SEC 13F Intelligence

Managers / Q4 2024 · 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
$3.7B
Q4 2024
Positions
32
Filings on Record
26
2019–present window
Filed
Feb 14, 2025
original filing

Summary

Aspex Management (Hk) Ltd reported $3.7B in U.S.-listed holdings across 32 positions for Q4 2024.

Its largest position, SE, represents 15.1% of the portfolio.

Compared with Q3 2024, the fund opened 8 new positions and exited 6.

Portfolio Metrics

Turnover
+27.5%
vs prior filed quarter
Top-10 Concentration
+72.4%
share of reported value
Largest Position
+15.1%
Sea
New / Exited
8 / 6
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: 74.1%Common Stock: 22.4%US DOMESTIC: 2.5%Other: 1.0%
  • ADR · 74.1% · $2.7B
  • Common Stock · 22.4% · $829M
  • US DOMESTIC · 2.5% · $91M
  • Other · 1.0% · $38M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
YMMFULL TRUCK ALLIANCE CO LTDNEW+15.21M15.21M+$165M$165M
BEKEKE HLDGS INCNEW+6.51M6.51M+$120M$120M
TSMTAIWAN SEMICONDUCTOR MFG LTDNEW+531.3K531.3K+$105M$105M
JDJD.COM INCNEW+2.70M2.70M+$94M$94M
ELFE L F BEAUTY INCNEW+586.0K586.0K+$74M$74M
PONYPONY AI INCNEW+2.38M2.38M+$34M$34M
EPAMEPAM SYS INCNEW+130.9K130.9K+$31M$31M
NTESNETEASE INCNEW+147.7K147.7K+$13M$13M

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

Holdings — Q4 2024

29 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SESEA LTDSPONSORD ADS · NOTE 2.375%12/015.06%$557M34.90M
2EDUNEW ORIENTAL ED & TECHNOLOGYhistory →SPON ADR12.93%$478M7.45M
3TERTERADYNE INChistory →COM11.01%$407M3.23M
4QFINQIFU TECHNOLOGY INChistory →AMERICAN DEP6.61%$245M6.37M
5FUTUFUTU HLDGS LTDhistory →SPON ADS CL A6.24%$231M2.89M
6LILI AUTO INChistory →SPONSORED ADS4.85%$179M7.48M
7YMMFULL TRUCK ALLIANCE CO LTDhistory →SPONSORED ADS4.45%$165M15.21M
8DASHDOORDASH INChistory →CL A4.33%$160M955.4K
9TCOMTRIP COM GROUP LTDhistory →ADS3.47%$129M1.87M
10MUMICRON TECHNOLOGY INChistory →COM3.42%$127M1.50M
11ATATATOUR LIFESTYLE HLDGS LTDhistory →SPONSORED ADS3.28%$121M4.51M
12BEKEKE HLDGS INChistory →SPONSORED ADS3.24%$120M6.51M
13GDSGDS HLDGS LTDhistory →SPONSORED ADS3.16%$117M4.93M
14TALTAL EDUCATION GROUPhistory →SPONSORED ADS2.86%$106M10.56M
15TSMTAIWAN SEMICONDUCTOR MFG LTDhistory →SPONSORED ADS2.84%$105M531.3K
16JDJD.COM INChistory →SPON ADS CL A2.53%$94M2.70M
17ELFE L F BEAUTY INChistory →COM1.99%$74M586.0K
18H WORLD GROUP LTDNOTE 3.000% 5/01.44%$53M50.00M
19HDBHDFC BANK LTDhistory →SPONSORED ADS1.25%$46M726.9K
20PONYPONY AI INChistory →SPONSORED ADS0.92%$34M2.38M
21EPAMEPAM SYS INChistory →COM0.83%$31M130.9K
22ENPHENPHASE ENERGY INChistory →COM0.80%$29M428.6K
23IQIYI INCNOTE 6.500% 3/10.73%$27M28.00M
24RLXRLX TECHNOLOGY INChistory →SPONSORED ADS0.71%$26M12.12M
25VNETVNET GROUP INChistory →SPONSORED ADS A0.38%$14M2.96M
26NTESNETEASE INChistory →SPONSORED ADS0.36%$13M147.7K
27LANVIN GROUP HOLDINGS LIMITESHS · *W EXP 01/14/2020.25%$9M5.50M
28PRENETICS GLOBAL LTDSHS NEW · *W EXP 05/18/2020.05%$2M1.51M
29RBOTVICARIOUS SURGICAL INCCOM CL A0.03%$1M86.7K

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 ↗.