SEC 13F Intelligence

Managers / Q1 2021 · 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
$2.5B
Q1 2021
Positions
21
Filings on Record
26
2019–present window
Filed
May 14, 2021
original filing

Summary

Aspex Management (Hk) Ltd reported $2.5B in U.S.-listed holdings across 21 positions for Q1 2021.

Its largest position, XPEV, represents 16.8% of the portfolio.

Compared with Q4 2020, the fund opened 3 new positions and exited 5.

Portfolio Metrics

Turnover
+20.3%
vs prior filed quarter
Top-10 Concentration
+84.7%
share of reported value
Largest Position
+16.8%
Xpeng
New / Exited
3 / 5
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: 71.7%Common Stock: 13.2%Other: 11.6%GLOBAL: 3.4%
  • ADR · 71.7% · $1.8B
  • Common Stock · 13.2% · $334M
  • Other · 11.6% · $293M
  • GLOBAL · 3.4% · $87M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ZHIHU INCNEW+3.90M3.90M+$32M$32M
NEW ORIENTAL ED & TECHNOLOGYNEW+762.7K762.7K+$11M$11M
MAGNUM OPUS ACQUISITION LTDNEW+991.4K991.4K+$10M$10M
YATSEN HLDG LTDADDED+3.08M3.58M+$36M$44M
MUMICRON TECHNOLOGY INCADDED+1.09M2.01M+$108M$177M
LVSLAS VEGAS SANDS CORPSOLD OUT−2.00M0−$119M$0
ZTOZTO EXPRESS CAYMAN INCSOLD OUT−1.80M0−$53M$0
MNSOMINISO GROUP HLDG LTDSOLD OUT−1.89M0−$50M$0

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

Holdings — Q1 2021

20 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1XPEVXPENG INChistory →ADS16.81%$425M11.63M
2JDJD.COM INChistory →SPON ADR CL A12.94%$327M3.87M
3GDSGDS HLDGS LTDhistory →SPONSORED ADS10.60%$268M3.30M
4QFIN360 DIGITECH INChistory →AMERICAN DEP9.43%$238M9.16M
5MUMICRON TECHNOLOGY INChistory →COM7.02%$177M2.01M
6HTHTHUAZHU GROUP LTDSPONSORED ADS · DEBT 3.000% 5/06.88%$174M51.82M
7LAM RESEARCH CORPCOM6.20%$156M262.9K
8BEKEKE HLDGS INChistory →SPONSORED ADS5.64%$142M2.50M
9PDDPINDUODUO INChistory →SPONSORED ADS5.18%$131M976.9K
10LILI AUTO INChistory →SPONSORED ADS3.96%$100M4.00M
11NIONIO INChistory →SPON ADS3.21%$81M2.08M
12SEA LTDDEBT 2.375%12/03.04%$77M30.00M
13IQIYI INCNOTE 2.000% 4/02.95%$75M80.70M
14NEW FRONTIER HEALTH CORPORD SHS1.83%$46M4.08M
15YATSEN HLDG LTDADS1.75%$44M3.58M
16ZHIHU INCADS1.25%$32M3.90M
17MOMO INCNOTE 1.250% 7/00.49%$12M14.00M
18NEW ORIENTAL ED & TECHNOLOGYSPON ADR0.42%$11M762.7K
19MAGNUM OPUS ACQUISITION LTDUNIT 06/03/20260.39%$10M991.4K
20NEW FRONTIER HEALTH CORP WW EXP 11/30/2020.02%$380,000162.5K

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 ↗.