About First Beijing

A Research-Driven, Fundamental Approach to Uncovering Value in China

First Beijing
At a glance

Since 2009

An early value-oriented investor in China

~30

Employees

12 Local Investment Professionals

Focused solely on China

Strong Alignment of Interest

Long-term partnership with clients

USD1.3 billion

of long-term-oriented assets under management

14 years

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.

Learn More

As a firm we place
significant emphasis on:

Integrity
  • Our reputation is the most treasured asset of the firm
  • We maintain a culture of prioritizing and aligning interests with our investors
Inclusion
  • We provide in-house, on-the-job training to a carefully vetted research team, which has resulted in a strong cohesive culture and extremely stable team
  • We create a meritocratic environment that encourages idea sharing, collaborative research and accountability of both successes and mistakes
Innovation
  • We are a learning organization; we continuously strive to uncover new information and be the most knowledgeable investor in the industries and companies we invest in
  • As a firm, we embrace new technologies to help us manage our business and stakeholder interests better

Significant Milestones

2005-2009

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.

May 2013

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.

July 2015

First analyst graduates from our program and Bill Wu joins the firm as Director of Research.

Aug 2016

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.

Aug 2017

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.

Mar 2018

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.

Apr 2019

First Beijing secures a large separate account mandate from a global top-5 sovereign wealth fund.

Feb 2020

AUM exceeds $1 billion for the first time. Investment team is now 16 strong covering approximately 2000 companies.

Sep 2020

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.

Jul 2021

First Beijing secures another separate account mandate from the world’s largest sovereign wealth fund.

Our Clients

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.

Terms of Use

IMPORTANT INFORMATION ABOUT USE OF THIS WEBSITE

Before entering, visiting, and using our webpage, you must represent and agree that you or the institution you represent is a Qualified Investor, which is (i) a Professional Investor Under Cap 571 of Hong Kong “Securities & Futures Ordinance” Schedule 1, each as amended, (ii) either an “accredited investor” as defined in Rule 501(a) of the Securities and Exchange Commission (“SEC”) Regulation D and a “qualified purchaser” or “knowledgeable employee,” as those terms are defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended (the “Company Act”), and Rule 2a51-1 thereunder, and Rule 3c-5 thereunder, respectively, (iii) the Qualified Investor as defined under the latest applicable People’s Republic of China (“PRC”) laws and regulations, or (iv) a person or entity who meets certain eligibility qualifications based upon your country of residence. If you or your organization is in any doubt about your qualification as a Qualified Investor, you should obtain independent professional legal advice.

The term “website,” as used on this page, includes all information and materials issued and published by First Beijing Investment Limited (“First Beijing” or the “Company”). If you continue to read and access the information presented on this website, you will be deemed to have declared and agreed you are a “Qualified Investor” and that you will comply with the following terms and conditions. If you do not agree to the following terms and conditions, please do not enter, access, or use this website.

GENERAL

First Beijing (CE Number: BAL194) is licensed and regulated by the Securities and Futures Commission (hereinafter referred to as the “SFC”) to conduct Type 9 (Asset Management) regulated activities in Hong Kong. First Beijing also reports to the US Securities Exchange Commission (hereinafter referred to as the “SEC”) as an Exempt Reporting Adviser.

This website and the information, tools, and materials contained in here have not been approved by the SFC or the SEC. The above-mentioned regulatory statuses do not imply a certain level of skill or training.

This website is not directed at, or intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to the laws or regulation or which would subject First Beijing or its affiliates to any registration requirement within such jurisdiction or country. Persons in respect of whom such prohibitions apply must not access this website. It may be unlawful to access or download the information contained in the website in certain jurisdictions, and, to the greatest extent permitted by law, we disclaim all responsibility if you access or download any information from the website in breach of any law or regulation of the jurisdiction in which you reside or are then present. By proceeding, you are representing and warranting that the applicable laws and regulations of your jurisdiction allow you to access the information of the website.

NO OFFER

The information, tools, and materials described on this website are for general information only and should not be considered a solicitation or an offer to buy or sell any securities, funds, or other financial instruments. Any potential investments associated with this website may not be offered, sold, redeemed or transferred to you and your location. In addition, the offer and sales of any fund shares in certain jurisdictions may be restricted by law.

NO ADVICE

The information provided on this website does not constitute investment, accounting, legal or tax advice, and investors should not rely on the information provided by this website to make investment decisions.

RISK OF INVESTMENT

Investing in a fund or a security involves risks. Investors should review the fund’s offering documents in order to obtain further information and understand the risk factors of the investment, as well as consult with one’s own counsel and advisors as to all legal, tax, regulatory, financial and related matters concerning an investment. Past performance does not guarantee future results. First Beijing does not guarantee the performance of any investment, the return of an investor’s principal or the achievement of any rate of return.

Investment in any of the funds and/or strategies described on the website carries substantial risk, including the possible loss of principal. There is no guarantee that the investment objectives of the funds and/or strategies will be achieved and returns may vary significantly over time. Investment in the funds and/or strategies described on the website is not suitable for all investors. You should only invest in a fund after you have thoroughly reviewed the offering documents, in particular, the risk disclosures specific to the fund, and carefully considered the relevant investment objectives, risks, charges and fees. You may wish to consult your own financial, tax, and legal advisers for personal and specific investment advice before investing.

NO WARRANTIES

The Company believes the information contained in this website is reliable, and the Company endeavors to process the information contained in this website carefully, but the Company cannot guarantee and is not responsible for the accuracy, adequacy, completeness, and suitability of the information.

First Beijing does not warrant and is not responsible for the safety, correctness, and non-interruption of the services of this website. You agree by using this website that you voluntarily assume all risks of using this website and that you are responsible for any damages that may result from such risks when using this website. The Company shall not be liable for any loss of data due to technical failure (such as transmission errors, technical defects, or third-party cyber-attack, etc.).

The contents of this website will be updated or revised regularly. The Company does not warrant or guarantee the timeliness of information updates to this website. The Company reserves the right to delete or modify the information of this website without any prior notice.

The Company and its directors and employees will not be liable for any direct or indirect damages arising from your access or use of this website or the inability to access or use this website.

The Company shall possess and reserve all the rights of other relevant disclaimers under the relevant laws and regulations.

PROHIBITED USE

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