SEC 13F Intelligence

Managers / Q1 2023 · 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
$4.1B
Q1 2023
Positions
35
Filings on Record
26
2019–present window
Filed
May 12, 2023
original filing

Summary

Aspex Management (Hk) Ltd reported $4.1B in U.S.-listed holdings across 35 positions for Q1 2023.

Its largest position, BABA, represents 18.3% of the portfolio.

Compared with Q4 2022, the fund opened 9 new positions and exited 4.

Portfolio Metrics

Turnover
+19.9%
vs prior filed quarter
Top-10 Concentration
+81.0%
share of reported value
Largest Position
+18.3%
Alibaba Group Hldg
New / Exited
9 / 4
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: 70.9%Common Stock: 21.7%US DOMESTIC: 2.8%Other: 2.5%GLOBAL: 2.0%
  • ADR · 70.9% · $2.9B
  • Common Stock · 21.7% · $883M
  • US DOMESTIC · 2.8% · $116M
  • Other · 2.5% · $103M
  • GLOBAL · 2.0% · $81M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MUMICRON TECHNOLOGY INCNEW+1.30M1.30M+$79M$79M
MRVLMARVELL TECHNOLOGY INCNEW+1.64M1.64M+$71M$71M
PDDPDD HOLDINGS INCNEW+775.0K775.0K+$59M$59M
BIDUBAIDU INCNEW+366.8K366.8K+$55M$55M
GDS HLDGS LTDNEW+50.00M50.00M+$48M$48M
IBNICICI BANK LIMITEDNEW+1.95M1.95M+$42M$42M
VNETVNET GROUP INCNEW+2.96M2.96M+$10M$10M
HTHTH WORLD GROUP LTDNEW+160.0K160.0K+$8M$8M

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

Holdings — Q1 2023

29 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BABAALIBABA GROUP HLDG LTDhistory →SPONSORED ADS18.27%$744M7.28M
2DASHDOORDASH INChistory →CL A13.20%$537M8.46M
3SESEA LTDSPONSORD ADS · NOTE 2.375%12/012.59%$513M35.50M
4LILI AUTO INChistory →SPONSORED ADS6.21%$253M10.14M
5BEKEKE HLDGS INChistory →SPONSORED ADS6.13%$249M13.24M
6FUTUFUTU HLDGS LTDhistory →SPON ADS CL A5.76%$234M4.52M
7GDSGDS HLDGS LTDSPONSORED ADS · NOTE 4.500% 1/35.21%$212M58.77M
8LAM RESEARCH CORPCOM4.82%$196M370.0K
9JDJD.COM INChistory →SPON ADR CL A4.66%$190M4.33M
10QFIN360 DIGITECH INChistory →AMERICAN DEP4.11%$167M8.63M
11TSMTAIWAN SEMICONDUCTOR MFG LTDhistory →SPONSORED ADS3.98%$162M1.74M
12IQIYI INCNOTE 2.000% 4/01.98%$81M80.70M
13MUMICRON TECHNOLOGY INChistory →COM1.93%$79M1.30M
14HTHTH WORLD GROUP LTDNOTE 3.000% 5/0 · SPONSORED ADS1.85%$75M50.16M
15MRVLMARVELL TECHNOLOGY INChistory →COM1.74%$71M1.64M
16PDDPDD HOLDINGS INChistory →SPONSORED ADS1.44%$59M775.0K
17BIDUBAIDU INChistory →SPON ADR REP A1.36%$55M366.8K
18IBNICICI BANK LIMITEDhistory →ADR1.03%$42M1.95M
19LANVIN GROUP HOLDINGS LIMITESHS · *W EXP 01/14/2020.60%$25M5.50M
20DQDAQO NEW ENERGY CORPhistory →SPNSRD ADS0.58%$23M500.0K
21VNETVNET GROUP INCNOTE 2/0 · SPONSORED ADS A0.53%$22M17.96M
22YATSEN HLDG LTDADS0.48%$19M13.13M
23BZKANZHUN LIMITEDhistory →SPONSORED ADS0.46%$19M988.2K
24XPEVXPENG INChistory →ADS0.41%$17M1.50M
25EDUNEW ORIENTAL ED & TECHNOLOGYSPON ADR0.19%$8M195.4K
26VICARIOUS SURGICAL INCCOM CL A0.14%$6M2.60M
27PRENETICS GLOBAL LTDCLASS A ORD · *W EXP 05/18/2020.12%$5M6.36M
28EMSMART SH GLOBAL LTDADS0.12%$5M4.50M
29HSAIHESAI GROUPSPONSORED ADS0.08%$3M200.0K

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 ↗.