% of shares outstanding not shown: this line files 20-F annual reports only — a foreign private issuer whose US listing trades as ADSs (depositary receipts), while its cover-page share count is in ORDINARY shares. The depositary ratio is not in our data. The count we hold for this line is 1,548,940,307 shares (as of 2026-03-31, source dei). Dividing one by the other is wrong by the whole ratio (a 5:1 ADR reads one fifth of the true percentage), so the percentage is withheld rather than served wrong. Holder share counts are shown as filed.
Crowding percentile withheld — no market cap for RLX in the served universe — the cohort is size-matched, and an unmatched percentile would compare a micro-cap register to a mega-cap one.
| # | Holder | Shares | Value | % of shares out | Δ QoQ |
|---|---|---|---|---|---|
| 1 | First Beijing Investment Ltd | 60,129,67160.1M | $132M | — | TRIM -4% |
| 2 | IDG China Venture Capital Fund V Associates L.P. | 57,133,00357.1M | $126M | — | TRIM -4% |
| 3 | OLP CAPITAL MANAGEMENT Ltd | 26,375,43026.4M | $58M | — | NEW |
| 4 | VANGUARD CAPITAL MANAGEMENT LLC | 21,472,05221.5M | $47M | — | NEW |
| 5 | D. E. Shaw & Co., Inc. | 9,609,9859.6M | $21M | — | — |
| 6 | BlackRock, Inc. | 9,524,8879.5M | $21M | — | ADD 6% |
| 7 | Aspex Management (HK) Ltd | 7,901,1727.9M | $17M | — | — |
| 8 | Perseverance Asset Management International | 7,495,8627.5M | $16M | — | TRIM -4% |
| 9 | Oasis Management Co Ltd. | 6,497,6006.5M | $14M | — | — |
| 10 | BARCLAYS PLC | 6,048,5506.0M | $13M | — | — |
| 11 | MORGAN STANLEY | 5,768,1075.8M | $13M | — | TRIM -8% |
| 12 | VANGUARD FIDUCIARY TRUST CO | 5,617,4195.6M | $12M | — | NEW |
| 13 | Pictet Asset Management Holding SA | 3,752,3443.8M | $8M | — | ADD 1518% |
| 14 | STATE STREET CORP | 3,327,6603.3M | $7M | — | — |
| 15 | CITADEL ADVISORS LLC | 3,166,6103.2M | $7M | — | ADD 124% |
| 16 | ACADIAN ASSET MANAGEMENT LLC | 3,061,4413.1M | $7M | — | ADD 2764% |
| 17 | MARSHALL WACE, LLP | 2,636,6582.6M | $6M | — | ADD 344% |
| 18 | BANK OF AMERICA CORP /DE/ | 2,449,7082.4M | $5M | — | ADD 113% |
| 19 | NOMURA HOLDINGS INC | 2,362,2092.4M | $5M | — | TRIM -49% |
| 20 | GOLDMAN SACHS GROUP INC | 2,208,7022.2M | $5M | — | TRIM -5% |
| 21 | Connor, Clark & Lunn Investment Management Ltd. | 2,159,7892.2M | $5M | — | ADD 5% |
| 22 | CAPITOLIS LIQUID GLOBAL MARKETS LLC | 1,510,2001.5M | $3M | — | NEW |
| 23 | UBS Group AG | 1,315,3621.3M | $3M | — | TRIM -27% |
| 24 | VANGUARD ASSET MANAGEMENT, Ltd | 1,001,0031.0M | $2M | — | NEW |
| 25 | RENAISSANCE TECHNOLOGIES LLC | 898,360898,360 | $2M | — | NEW |
| 26 | CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 865,133865,133 | $2M | — | — |
| 27 | Legal & General Group Plc | 826,133826,133 | $2M | — | TRIM -6% |
| 28 | Assenagon Asset Management S.A. | 751,997751,997 | $2M | — | TRIM -10% |
| 29 | TWO SIGMA INVESTMENTS, LP | 627,823627,823 | $1M | — | ADD 31% |
| 30 | NORTHERN TRUST CORP | 620,606620,606 | $1M | — | TRIM -8% |
| 31 | GSA CAPITAL PARTNERS LLP | 595,034595,034 | $1M | — | ADD 27% |
| 32 | BNP PARIBAS FINANCIAL MARKETS | 579,700579,700 | $1M | — | ADD 49% |
| 33 | MACKENZIE FINANCIAL CORP | 528,675528,675 | $1M | — | TRIM -87% |
| 34 | Invesco Ltd. | 508,391508,391 | $1M | — | TRIM -3% |
