First Beijing Investment Ltd Takes Stake in Legend Biotech Amid Hyper-Concentrated Portfolio
The new position represents 1.79% of the fund’s reportable assets, adding a small biotech exposure to a book dominated by Chinese technology and consumer stocks.
First Beijing Investment Ltd disclosed a new position in Legend Biotech in an SEC filing dated May 13, 2026, acquiring 2,296,335 shares during the first quarter of the year. The estimated transaction value was $43.78 million, calculated using the average quarterly closing price. At the end of the quarter, the position was valued at $41.54 million, reflecting both purchase activity and share price movements during the period.
The stake represents 1.79% of First Beijing Investment Ltd’s 13F reportable assets under management. This allocation places Legend Biotech outside the fund’s top five holdings, indicating a peripheral rather than central role in the portfolio. The fund is known for a hyper-concentrated strategy, with its top three holdings—PDD, YMM, and EDU—comprising approximately 90% of its assets.
Legend Biotech is a clinical-stage biopharmaceutical company developing cell therapies for cancer. Its lead product candidate is a CAR-T therapy for multiple myeloma, developed in collaboration with Janssen Biotech for ciltacabtagene autoleucel. The company generates revenue through the development and licensing of its cell therapy portfolio, targeting oncology patients and pharmaceutical partners in the United States, China, and international markets.
As of May 15, 2026, Legend Biotech shares were trading at $27.55. The stock had declined 0.5% over the prior year and underperformed the S&P 500 by 25.7 percentage points. The acquisition occurred after the shares had given back meaningful ground, suggesting the fund entered the position at a depressed price point.
The move signals a minor expansion into the biotechnology sector for a fund typically focused on Chinese tech and consumer names. While the filing confirms the purchase, it does not disclose the fund’s specific investment thesis or target valuation. The position remains small relative to the fund’s overall size and concentrated core holdings.
