SEC 13F Intelligence

Managers / Q4 2019 · view latest →

Aspex Management (HK) Ltd

CIK 0001768375 · 16TH FLOOR, ST. GEORGE'S BUILDING, 2 ICE HOUSE STREET, CENTRAL, K3, NA · 852-34684160

Reported Value
$550M
Q4 2019
Positions
12
Filings on Record
26
2019–present window
Filed
Feb 5, 2020
original filing

Summary

Aspex Management (Hk) Ltd reported $550M in U.S.-listed holdings across 12 positions for Q4 2019.

The portfolio is heavily concentrated: JD alone accounts for 27.8% of reported value.

Portfolio Metrics

Top-10 Concentration
+96.4%
share of reported value
Largest Position
+27.8%
Jd Com

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’19: $550MQ4 ’19Q1 ’20: $722MQ2 ’20: $815MQ3 ’20: $1.6BQ4 ’20: $2.5BQ4 ’20Q1 ’21: $2.5BQ2 ’21: $3.1BQ3 ’21: $3.0BQ4 ’21: $3.3BQ4 ’21Q1 ’22: $2.5BQ2 ’22: $4.0BQ3 ’22: $3.4BQ1 ’23: $4.1BQ1 ’23Q2 ’23: $3.4BQ3 ’23: $3.2BQ4 ’23: $3.4BQ1 ’24: $3.7BQ1 ’24Q2 ’24: $4.7BQ3 ’24: $3.8BQ4 ’24: $3.7BQ1 ’25: $3.9BQ1 ’25Q2 ’25: $4.6BQ3 ’25: $4.7BQ4 ’25: $4.9BQ1 ’26: $6.9BQ1 ’26filingsflow.com

Portfolio Composition

By security type
ADR: 77.2%Common Stock: 17.8%Other: 5.0%
  • ADR · 77.2% · $425M
  • Common Stock · 17.8% · $98M
  • Other · 5.0% · $28M

Quarter-over-Quarter Changes full breakdown →

IssuerMoveShare ΔShares nowValue ΔValue now
JDJD COM INCNEW+4.34M4.34M+$153M$153M
SESEA LTDNEW+1.82M1.82M+$73M$73M
HTHTHUAZHU GROUP LTDNEW+1.39M1.39M+$56M$56M
ACTIVISION BLIZZARD INCNEW+901.0K901.0K+$54M$54M
GOOSCANADA GOOSE HOLDINGS INCNEW+1.22M1.22M+$44M$44M
ZTOZTO EXPRESS CAYMAN INCNEW+1.47M1.47M+$34M$34M
LXLEXINFINTECH HLDGS LTDNEW+2.38M2.38M+$33M$33M
QFIN360 FINANCE INCNEW+3.29M3.29M+$32M$32M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2019

11 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1JDJD COM INChistory →SPON ADR CL A27.80%$153M4.34M
2SESEA LTDhistory →SPONSORED ADS13.33%$73M1.82M
3HTHTHUAZHU GROUP LTDhistory →SPONSORED ADS10.12%$56M1.39M
4ACTIVISION BLIZZARD INCCOM9.74%$54M901.0K
5GOOSCANADA GOOSE HOLDINGS INChistory →SHS SUB VTG8.04%$44M1.22M
6ZTOZTO EXPRESS CAYMAN INChistory →SPONSORED ADS A6.22%$34M1.47M
7LXLEXINFINTECH HLDGS LTDhistory →ADR6.00%$33M2.38M
8QFIN360 FINANCE INChistory →ADS5.84%$32M3.29M
9NEW FRONTIER HEALTH CORPORD SHS · W EXP 11/30/2025.01%$28M2.89M
10SYSO YOUNG INTERNATIONAL INChistory →SPONSORED ADS4.31%$24M1.94M
11GOTUGSX TECHEDU INChistory →SPONSORED ADS3.58%$20M900.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$6.9B30May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$4.9B25Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$4.7B27Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$4.6B28Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$3.9B30May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$3.7B32Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$3.8B30Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$4.7B37Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$3.7B35May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$3.4B35Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$3.2B30Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$3.4B30Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$4.1B35May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review31Feb 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$3.4B29Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$4.0B30Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$2.5B27May 9, 202213F-HRchanges · EDGAR ↗
Q4 2021$3.3B26Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$3.0B27Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$3.1B24Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$2.5B21May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$2.5B23Feb 11, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.6B18Nov 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$815M13Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$722M16May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$550M12Feb 5, 202013F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.