Perseverance Asset Management International expanded its stake in NetEase (NTES) by 54.5% in the first quarter, taking a 170,000-share position worth about $19 million. The fund also opened a new position in Futu Holdings (FUTU) with 150,000 shares valued around $20.5 million, ranking it around the 10th largest holding. Conversely, Perseverance trimmed its exposure to H World Group (HTHT) by nearly 25%, leaving it as a major but second-largest position in the portfolio. It added 300,000 shares of Mosaic (MOS), marking a modest increase in a position that accounts for about 0.8% of the portfolio. Most significantly, the fund boosted its stake in PDD Holdings (PDD) by about 10% to 2,161,676 shares, making PDD the largest holding at roughly 24% of the portfolio. The moves illustrate a pattern of active rebalancing across multiple international tech and consumer stocks.