SEC 13F Intelligence

Managers / Q3 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
$4.7B
Q3 2025
Positions
27
Filings on Record
26
2019–present window
Filed
Nov 14, 2025
original filing

Summary

Aspex Management (Hk) Ltd reported $4.7B in U.S.-listed holdings across 27 positions for Q3 2025.

Its largest position, SE, represents 17.5% of the portfolio.

Compared with Q2 2025, the fund opened 8 new positions and exited 10.

Portfolio Metrics

Turnover
+38.8%
vs prior filed quarter
Top-10 Concentration
+82.5%
share of reported value
Largest Position
+17.5%
Sea
New / Exited
8 / 10
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: 64.3%Common Stock: 32.0%US DOMESTIC: 2.4%Other: 1.2%
  • ADR · 64.3% · $3.0B
  • Common Stock · 32.0% · $1.5B
  • US DOMESTIC · 2.4% · $114M
  • Other · 1.2% · $58M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
PDDPDD HOLDINGS INCNEW+3.17M3.17M+$419M$419M
NIONIO INCNEW+35.00M35.00M+$267M$267M
ASAMER SPORTS INCNEW+5.94M5.94M+$206M$206M
GRABGRAB HOLDINGS LIMITEDNEW+28.38M28.38M+$171M$171M
CRSCARPENTER TECHNOLOGY CORPNEW+554.8K554.8K+$136M$136M
LRCXLAM RESEARCH CORPNEW+399.6K399.6K+$54M$54M
BIDUBAIDU INCNEW+368.4K368.4K+$49M$49M
GRAB HOLDINGS LIMITEDNEW+29.48M29.48M+$44M$44M

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

Holdings — Q3 2025

22 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SESEA LTDSPONSORD ADS · NOTE 2.375%12/017.49%$826M34.29M
2SNPSSYNOPSYS INChistory →COM15.85%$749M1.52M
3FUTUFUTU HLDGS LTDhistory →SPON ADS CL A9.03%$426M2.45M
4PDDPDD HOLDINGS INChistory →SPONSORED ADS8.88%$419M3.17M
5EDUNEW ORIENTAL ED & TECHNOLOGYhistory →SPON ADR6.61%$312M5.88M
6YMMFULL TRUCK ALLIANCE CO LTDhistory →SPONSORED ADS6.52%$308M23.76M
7NIONIO INChistory →SPON ADS5.65%$267M35.00M
8ASAMER SPORTS INChistory →COM SHS4.37%$206M5.94M
9DASHDOORDASH INChistory →CL A4.17%$197M724.7K
10QFINQIFU TECHNOLOGY INChistory →AMERICAN DEP3.97%$188M6.52M
11GRABGRAB HOLDINGS LIMITEDhistory →CLASS A ORD3.62%$171M28.38M
12ATATATOUR LIFESTYLE HLDGS LTDhistory →SPONSORED ADS3.52%$166M4.43M
13CRSCARPENTER TECHNOLOGY CORPhistory →COM2.88%$136M554.8K
14PONYPONY AI INChistory →SPONSORED ADS1.97%$93M4.14M
15H WORLD GROUP LTDNOTE 3.000% 5/01.17%$55M50.00M
16LRCXLAM RESEARCH CORPhistory →COM NEW1.13%$54M399.6K
17BIDUBAIDU INChistory →SPON ADR REP A1.03%$49M368.4K
18NTESNETEASE INChistory →SPONSORED ADS0.48%$22M147.7K
19RLXRLX TECHNOLOGY INChistory →SPONSORED ADS0.44%$21M7.90M
20LANVIN GROUP HOLDINGS LIMITESHS · *W EXP 01/14/2020.20%$9M5.50M
21PRENETICS GLOBAL LTDSHS NEW · *W EXP 05/18/2020.10%$5M1.51M
22RBOTVICARIOUS SURGICAL INCCOM CL A0.01%$478,00086.7K

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 ↗.