SEC 13F Intelligence

Managers / Q3 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
$1.6B
Q3 2020
Positions
18
Filings on Record
26
2019–present window
Filed
Nov 13, 2020
original filing

Summary

Aspex Management (Hk) Ltd reported $1.6B in U.S.-listed holdings across 18 positions for Q3 2020.

The portfolio is heavily concentrated: JD alone accounts for 20.2% of reported value.

Compared with Q2 2020, the fund opened 8 new positions and exited 3.

Portfolio Metrics

Turnover
+11.2%
vs prior filed quarter
Top-10 Concentration
+90.8%
share of reported value
Largest Position
+20.2%
Jd Com
New / Exited
8 / 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: 72.5%Common Stock: 17.3%GLOBAL: 8.2%Other: 2.0%
  • ADR · 72.5% · $1.1B
  • Common Stock · 17.3% · $270M
  • GLOBAL · 8.2% · $127M
  • Other · 2.0% · $31M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
XPEVXPENG INCNEW+10.38M10.38M+$208M$208M
BEKEKE HLDGS INCNEW+2.11M2.11M+$130M$130M
LVSLAS VEGAS SANDS CORPNEW+2.53M2.53M+$118M$118M
IQIYI INCNEW+120.70M120.70M+$116M$116M
NIONIO INCNEW+4.00M4.00M+$85M$85M
MUMICRON TECHNOLOGY INCNEW+1.48M1.48M+$69M$69M
MOMO INCNEW+14.00M14.00M+$11M$11M
BZUNBAOZUN INCNEW+89.9K89.9K+$3M$3M

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

Holdings — Q3 2020

18 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1JDJD.COM INChistory →SPON ADR CL A20.19%$314M4.05M
2XPEVXPENG INChistory →ADS13.37%$208M10.38M
3GDSGDS HLDGS LTDhistory →SPONSORED ADS12.61%$196M2.40M
4BEKEKE HLDGS INChistory →SPONSORED ADS8.31%$130M2.11M
5LVSLAS VEGAS SANDS CORPhistory →COM7.57%$118M2.53M
6IQIYI INCNOTE 2.000% 4/07.46%$116M120.70M
7QFIN360 DIGITECH INChistory →AMERICAN DEP6.11%$95M7.98M
8NIONIO INChistory →SPON ADS5.45%$85M4.00M
9LAM RESEARCH CORPCOM5.33%$83M250.1K
10MUMICRON TECHNOLOGY INChistory →COM4.45%$69M1.48M
11VNET21VIANET GROUP INChistory →SPONSORED ADS A2.15%$34M1.45M
12NEW FRONTIER HEALTH CORPORD SHS2.00%$31M4.08M
13ZTOZTO EXPRESS CAYMAN INChistory →SPONSORED ADS A1.81%$28M943.0K
14HTHTHUAZHU GROUP LTDhistory →SPONSORED ADS1.80%$28M650.0K
15MOMO INCNOTE 1.250% 7/00.71%$11M14.00M
16BNRBURNING ROCK BIOTECH LTDSPONSORED ADS0.47%$7M292.4K
17BZUNBAOZUN INCSPONSORED ADR0.19%$3M89.9K
18NEW FRONTIER HEALTH CORP WW EXP 11/30/2020.02%$286,000162.5K

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 ↗.