| 35 | ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 507,857507,857 | $1M | — | TRIM -42% |
| 36 | FRANKLIN RESOURCES INC | 452,866452,866 | $996,305 | — | TRIM -11% |
| 37 | PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | 372,244372,244 | $818,937 | — | TRIM -2% |
| 38 | Police & Firemen's Retirement System of New Jersey | 363,833363,833 | $800,433 | — | ADD 299% |
| 39 | MILLENNIUM MANAGEMENT LLC | 350,479350,479 | $771,054 | — | ADD 69% |
| 40 | Susquehanna Portfolio Strategies, LLC | 333,624333,624 | $733,973 | — | TRIM -31% |
| 41 | SEI INVESTMENTS CO | 312,471312,471 | $687,436 | — | NEW |
| 42 | HighVista Strategies LLC | 311,700311,700 | $685,740 | — | NEW |
| 43 | Bank of New York Mellon Corp | 290,215290,215 | $638,474 | — | — |
| 44 | JANE STREET GROUP, LLC | 289,848289,848 | $637,665 | — | TRIM -88% |
| 45 | COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | 257,918257,918 | $567,420 | — | NEW |
| 46 | US BANCORP \DE\ | 257,494257,494 | $566,487 | — | ADD 1763% |
| 47 | GEODE CAPITAL MANAGEMENT, LLC | 251,178251,178 | $552,590 | — | ADD 34% |
| 48 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 226,839226,839 | $499,046 | — | ADD 13740% |
| 49 | Nuveen, LLC | 208,700208,700 | $459,140 | — | — |
| 50 | SUSQUEHANNA INTERNATIONAL GROUP, LLP | 206,009206,009 | $453,220 | — | TRIM -37% |
| 51 | GUGGENHEIM CAPITAL LLC | 199,703199,703 | $439,347 | — | NEW |
| 52 | XTX Topco Ltd | 191,123191,123 | $420,471 | — | TRIM -51% |
| 53 | Point72 Asset Management, L.P. | 179,295179,295 | $394,449 | — | NEW |
| 54 | HRT FINANCIAL LP | 164,406164,406 | $361,000 | — | ADD 25% |
| 55 | JPMORGAN CHASE & CO | 142,011142,011 | $303,904 | — | TRIM -86% |
| 56 | Polymer Capital Management (HK) LTD | 116,842116,842 | $257,052 | — | ADD 18% |
| 57 | Vident Advisory, LLC | 98,97098,970 | $217,735 | — | ADD 7% |
| 58 | ALLIANCEBERNSTEIN L.P. | 87,50387,503 | $203,882 | — | — |
| 59 | NEW YORK STATE COMMON RETIREMENT FUND | 91,21891,218 | $200,680 | — | NEW |
| 60 | Russell Investments Group, Ltd. | 90,02490,024 | $198,052 | — | TRIM -22% |
| 61 | Schonfeld Strategic Advisors LLC | 68,22068,220 | $150,083 | — | ADD 511% |
| 62 | Creative Planning | 66,40966,409 | $146,100 | — | TRIM -2% |
| 63 | SIGNATUREFD, LLC | 55,58255,582 | $122,280 | — | TRIM -4% |
| 64 | Headlands Technologies LLC | 55,12955,129 | $121,284 | — | ADD 335% |
| 65 | QUADRANT CAPITAL GROUP LLC | 47,53547,535 | $104,577 | — | TRIM -5% |
| 66 | SIMPLEX TRADING, LLC | 47,47047,470 | $104,434 | — | TRIM -86% |
| 67 | GROUP ONE TRADING LLC | 46,62146,621 | $102,566 | — | NEW |
| 68 | WINTON GROUP Ltd | 42,46742,467 | $93,427 | — | NEW |
| 69 | Vanguard Personalized Indexing Management, LLC | 41,23941,239 | $90,726 | — | TRIM -8% |
| 70 | Squarepoint Ops LLC | 40,49340,493 | $89,085 | — | TRIM -76% |
| 71 | HSBC HOLDINGS PLC | 40,25740,257 | $88,565 | — | TRIM -50% |
| 72 | Vanguard Investments Australia, Ltd. | 37,13137,131 | $81,688 | — | NEW |
| 73 | AXQ CAPITAL, LP | 35,25335,253 | $77,557 | — | ADD 172% |
| 74 | Virtu Financial LLC | 33,76833,768 | $74,000 | — | NEW |
| 75 | PCM Encore, LLC | 32,75032,750 | $72,050 | — | — |
| 76 | Centiva Capital, LP | 32,66832,668 | $71,870 | — | ADD 51% |
| 77 | LPL Financial LLC | 28,89128,891 | $63,560 | — | NEW |
