About First Beijing
A Research-Driven, Fundamental Approach to Uncovering Value in China
At a glance
An early value-oriented investor in China
18 Local Investment Professionals
Focused solely on China
Strong Alignment of Interest
Long-term partnership with clients
of long-term-oriented assets under management
of generating consistent alpha
1. Leverage a research-intensive and value-oriented approach
By leveraging a research-intensive, value-oriented approach, we identify undervalued and misunderstood companies that either derive most of their revenue from or maintain most of their assets in mainland China. We focus on a single strategy to avoid distractions from the market.
2. Focus on long-term investment strategy to deliver attractive returns
We invest in companies which we believe are shareholder-friendly and will deliver attractive returns over a long-term investment timeframe. Our on-the-ground local team and long-term perspective enables us to develop an unparalleled understanding of businesses, allowing us to think differently and take a contrarian view when the opportunity arises.
3. Highly concentrated portfolio
We seek to build concentrated positions in our most compelling investment ideas in order to generate alpha. As a result, our top ten holdings generally represent the majority of our total exposure.
Sean Huang worked at First Manhattan from 2005-2007. The First Beijing is launched with seed capital from the First Beijing team and affiliates in Dec 2009.
Inaugural Research Analyst program. Out of 20 passionate and bright applicants from Peking University, we accept 3. After three years of investing seed capital, First Beijing opens the fund to a select group of clients.
First analyst graduates from our program and Bill Wu joins the firm as Director of Research.
First Beijing successfully completes their tenth biannual investor/client visit to China; First Beijing has facilitated in-person meetings for clients during these visits with over 100 leading Chinese entrepreneurs.
The firm has a partial exit of top holding Seazen Group, netting profits close to 10x the original cost. The investment team is now 8 strong with 5 analysts having graduated from the junior researcher program.
The first time a top-5 holding position (BiliBili) is proposed by an analyst; the firm invests in the IPO and becomes one of the earliest institutional investors in the public stock.
First Beijing secures a large separate account mandate from a global top-5 sovereign wealth fund.
AUM exceeds $1 billion for the first time. Investment team is now 16 strong covering approximately 2000 companies.
First Beijing hires Thomas Wong for the role of Head of Investor Relations as part of the firm’s long-term commitment to provide best-in-class communication and transparency to investors.
First Beijing secures another separate account mandate from the world’s largest sovereign wealth fund.
We endeavor to build meaningful client relationships. We target clients seeking long-term value, and we are fortunate to have long-term, patient investors who have invested more capital during drawdown periods.