Managers / Q4 2023 · view latest →
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 $126M in U.S.-listed holdings across 9 positions for Q4 2023.
The portfolio is heavily concentrated: PDD alone accounts for 68.3% 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
- ADR · 82.5% · $104M
- Other · 17.5% · $22M
Quarter-over-Quarter Changes full breakdown →
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| PDDPDD Holdings Inc | NEW | +587.8K | 587.8K | +$86M | $86M |
| HUYAHUYA Inc | NEW | +4.42M | 4.42M | +$16M | $16M |
| Hollysys Automation Technologies Ltd | NEW | +401.7K | 401.7K | +$11M | $11M |
| Sharkninja Inc | NEW | +146.3K | 146.3K | +$7M | $7M |
| Douyu International Holdings Ltd | NEW | +2.11M | 2.11M | +$2M | $2M |
| New Oriental Education & Technology Group Inc | NEW | +21.5K | 21.5K | +$2M | $2M |
| CANCanaan Inc | NEW | +425.0K | 425.0K | +$981,750 | $981,750 |
| JOYYJOYY Inc | NEW | +15.7K | 15.7K | +$621,781 | $621,781 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2023
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | PDDPDD Holdings Inchistory → | ADS | 68.34% | $86M | 587.8K |
| 2 | HUYAHUYA Inchistory → | ADS | 12.86% | $16M | 4.42M |
| 3 | Hollysys Automation Technologies Ltd | SHS | 8.41% | $11M | 401.7K |
| 4 | Sharkninja Inc | SHS | 5.95% | $7M | 146.3K |
| 5 | Douyu International Holdings Ltd | ADS | 1.59% | $2M | 2.11M |
| 6 | New Oriental Education & Technology Group Inc | ADS | 1.25% | $2M | 21.5K |
| 7 | CANCanaan Inc | ADS | 0.78% | $981,750 | 425.0K |
| 8 | JOYYJOYY Inc | ADS | 0.49% | $621,781 | 15.7K |
| 9 | NetEase Inc | ADS | 0.32% | $400,588 | 4.3K |
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 ↗.