| 78 | Numerai GP LLC | 28,08628,086 | $61,789 | — | TRIM -53% |
| 79 | Mariner, LLC | 22,94922,949 | $50,489 | — | TRIM -99% |
| 80 | Parallel Advisors, LLC | 16,56116,561 | $36,434 | — | — |
| 81 | DIMENSIONAL FUND ADVISORS LP | 14,56914,569 | $32,052 | — | NEW |
| 82 | INSIGNEO ADVISORY SERVICES, LLC | 12,49812,498 | $27,496 | — | — |
| 83 | AQR CAPITAL MANAGEMENT LLC | 12,73812,738 | $27,259 | — | NEW |
| 84 | SmartHarvest Portfolios, LLC | 12,32312,323 | $27,111 | — | TRIM -28% |
| 85 | Ballentine Partners, LLC | 11,24811,248 | $24,746 | — | — |
| 86 | RHUMBLINE ADVISERS | 11,02311,023 | $24,250 | — | — |
| 87 | Quadrature Capital Ltd | 10,28410,284 | $22,625 | — | NEW |
| 88 | ROYAL BANK OF CANADA | 10,09210,092 | $22,000 | — | ADD 71% |
| 89 | EverSource Wealth Advisors, LLC | 8,1968,196 | $18,031 | — | ADD 47% |
| 90 | Caitong International Asset Management Co., Ltd | 6,6536,653 | $14,637 | — | ADD 42% |
| 91 | Westside Investment Management, Inc. | 4,5844,584 | $10,038 | — | — |
| 92 | SBI Securities Co., Ltd. | 3,0833,083 | $6,783 | — | ADD 108% |
| 93 | Allworth Financial LP | 3,0573,057 | $6,726 | — | — |
| 94 | Arax Advisory Partners | 2,3462,346 | $5,161 | — | TRIM -64% |
| 95 | Rockefeller Capital Management L.P. | 1,8081,808 | $3,978 | — | NEW |
| 96 | ASSETMARK, INC | 1,3481,348 | $2,966 | — | ADD 115% |
| 97 | BESSEMER GROUP INC | 685685 | $2,000 | — | ADD 320% |
| 98 | FMR LLC | 639639 | $1,406 | — | — |
| 99 | PRIVATE TRUST CO NA | 522522 | $1,148 | — | NEW |
| 100 | Physician Wealth Advisors, Inc. | 437437 | $962 | — | NEW |
Rows rank by the value each filer reported — 13F filers price their own positions, so a holder with fewer shares can rank just above one with more.
| Holder | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| First Beijing Investment Ltd | 23.4M | 41.0M | 62.9M | 62.9M | 62.9M | 60.1M | $132M |
| IDG China Venture Capital Fund V Associates L.P. | 60.1M | 60.1M | 60.1M | 60.1M | 59.3M | 57.1M | $126M |
| OLP CAPITAL MANAGEMENT Ltd | — | — | — | — | — | 26.4M | $58M |
| VANGUARD CAPITAL MANAGEMENT LLC | — | — | — | — | — | 21.5M | $47M |
| D. E. Shaw & Co., Inc. | 2.1M | 4.4M | 6.0M | 9.9M | 9.4M | 9.6M | $21M |
| BlackRock, Inc. | 10.1M | 9.4M | 8.9M | 9.0M | 9.0M | 9.5M | $21M |
| Aspex Management (HK) Ltd | 12.1M | 12.1M | 12.1M | 7.9M | 7.9M | 7.9M | $17M |
| Perseverance Asset Management International | 11.5M | 8.7M | 6.6M | 7.5M | 7.8M | 7.5M | $16M |
| Oasis Management Co Ltd. | 5.6M | 5.7M | 6.0M | 6.3M | 6.5M | 6.5M | $14M |
| BARCLAYS PLC | 5.7M | 6.3M | 6.2M | 6.1M | 6.0M | 6.0M | $13M |
| MORGAN STANLEY | 4.6M | 5.6M | 4.1M | 6.9M | 6.3M | 5.8M | $13M |
| VANGUARD FIDUCIARY TRUST CO | — | — | — | — | — | 5.6M | $12M |
| Pictet Asset Management Holding SA | 243K | 261K | 198K | 198K | 232K | 3.8M | $8M |
| STATE STREET CORP | 5.3M | 3.6M | 3.5M | 3.1M | 3.3M | 3.3M | $7M |
| CITADEL ADVISORS LLC | 5.8M | 2.7M | 2.4M | 2.5M | 1.4M | 3.2M | $7M |
Shares reported each quarter by the largest current holders. Green = added vs the prior filing, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
Holder count only — too few computable %-of-shares-outstanding quarters for a % pane. Line breaks are quarters with no 13F record, never interpolated.
