SEC 13F Intelligence

Managers / Q4 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
$3.3B
Q4 2021
Positions
26
Filings on Record
26
2019–present window
Filed
Feb 14, 2022
original filing

Summary

Aspex Management (Hk) Ltd reported $3.3B in U.S.-listed holdings across 26 positions for Q4 2021.

Its largest position, XPEV, represents 13.5% of the portfolio.

Compared with Q3 2021, the fund opened 2 new positions and exited 3.

Portfolio Metrics

Turnover
+15.0%
vs prior filed quarter
Top-10 Concentration
+79.4%
share of reported value
Largest Position
+13.5%
Xpeng
New / Exited
2 / 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: 78.8%Common Stock: 11.1%US DOMESTIC: 4.1%Other: 3.9%GLOBAL: 2.2%
  • ADR · 78.8% · $2.6B
  • Common Stock · 11.1% · $365M
  • US DOMESTIC · 4.1% · $133M
  • Other · 3.9% · $126M
  • GLOBAL · 2.2% · $70M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
FUTUFUTU HLDGS LTDNEW+3.87M3.87M+$168M$168M
FTCHQFARFETCH LTDNEW+3.03M3.03M+$101M$101M
BEKEKE HLDGS INCADDED+6.50M9.00M+$135M$181M
LAM RESEARCH CORPSOLD OUT−262.9K0−$150M$0
APIAGORA INCSOLD OUT−783.5K0−$23M$0
BZKANZHUN LIMITEDSOLD OUT−525.0K0−$19M$0
HTHTHUAZHU GROUP LTDTRIMMED−400.0K2.50M−$40M$93M
NTESNETEASE INCADDED+351.1K3.27M+$84M$333M

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

Holdings — Q4 2021

25 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1XPEVXPENG INChistory →ADS13.52%$442M8.78M
2JDJD.COM INChistory →SPON ADR CL A12.26%$401M5.72M
3GDSGDS HLDGS LTDhistory →SPONSORED ADS10.92%$357M7.57M
4NTESNETEASE INChistory →SPONSORED ADS10.17%$333M3.27M
5QFIN360 DIGITECH INChistory →AMERICAN DEP6.37%$208M9.09M
6MUMICRON TECHNOLOGY INChistory →COM5.73%$187M2.01M
7BEKEKE HLDGS INChistory →SPONSORED ADS5.54%$181M9.00M
8FUTUFUTU HLDGS LTDhistory →SPON ADS CL A5.12%$168M3.87M
9ZTOZTO EXPRESS CAYMAN INChistory →SPONSORED ADS A5.07%$166M5.87M
10LILI AUTO INChistory →SPONSORED ADS4.71%$154M4.80M
11HTHTHUAZHU GROUP LTDSPONSORED ADS · NOTE 3.000% 5/04.57%$149M52.50M
12FTCHQFARFETCH LTDhistory →ORD SH CL A3.09%$101M3.03M
13SEA LTDNOTE 2.375%12/02.35%$77M30.00M
14TSPHTUSIMPLE HLDGS INChistory →CL A2.33%$76M2.12M
15IQIYI INCNOTE 2.000% 4/01.78%$58M80.70M
16NEW FRONTIER HEALTH CORPORD SHS1.43%$47M4.08M
17NIONIO INChistory →SPON ADS1.05%$34M1.08M
18DDLDINGDONG CAYMAN LTDhistory →ADS1.00%$33M2.01M
19YATSEN HLDG LTDADS0.86%$28M13.13M
20VICARIOUS SURGICAL INCCOM CL A0.84%$28M2.60M
21ARTISAN ACQUISITION CORPUNIT 03/26/20260.39%$13M1.25M
22HELLO GROUP INCNOTE 1.250% 7/00.37%$12M14.00M
23MAGNUM OPUS ACQUISITION LTDUNIT 06/03/20260.32%$10M991.4K
24EMSMART SH GLOBAL LTDADS0.20%$7M4.50M
25NEW FRONTIER HEALTH CORP WW EXP 11/30/2020.01%$472,000162.5K

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 ↗.