Managers / Q1 2026
BRIGHT VALLEY CAPITAL Ltd
CIK 0001965546 · UNIT 1129, 11F, ADMIRALTY CENTRE TOWER 2, 18 HARCOURT ROAD, ADMIRALTY,, HONG KONG, K3, 999077 · 852 3973 5923
Summary
Bright Valley Capital Ltd reported $153M in U.S.-listed holdings across 13 positions for Q1 2026.
Its largest position, VIPS, represents 18.2% of the portfolio.
Compared with Q4 2025, the fund opened 4 new positions and exited 6.
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 · 49.1% · $75M
- Common Stock · 46.4% · $71M
- ETP · 4.5% · $7M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| GQ9SPDR GOLD SHARES | NEW | +16.0K | 16.0K | +$7M | $7M |
| STAASTAAR SURGICAL CO | NEW | +272.0K | 272.0K | +$5M | $5M |
| LITELUMENTUM HOLDINGS INC | NEW | +2.3K | 2.3K | +$2M | $2M |
| DDLDINGDONG (CAYMAN) LTD | NEW | +266.8K | 266.8K | +$685,573 | $685,573 |
| VIPSVIPSHOP HOLDINGS LTD | ADDED | +1.48M | 1.77M | +$23M | $28M |
| NVDANVIDIA CORP | SOLD OUT | −153.0K | 0 | −$29M | $0 |
| HTHTH WORLD GROUP LTD | SOLD OUT | −536.0K | 0 | −$25M | $0 |
| ATATATOUR LIFESTYLE HOLDINGS LTD | SOLD OUT | −597.5K | 0 | −$24M | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | VIPSVIPSHOP HOLDINGS LTDhistory → | SPONSORED ADS A | 18.18% | $28M | 1.77M |
| 2 | INTCINTEL CORPhistory → | COM | 12.40% | $19M | 431.0K |
| 3 | JOYYJOYY INChistory → | ADS REPSTG COM A | 11.79% | $18M | 309.8K |
| 4 | NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC | SPON ADR | 6.49% | $10M | 175.8K |
| 5 | GQ9SPDR GOLD SHAREShistory → | GOLD SHS | 4.49% | $7M | 16.0K |
| 6 | DOYUDOUYU INTERNATIONAL HOLDINGS LTDhistory → | SPONSORED ADS | 4.37% | $7M | 1.33M |
| 7 | STAASTAAR SURGICAL COhistory → | COM PAR $0.01 | 3.31% | $5M | 272.0K |
| 8 | LITELUMENTUM HOLDINGS INChistory → | COM | 1.05% | $2M | 2.3K |
| 9 | DDLDINGDONG (CAYMAN) LTD | ADS | 0.45% | $685,573 | 266.8K |
| 10 | YMMFULL TRUCK ALLIANCE CO LTD | SPONSORED ADS | 0.28% | $424,130 | 51.1K |
| 11 | LXLEXINFINTECH HOLDINGS LTD | ADR | 0.26% | $396,099 | 181.7K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $153M | 13 | May 13, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $269M | 15 | Feb 12, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $169M | 13 | Nov 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $142M | 11 | Aug 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $297M | 18 | May 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $234M | 10 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $128M | 8 | Nov 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $89M | 11 | Aug 26, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $68M | 10 | May 16, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $126M | 9 | Feb 14, 2024 | 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 ↗.