SEC 13F Intelligence

Managers / Q2 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
$815M
Q2 2020
Positions
13
Filings on Record
26
2019–present window
Filed
Aug 14, 2020
original filing

Summary

Aspex Management (Hk) Ltd reported $815M in U.S.-listed holdings across 13 positions for Q2 2020.

The portfolio is heavily concentrated: JD alone accounts for 27.6% of reported value.

Compared with Q1 2020, the fund opened 4 new positions and exited 7.

Portfolio Metrics

Turnover
+38.4%
vs prior filed quarter
Top-10 Concentration
+97.3%
share of reported value
Largest Position
+27.6%
Jd Com
New / Exited
4 / 7
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: 78.1%Common Stock: 17.8%Other: 4.2%
  • ADR · 78.1% · $636M
  • Common Stock · 17.8% · $145M
  • Other · 4.2% · $34M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
LAM RESEARCH CORPNEW+333.5K333.5K+$108M$108M
SESEA LTDNEW+187.4K187.4K+$20M$20M
MLCOMELCO RESORTS AND ENTMNT LTDNEW+906.0K906.0K+$14M$14M
BNRBURNING ROCK BIOTECH LTDNEW+292.4K292.4K+$8M$8M
GDSGDS HLDGS LTDADDED+1.55M2.67M+$148M$213M
SMHVANECK VECTORS ETF TRSOLD OUT−730.0K0−$86M$0
PDDPINDUODUO INCSOLD OUT−1.65M0−$59M$0
MUMICRON TECHNOLOGY INCSOLD OUT−931.5K0−$39M$0

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

Holdings — Q2 2020

13 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1JDJD COM INChistory →SPON ADR CL A27.65%$225M3.74M
2GDSGDS HLDGS LTDhistory →SPONSORED ADS26.08%$213M2.67M
3LAM RESEARCH CORPCOM13.23%$108M333.5K
4QFIN360 FINANCE INChistory →ADS7.79%$64M5.93M
5VNET21VIANET GROUP INChistory →SPONSORED ADS A4.92%$40M1.68M
6ZTOZTO EXPRESS CAYMAN INChistory →SPONSORED ADS A4.82%$39M1.07M
7GOOSCANADA GOOSE HOLDINGS INChistory →SHS SUB VTG4.52%$37M1.59M
8NEW FRONTIER HEALTH CORPORD SHS4.15%$34M4.08M
9SESEA LTDhistory →SPONSORED ADS2.47%$20M187.4K
10MLCOMELCO RESORTS AND ENTMNT LTDhistory →ADR1.73%$14M906.0K
11HTHTHUAZHU GROUP LTDhistory →SPONSORED ADS1.66%$14M385.8K
12BNRBURNING ROCK BIOTECH LTDSPONSORED ADS0.97%$8M292.4K
13NEW FRONTIER HEALTH CORP WW EXP 11/30/2020.03%$221,000162.5K

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 ↗.