With YMM Down 29%, First Beijing Bought 13 Million More Shares

First Beijing Investment Ltd disclosed in a May 13, 2026, SEC filing that it bought 13,384,327 shares of Full Truck Alliance (NYSE:YMM), an estimated $127.30 million trade based on quarterly average pricing.

What happened

According to a SEC filing dated May 13, 2026, First Beijing Investment Ltd increased its stake in Full Truck Alliance by 13,384,327 shares. The estimated trade value is $127.30 million, calculated using the average closing price for the first quarter of 2026. As a result, the quarter-end position’s value fell by $75.09 million, a change driven by both additional shares and stock price fluctuations.

What else to know

• The fund’s buy lifted its Full Truck Alliance stake to 32.22% of its 13F assets under management as of March 31, 2026

• Top holdings after the filing:

  • NASDAQ: PDD: $832.68 million (35.9% of AUM)

  • NYSE: EDU: $509.40 million (22.0% of AUM)

  • NYSE: RLX: $132.29 million (5.7% of AUM)

  • NASDAQ: LEGN: $41.54 million (1.8% of AUM)

  • NASDAQ: KSPI: $32.17 million (1.4% of AUM)

• As of May 15, 2026, Full Truck Alliance shares were priced at $8.66, down 30.6% over one year and lagging the S&P 500 by 55.82 percentage points

Company Overview

Company Snapshot

• Offers a digital freight platform connecting shippers with truckers, providing freight listing, matching, brokerage, online transaction services, and value-added solutions such as credit, insurance, toll, and energy services.

• Generates revenue primarily through transaction fees, value-added services, and technology development, leveraging a network-driven, platform-based business model.

• Targets shippers and truckers across China, serving logistics needs for businesses of varying sizes and cargo types.

Full Truck Alliance operates at scale as a leading digital freight platform in China, facilitating efficient connections between shippers and truckers. The company’s strategy centers on technology-driven logistics solutions and a broad suite of value-added services, enhancing its competitive position in the rapidly evolving transportation sector.

What this transaction means for investors

First Beijing Investment is not a diversified fund. After this buy, its top two positions — PDD Holdings and Full Truck Alliance — account for roughly 68% of its reported 13F assets. Adding 13.4 million YMM shares into a stock that’s down 29% over the prior year isn’t a contrarian signal so much as an expression of existing conviction: the fund has been in this trade and is staying in it. The position value still fell $75 million quarter-over-quarter despite the higher share count. That’s the math of buying into a declining stock — more shares, lower price, net value down. There’s no hidden accounting effect here. For investors watching this filing for a signal, the relevant question isn’t whether First Beijing likes YMM — clearly it does. It’s whether you share the thesis on a Chinese digital freight platform at a time when the stock is pricing in real doubt. First Beijing’s concentrated style means this filing reflects a deliberate, undiversified bet on a small set of Chinese ADRs. That’s context worth having before you follow institutional money into a position this size.

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Seena Hassouna has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Joint Stock Kaspi.kz and Legend Biotech. The Motley Fool has a disclosure policy.

With YMM Down 29%, First Beijing Bought 13 Million More Shares was originally published by The Motley Fool