SEC 13F Intelligence

Managers / Q1 2025 · 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
$3.9B
Q1 2025
Positions
30
Filings on Record
26
2019–present window
Filed
May 14, 2025
original filing

Summary

Aspex Management (Hk) Ltd reported $3.9B in U.S.-listed holdings across 30 positions for Q1 2025.

The portfolio is heavily concentrated: SE alone accounts for 20.8% of reported value.

Compared with Q4 2024, the fund opened 6 new positions and exited 8.

Portfolio Metrics

Turnover
+32.6%
vs prior filed quarter
Top-10 Concentration
+74.3%
share of reported value
Largest Position
+20.8%
Sea
New / Exited
6 / 8
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: 72.3%Common Stock: 24.4%US DOMESTIC: 2.6%Other: 0.8%
  • ADR · 72.3% · $2.8B
  • Common Stock · 24.4% · $947M
  • US DOMESTIC · 2.6% · $99M
  • Other · 0.8% · $30M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
DECKDECKERS OUTDOOR CORPNEW+1.63M1.63M+$182M$182M
INTCINTEL CORPNEW+6.80M6.80M+$155M$155M
CDNSCADENCE DESIGN SYSTEM INCNEW+569.3K569.3K+$145M$145M
SNPSSYNOPSYS INCNEW+313.5K313.5K+$134M$134M
FLUTFLUTTER ENTMT PLCNEW+104.2K104.2K+$23M$23M
INTEL CORPNEW+12.54M12.54M+$18M$18M
TSMTAIWAN SEMICONDUCTOR MFG LTDADDED+1.85M2.38M+$291M$396M
TERTERADYNE INCSOLD OUT−3.23M0−$407M$0

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

Holdings — Q1 2025

26 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SESEA LTDSPONSORD ADS · NOTE 2.375%12/020.75%$807M35.85M
2TSMTAIWAN SEMICONDUCTOR MFG LTDhistory →SPONSORED ADS10.17%$396M2.38M
3FUTUFUTU HLDGS LTDhistory →SPON ADS CL A7.37%$287M2.80M
4EDUNEW ORIENTAL ED & TECHNOLOGYhistory →SPON ADR7.22%$281M5.87M
5QFINQIFU TECHNOLOGY INChistory →AMERICAN DEP5.85%$227M5.07M
6YMMFULL TRUCK ALLIANCE CO LTDhistory →SPONSORED ADS4.99%$194M15.21M
7TALTAL EDUCATION GROUPhistory →SPONSORED ADS4.82%$188M14.20M
8DECKDECKERS OUTDOOR CORPhistory →COM4.67%$182M1.63M
9MUMICRON TECHNOLOGY INChistory →COM4.51%$176M2.02M
10INTCINTEL CORPhistory →COM3.97%$155M6.80M
11CDNSCADENCE DESIGN SYSTEM INChistory →COM3.72%$145M569.3K
12SNPSSYNOPSYS INChistory →COM3.46%$134M313.5K
13DASHDOORDASH INChistory →CL A3.41%$132M724.7K
14ATATATOUR LIFESTYLE HLDGS LTDhistory →SPONSORED ADS3.29%$128M4.51M
15BEKEKE HLDGS INChistory →SPONSORED ADS2.65%$103M5.13M
16TCOMTRIP COM GROUP LTDhistory →ADS2.44%$95M1.49M
17GDSGDS HLDGS LTDhistory →SPONSORED ADS1.96%$76M3.01M
18H WORLD GROUP LTDNOTE 3.000% 5/01.43%$55M50.00M
19FLUTFLUTTER ENTMT PLChistory →SHS0.59%$23M104.2K
20RLXRLX TECHNOLOGY INChistory →SPONSORED ADS0.59%$23M12.12M
21PONYPONY AI INChistory →SPONSORED ADS0.54%$21M2.38M
22LILI AUTO INChistory →SPONSORED ADS0.42%$16M643.7K
23NTESNETEASE INChistory →SPONSORED ADS0.39%$15M147.7K
24LANVIN GROUP HOLDINGS LIMITESHS · *W EXP 01/14/2020.28%$11M5.50M
25PRENETICS GLOBAL LTDSHS NEW · *W EXP 05/18/2020.04%$1M1.51M
26RBOTVICARIOUS SURGICAL INCCOM CL A0.01%$569,00086.7K

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 ↗.