SEC 13F Intelligence

Managers / Q3 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
$3.0B
Q3 2021
Positions
27
Filings on Record
26
2019–present window
Filed
Nov 12, 2021
original filing

Summary

Aspex Management (Hk) Ltd reported $3.0B in U.S.-listed holdings across 27 positions for Q3 2021.

Its largest position, JD, represents 15.5% of the portfolio.

Compared with Q2 2021, the fund opened 6 new positions and exited 3.

Portfolio Metrics

Turnover
+23.1%
vs prior filed quarter
Top-10 Concentration
+79.4%
share of reported value
Largest Position
+15.5%
Jd Com
New / Exited
6 / 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: 73.9%Common Stock: 12.4%US DOMESTIC: 5.7%Other: 5.3%GLOBAL: 2.8%
  • ADR · 73.9% · $2.2B
  • Common Stock · 12.4% · $371M
  • US DOMESTIC · 5.7% · $172M
  • Other · 5.3% · $159M
  • GLOBAL · 2.8% · $83M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
NTESNETEASE INCNEW+2.92M2.92M+$249M$249M
ZTOZTO EXPRESS CAYMAN INCNEW+5.86M5.86M+$180M$180M
SEA LTDNEW+30.00M30.00M+$106M$106M
HUAZHU GROUP LTDNEW+50.00M50.00M+$65M$65M
VICARIOUS SURGICAL INCNEW+2.60M2.60M+$39M$39M
APIAGORA INCNEW+783.5K783.5K+$23M$23M
HUAZHU GROUP LTDSOLD OUT−50.00M0−$72M$0
DIDIYDIDI GLOBAL INCSOLD OUT−2.00M0−$28M$0

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

Holdings — Q3 2021

26 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1JDJD.COM INChistory →SPON ADR CL A15.45%$464M6.42M
2GDSGDS HLDGS LTDhistory →SPONSORED ADS13.34%$400M7.07M
3XPEVXPENG INChistory →ADS9.57%$287M8.08M
4NTESNETEASE INChistory →SPONSORED ADS8.30%$249M2.92M
5HTHTHUAZHU GROUP LTDSPONSORED ADS · NOTE 3.000% 5/06.61%$198M52.90M
6QFIN360 DIGITECH INChistory →AMERICAN DEP6.15%$185M9.09M
7ZTOZTO EXPRESS CAYMAN INChistory →SPONSORED ADS A5.99%$180M5.86M
8LAM RESEARCH CORPCOM4.98%$150M262.9K
9MUMICRON TECHNOLOGY INChistory →COM4.76%$143M2.01M
10LILI AUTO INChistory →SPONSORED ADS4.20%$126M4.80M
11SEA LTDNOTE 2.375%12/03.54%$106M30.00M
12TSPHTUSIMPLE HLDGS INChistory →CL A2.62%$79M2.12M
13IQIYI INCNOTE 2.000% 4/02.37%$71M80.70M
14DDLDINGDONG CAYMAN LTDhistory →ADS1.75%$52M2.22M
15YATSEN HLDG LTDADS1.67%$50M13.13M
16NEW FRONTIER HEALTH CORPORD SHS1.53%$46M4.08M
17BEKEKE HLDGS INChistory →SPONSORED ADS1.52%$46M2.50M
18VICARIOUS SURGICAL INCCOM CL A1.30%$39M2.60M
19NIONIO INChistory →SPON ADS1.28%$38M1.08M
20APIAGORA INChistory →ADS0.76%$23M783.5K
21BZKANZHUN LIMITEDhistory →SPONSORED ADS0.63%$19M525.0K
22EMSMART SH GLOBAL LTDhistory →ADS0.50%$15M4.50M
23ARTISAN ACQUISITION CORPUNIT 03/26/20260.43%$13M1.25M
24HELLO GROUP INCNOTE 1.250% 7/00.39%$12M14.00M
25MAGNUM OPUS ACQUISITION LTDUNIT 06/03/20260.35%$10M991.4K
26NEW FRONTIER HEALTH CORP WW EXP 11/30/2020.02%$452,000162.5K

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 ↗.