SEC 13F Intelligence

Managers / Q2 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
$4.6B
Q2 2025
Positions
28
Filings on Record
26
2019–present window
Filed
Aug 13, 2025
original filing

Summary

Aspex Management (Hk) Ltd reported $4.6B in U.S.-listed holdings across 28 positions for Q2 2025.

Its largest position, SE, represents 19.2% of the portfolio.

Compared with Q1 2025, the fund opened 3 new positions and exited 5.

Portfolio Metrics

Turnover
+13.2%
vs prior filed quarter
Top-10 Concentration
+82.1%
share of reported value
Largest Position
+19.2%
Sea
New / Exited
3 / 5
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: 70.4%Common Stock: 26.9%US DOMESTIC: 2.3%Other: 0.4%
  • ADR · 70.4% · $3.2B
  • Common Stock · 26.9% · $1.2B
  • US DOMESTIC · 2.3% · $107M
  • Other · 0.4% · $17M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MRVLMARVELL TECHNOLOGY INCNEW+4.20M4.20M+$325M$325M
APPLE INCNEW+2.53M2.53M+$1M$1M
ISHARES TRNEW+2.97M2.97M+$561,000$561,000
SNPSSYNOPSYS INCADDED+332.4K645.9K+$197M$331M
MUMICRON TECHNOLOGY INCSOLD OUT−2.02M0−$176M$0
CDNSCADENCE DESIGN SYSTEM INCSOLD OUT−569.3K0−$145M$0
BEKEKE HLDGS INCSOLD OUT−5.13M0−$103M$0
FLUTFLUTTER ENTMT PLCSOLD OUT−104.2K0−$23M$0

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

Holdings — Q2 2025

22 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SESEA LTDSPONSORD ADS · NOTE 2.375%12/019.17%$882M35.18M
2FUTUFUTU HLDGS LTDhistory →SPON ADS CL A9.11%$419M3.39M
3TSMTAIWAN SEMICONDUCTOR MFG LTDhistory →SPONSORED ADS8.60%$396M1.75M
4EDUNEW ORIENTAL ED & TECHNOLOGYhistory →SPON ADR8.19%$377M6.98M
5SNPSSYNOPSYS INChistory →COM7.20%$331M645.9K
6MRVLMARVELL TECHNOLOGY INChistory →COM7.06%$325M4.20M
7QFINQIFU TECHNOLOGY INChistory →AMERICAN DEP6.23%$287M6.61M
8INTCINTEL CORPhistory →COM6.04%$278M12.40M
9YMMFULL TRUCK ALLIANCE CO LTDhistory →SPONSORED ADS5.76%$265M22.46M
10TALTAL EDUCATION GROUPhistory →SPONSORED ADS4.79%$221M21.59M
11DASHDOORDASH INChistory →CL A3.88%$179M724.7K
12ATATATOUR LIFESTYLE HLDGS LTDhistory →SPONSORED ADS3.76%$173M5.31M
13GDSGDS HLDGS LTDhistory →SPONSORED ADS2.93%$135M4.41M
14DECKDECKERS OUTDOOR CORPhistory →COM2.69%$124M1.20M
15TCOMTRIP COM GROUP LTDhistory →ADS1.90%$87M1.49M
16H WORLD GROUP LTDNOTE 3.000% 5/01.15%$53M50.00M
17RLXRLX TECHNOLOGY INChistory →SPONSORED ADS0.58%$27M12.12M
18NTESNETEASE INChistory →SPONSORED ADS0.43%$20M147.7K
19LANVIN GROUP HOLDINGS LIMITESHS · *W EXP 01/14/2020.21%$10M5.50M
20PONYPONY AI INCSPONSORED ADS0.14%$7M500.0K
21PRENETICS GLOBAL LTDSHS NEW · *W EXP 05/18/2020.07%$3M1.51M
22RBOTVICARIOUS SURGICAL INCCOM CL A0.01%$650,00086.7K

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 ↗.