | +$6M | $18M |
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 | HTHTH WORLD GROUP LTDhistory → | SPONSORED ADS | 35.65% | $243M | 5.17M |
| 2 | PDDPDD HOLDINGS INChistory → | SPONSORED ADS | 32.60% | $222M | 1.96M |
| 3 | GOOGALPHABET INChistory → | CAP STK CL C | 13.79% | $94M | 300.0K |
| 4 | YUMCYUM CHINA HLDGS INChistory → | COM | 4.99% | $34M | 714.0K |
| 5 | BEKEKE HLDGS INChistory → | SPONSORED ADS | 2.67% | $18M | 1.16M |
| 6 | RLXRLX TECHNOLOGY INChistory → | SPONSORED ADS | 2.66% | $18M | 7.79M |
| 7 | NTESNETEASE INChistory → | SPONSORED ADS | 2.22% | $15M | 110.0K |
| 8 | IQIQIYI INChistory → | SPONSORED ADS | 1.91% | $13M | 6.80M |
| 9 | TSMTAIWAN SEMICONDUCTOR MFG LTDhistory → | SPONSORED ADS | 1.28% | $9M | 28.7K |
| 10 | ISHARES TR | 20 YR TR BD ETF | 0.75% | $5M | 59.1K |
| 11 | KANZHUN LIMITED | SPONSORED ADS | 0.75% | $5M | 251.6K |
| 12 | APIAGORA INC | ADS | 0.42% | $3M | 700.0K |
| 13 | YSGYATSEN HLDG LTD | SPONSORED ADS | 0.30% | $2M | 530.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $909M | 33 | May 14, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $683M | 19 | Feb 12, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $582M | 23 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $397M | 15 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $766M | 34 | May 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $742M | 30 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $868M | 29 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $762M | 32 | Aug 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $554M | 35 | May 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $420M | 33 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $386M | 30 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $331M | 22 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $302M | 23 | May 11, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $223M | 25 | Feb 9, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $166M | 23 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $242M | 20 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $130M | 13 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $161M | 17 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $212M | 32 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $312M | 34 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $411M | 38 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $424M | 31 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $275M | 32 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $274M | 29 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $221M | 26 | May 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $156M | 22 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
Other Included Managers
This filing reports holdings on behalf of 1 additional manager.
- Perseverance Asset Management International (Singapore) Pte. Ltd.
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 ↗.