Short interest has its own tab now — open SI →
Source: SEC Form 13F — every institution manager (≥ $100M in 13F securities) reporting a long US-listed position, across ~10,250 filers over 10 years of history. 13F is long-only, US-listed, filed up to 45 days after quarter-end.
| Biggest buyers | Δ shares | Δ value | |
|---|---|---|---|
| OLP CAPITAL MANAGEMENT Ltd | +26,375,430 | $58M | OPEN |
| VANGUARD CAPITAL MANAGEMENT LLC | +21,472,052 | $47M | OPEN |
| VANGUARD FIDUCIARY TRUST CO | +5,617,419 | $12M | OPEN |
| Pictet Asset Management Holding SA | +3,520,377 | $8M | ADD |
| ACADIAN ASSET MANAGEMENT LLC | +2,954,529 | $6M | ADD |
| Biggest sellers | Δ shares | Δ value | |
|---|---|---|---|
| VANGUARD GROUP INC | −27,144,029 | $60M | CLOSE |
| MACKENZIE FINANCIAL CORP | −3,689,942 | $8M | TRIM |
| First Beijing Investment Ltd | −2,734,753 | $6M | TRIM |
| NOMURA HOLDINGS INC | −2,289,602 | $5M | TRIM |
| IDG China Venture Capital Fund V Associates L.P. | −2,199,619 | $5M | TRIM |
The 2025-Q4 register is as-filed in ITS OWN share basis; every count below was rebased into the 2026-Q1 basis (no split in between, factor 1). Dollar figures value the SHARE delta at one price — the 2026-03-31 close — rather than differencing two filings' own reported values, which would mix the quarter's price move into the trade figure.
13Fs disclose LONG US-listed positions only — shorts, most derivatives, bonds and non-US listings are invisible here, and a filer's quarter-over-quarter change is not necessarily a trade (index rebalances, in-kind transfers and entity successions all read as flow).
| Quarter | Holders | Shares held | % shares out | Value held |
|---|
| 2026-Q1 | 102 | 266,629,558 | — | $587M |
| 2025-Q4 | 98 | 246,821,611 | — | $575M |
| 2025-Q3 | 91 | 253,050,051 | — | $666M |
| 2025-Q2 | 96 | 267,819,816 | — | $592M |
| 2025-Q1 | 96 | 267,911,544 | — | $504M |
| 2024-Q4 | 105 | 261,685,537 | — | $565M |
| 2024-Q3 | 103 | 283,999,951 | — | $514M |
| 2024-Q2 | 94 | 296,755,446 | — | $546M |
| 2024-Q1 | 87 | 316,004,548 | — | $603M |
| 2023-Q4 | 94 | 338,057,436 | — | $676M |
| 2023-Q3 | 93 | 338,680,721 | — | $511M |
| 2023-Q2 | 101 | 356,175,628 | — | $631M |
| 2023-Q1 | 102 | 323,179,101 | — | $937M |
| 2022-Q4 | 111 | 285,500,561 | — | $657M |
| 2022-Q3 | 111 | 266,619,134 | — | $217M |
| 2022-Q2 | 112 | 278,965,073 | — | $466M |
| 2022-Q1 | 113 | 290,376,927 | — | $413M |
| 2021-Q4 | 119 | 278,153,634 | — | $851M |
| 2021-Q3 | 100 | 212,452,192 | — | $960M |
| 2021-Q2 | 97 | 82,423,918 | — | $718M |
| 2021-Q1 | 111 | 75,487,758 | — | $791M |
