SEC 13F Intelligence

Managers / Q1 2020 · 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
$722M
Q1 2020
Positions
16
Filings on Record
26
2019–present window
Filed
May 15, 2020
original filing

Summary

Aspex Management (Hk) Ltd reported $722M in U.S.-listed holdings across 16 positions for Q1 2020.

The portfolio is heavily concentrated: JD alone accounts for 26.2% of reported value.

Compared with Q4 2019, the fund opened 7 new positions and exited 3.

Portfolio Metrics

Turnover
+31.3%
vs prior filed quarter
Top-10 Concentration
+76.9%
share of reported value
Largest Position
+26.2%
Jd Com
New / Exited
7 / 3
positions this quarter

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: 66.5%Common Stock: 17.0%ETP: 11.8%Other: 4.7%
  • ADR · 66.5% · $480M
  • Common Stock · 17.0% · $123M
  • ETP · 11.8% · $86M
  • Other · 4.7% · $34M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SMHVANECK VECTORS ETF TRNEW+730.0K730.0K+$86M$86M
GDSGDS HLDGS LTDNEW+1.12M1.12M+$65M$65M
PDDPINDUODUO INCNEW+1.65M1.65M+$59M$59M
MUMICRON TECHNOLOGY INCNEW+931.5K931.5K+$39M$39M
LVSLAS VEGAS SANDS CORPNEW+730.9K730.9K+$31M$31M
TSLATESLA INCNEW+40.0K40.0K+$21M$21M
VNET21VIANET GROUP INCNEW+1.33M1.33M+$18M$18M
SESEA LTDSOLD OUT−1.82M0−$73M$0

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

Holdings — Q1 2020

14 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1JDJD COM INChistory →SPON ADR CL A26.18%$189M4.67M
2GDSGDS HLDGS LTDhistory →SPONSORED ADS9.00%$65M1.12M
3PDDPINDUODUO INChistory →SPONSORED ADS8.24%$59M1.65M
4MUMICRON TECHNOLOGY INChistory →COM5.43%$39M931.5K
5QFIN360 FINANCE INChistory →ADS5.39%$39M4.86M
6ZTOZTO EXPRESS CAYMAN INChistory →SPONSORED ADS A5.03%$36M1.37M
7NEW FRONTIER HEALTH CORPORD SHS · W EXP 11/30/2024.68%$34M4.24M
8GOOSCANADA GOOSE HOLDINGS INChistory →SHS SUB VTG4.38%$32M1.59M
9LVSLAS VEGAS SANDS CORPhistory →COM4.30%$31M730.9K
10HTHTHUAZHU GROUP LTDhistory →SPONSORED ADS4.26%$31M1.07M
11LXLEXINFINTECH HLDGS LTDhistory →ADR3.18%$23M2.59M
12TSLATESLA INChistory →COM2.90%$21M40.0K
13SYSO YOUNG INTERNATIONAL INChistory →SPONSORED ADS2.63%$19M1.86M
14VNET21VIANET GROUP INChistory →SPONSORED ADS A2.56%$18M1.33M

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 ↗.