RLX Technology (RLX): which funds own it
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Sections with a free account
4 concentrated managers hold it with a median weight of 3.0%.
Who owns RLX Technology?
RLX Technology trades in the U.S. through ADRs, certificates that represent shares of a non-U.S. company. Form 13F counts ADRs while the company reports ordinary shares, so we do not compute percentages. Holders reporting more than 5% of the ordinary shares to the SEC (Schedules 13D/13G): Ying (Kate) Wang, 51.2% (13G/A filed Mar 18, 2026). As of Jun 30, 2026, the largest ADR holders reported on Form 13F were First Beijing Investment (59.8 million ADRs), IDG China Venture Capital Fund V Associates (55.1 million ADRs) and Nomura Holdings (22.6 million ADRs).
Which institutions hold the most RLX Technology shares?
Per Form 13F filings as of Jun 30, 2026, in ADRs:
- 1. First Beijing Investment: 59.8 million ADRs
- 2. IDG China Venture Capital Fund V Associates: 55.1 million ADRs
- 3. Nomura Holdings: 22.6 million ADRs
- 4. Vanguard Capital Management: 20.9 million ADRs
- 5. OLP Capital Management: 13.3 million ADRs
- 6. BlackRock: 9.6 million ADRs
- 7. D. E. Shaw: 9.6 million ADRs
- 8. Aspex Management (HK): 7.9 million ADRs
- 9. Perseverance Asset Management International: 7.4 million ADRs
- 10. Oasis Management: 6.5 million ADRs
Sources:13G/A by Ying (Kate) Wang (Mar 18, 2026) ↗All of the company's proxy statements on EDGAR ↗
We hold 13D and 13G filings made since Dec 23, 2024: a holder above 5% that has not filed since then does not appear here.
RLX Technology revenue
RLX Technology reported annual revenue of $566.1 million for fiscal year 2025 (year ended December 31, 2025), according to its Form 20-F filed with the SEC (XBRL data).
Quarter flow (concentrated managers)
Change in managers (4 → 4): 0 opened · 0 exited = 0
Net flow in the quarter: −$0K (−80 shares) · bought $257K and sold $257KShares concentrated managers added minus those they cut, valued at the 13F quarter-end implied price, not each trade's price. It is a different measure from the change in managers: the two can have opposite signs.
The set of concentrated managers changed between quarters: with the set as it was then, 3 held it last quarter (the chart point); with today's set, 4 (the base for the change).
Concentrated managers holding it
- First Beijing Investment$114M4.7%
- OLP Capital ManagementIncreased$25.3M6.3%+0.1 pp
- Aspex Management (HK)$15.0M0.2%
- Perseverance Asset Management InternationalReduced$14.0M1.4%−0.0 pp
Up to 15, sorted by position value. The percentage is the weight in each manager's portfolio.
Other relevant holders
Filers with $100M or more in the stock that do not count as concentrated managers because of their type: they are left out of the counts, the consensus and the accumulation.
- IDG China Venture Capital Fund V AssociatesSingle-position portfolio$105M100.0%
Largest holders of RLX (all 13F filers)
- First Beijing Investmentconcentrated59.8 MInvestment firm · 3.86% of the company−308 K
- IDG China Venture Capital Fund V Associates55.1 MSingle-position portfolio · 3.56% of the company−2.1 M
- Nomura Holdings22.6 MBank or trading desk · 1.46% of the company+20.2 M
- Vanguard Capital Management20.9 MIndex manager · 1.35% of the company−547 K
- OLP Capital Managementconcentrated13.3 MInvestment firm · 0.86% of the company+135 K
- BlackRock9.6 MIndex manager · 0.62% of the company+110 K
- D. E. Shaw9.6 MQuant or multi-manager · 0.62% of the company−59 K
- Aspex Management (HK)concentrated7.9 MInvestment firm · 0.51% of the company0
- Perseverance Asset Management Internationalconcentrated7.4 MType not verified · 0.48% of the company−135 K
- Oasis Management6.5 MType not verified · 0.42% of the company0
- First Beijing Investmentconcentrated
- Shares
- 59.8 M
- Change
- −308 K
- % of the company
- 3.86%
See more
- Type
- Investment firm
- Value
- $114M
- IDG China Venture Capital Fund V Associates
- Shares
- 55.1 M
- Change
- −2.1 M
- % of the company
- 3.56%
See more
- Type
- Single-position portfolio
- Value
- $105M
- Shares
- 22.6 M
- Change
- +20.2 M
- % of the company
- 1.46%
See more
- Type
- Bank or trading desk
- Value
- $42.9M
- Shares
- 20.9 M
- Change
- −547 K
- % of the company
- 1.35%
See more
- Type
- Index manager
- Value
- $39.8M
- OLP Capital Managementconcentrated
- Shares
- 13.3 M
- Change
- +135 K
- % of the company
- 0.86%
See more
- Type
- Investment firm
- Value
- $25.3M
- Shares
- 9.6 M
- Change
- +110 K
- % of the company
- 0.62%
See more
- Type
- Index manager
- Value
- $18.3M
- Shares
- 9.6 M
- Change
- −59 K
- % of the company
- 0.62%
See more
- Type
- Quant or multi-manager
- Value
- $18.1M
- Aspex Management (HK)concentrated
- Shares
- 7.9 M
- Change
- 0
- % of the company
- 0.51%
See more
- Type
- Investment firm
- Value
- $15.0M
- Perseverance Asset Management Internationalconcentrated
- Shares
- 7.4 M
- Change
- −135 K
- % of the company
- 0.48%
See more
- Type
- Type not verified
- Value
- $14.0M
- Oasis Management
- Shares
- 6.5 M
- Change
- 0
- % of the company
- 0.42%
See more
- Type
- Type not verified
- Value
- $12.3M
The 10 13F filers with the most shares as of Jun 30, 2026, whatever their type (index firms usually come first). “Change”: shares added or cut versus the previous quarter, split-adjusted; “no data” = there is no comparable portfolio for the previous quarter (no filing, or a filing with its holdings under confidential treatment). “% of the company” only where shares outstanding are up to date. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. With a free account: the top 25, the largest buyers and the largest sellers.
Fundamentals
12-month figures to Dec 31, 2025 · balance sheet as of Dec 31, 2025.
- Operating margin
- 8.3%
- Net margin
- 23.3%
- ROE
- 5.9%
- Revenue (TTM)
- $566M
- Revenue growth
- 50.3%
- Net income (TTM)
- $132M
- Net debt / EBITDA
- −19.6x
- Free cash flow (TTM)
- $141M
- Quality vs sector
- 76/100
Net margin is above operating margin: net income includes gains that do not come from operations (for example, revaluation of investments). To judge the business, look at operating margin and free cash flow.
Figures from the statements the company filed with the SEC (10-K, 10-Q). Free cash flow = operating cash flow − capital expenditures; empty if the company does not report capex. “Quality vs sector”: 0 to 100, the average of its percentiles in ROE, operating margin, free-cash-flow margin, revenue and earnings growth and net debt / EBITDA (at least 3 needed) against companies in its sector above $300M. How each figure is calculated
Shares outstanding: buybacks and dilution
2025: 1.22 bn
- 1 year
- −5.0%
- 3 years
- −7.8%
- 5 years
- −14.8%
- Buybacks (FY 2025)
- $26.3M
- Share issuance
- no data
- Stock-based compensation
- $26.6M4.7% of revenue
- Dividends paid
- $13.1M
From the statements the company filed with the SEC (10-K). The change compares average diluted shares of each fiscal year, on today's basis: negative = it bought back more than it issued; positive = dilution. “No data” = the company does not report that item under a tag we can read; it does not mean zero.
Earnings quality and debt
64.4% of net income does not come from operations.
- Operating cash flow ÷ net income (12 months)
- 1.20
- Interest coverage (operating income ÷ interest)
- 51.4 timesfiscal 2025
- Debt due within 12 months
- $13.2M0.01 times cash and investments
From the figures the company filed with the SEC. Cash flow over net income near or above 1 means earnings are collected in cash; far below, that part is accounting. Coverage says how many times operating income pays the latest fiscal year's interest. Maturities come from the debt note of the latest annual report, counted from its closing date. “No data” never means zero.
Insiders (Form 4)
Open-market purchases, excluding 10b5-1 plans. Officers and directors only; joint filers of the same purchase count as one. 10% owners with no role are shown separately. 0 = nobody bought; “no data” = we do not have its Form 4 filings.
Each of the company's Form 4 filings, on EDGAR ↗Latest trades, with date and filing →
Above 5% (13D/13G)
Disclosed stakes, with their amendments. A filing is not always a purchase: there are also reductions and changes of filing entity.
This list may be incomplete: we hold 13D and 13G filings made since Dec 23, 2024. A holder above 5% that has not filed anything since then is not shown here.
- Ying (Kate) Wang51.2%13G · amendmentfiling ↗Event: Mar 18, 2026 · filed: Mar 18, 2026
Above 5% over time (13D/13G)
Each holder with its filings in order. History since December 2024.
This company filed no 8-K forms in the last year. Foreign companies listed in the US (ADRs) report material events on forms 6-K and 20-F, and ETFs and funds do not file 8-Ks. If it is a foreign company listed in the US through ADRs (American Depositary Receipts), what trades are bank-issued certificates that represent shares from its home market. See its filings on EDGAR ↗
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Same sector and a similar number of concentrated managers holding them. It is a list to keep exploring, not a recommendation.
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