SEC 13F Intelligence

Managers / Q1 2025 · view latest →

Infini Capital Management Ltd

CIK 0001936249 · 27TH FLOOR, EAST TOWER, CHEUNG KONG CENTER II, 10 HARCOURT ROAD, CENTRAL, 00000 · 852 3792 0823

Reported Value
$100M
Q1 2025
Positions
14
Filings on Record
19
2019–present window
Filed
Apr 30, 2025
original filing

Summary

Infini Capital Management Ltd reported $100M in U.S.-listed holdings across 14 positions for Q1 2025.

The portfolio is heavily concentrated: VNET alone accounts for 57.8% of reported value.

Compared with Q4 2024, the fund opened 10 new positions and exited 2.

Portfolio Metrics

Turnover
+22.4%
vs prior filed quarter
Top-10 Concentration
+98.8%
share of reported value
Largest Position
+57.8%
Vnet
New / Exited
10 / 2
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
Q2 ’22: $74MQ2 ’22Q3 ’22: $39MQ4 ’22: $25MQ4 ’22Q1 ’23: $21MQ3 ’23: $21MQ3 ’23Q3 ’24: $116MQ4 ’24: $79MQ4 ’24Q1 ’25: $100MQ2 ’25: $152MQ2 ’25Q3 ’25: $102MQ4 ’25: $12MQ4 ’25Q1 ’26: $0filingsflow.com

Portfolio Composition

By security type
ADR: 79.5%Common Stock: 18.4%Other: 2.0%
  • ADR · 79.5% · $79M
  • Common Stock · 18.4% · $18M
  • Other · 2.0% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ASXASE Technology Holding Co LtdNEW+451.1K451.1K+$4M$4M
BEKEKe Holdings IncNEW+175.2K175.2K+$4M$4M
Ecarx Holdings Inc.NEW+1.59M1.59M+$2M$2M
ZTOZTO Express Cayman IncNEW+100.0K100.0K+$2M$2M
LILi Auto IncNEW+74.0K74.0K+$2M$2M
JDJD.Com IncNEW+38.8K38.8K+$2M$2M
GDSGDS Holdings LtdNEW+33.6K33.6K+$851,088$851,088
MNSOMINISO Group Holding LtdNEW+15.7K15.7K+$289,369$289,369

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

Holdings — Q1 2025

14 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VNETVNET Group Inchistory →SPONSORED ADS A57.77%$57M7.01M
2NCNOnCino Inchistory →COM11.15%$11M403.9K
3BIDUBaidu Inchistory →SPON ADR REP A7.56%$8M81.7K
4PLTKPlaytika Holding Corphistory →COM7.29%$7M1.40M
5ASXASE Technology Holding Co Ltdhistory →SPONSORED ADS3.97%$4M451.1K
6BEKEKe Holdings Inchistory →SPONSORED ADS3.54%$4M175.2K
7Ecarx Holdings Inc.CLASS A ORD2.01%$2M1.59M
8ZTOZTO Express Cayman Inchistory →SPONSORED ADS A1.99%$2M100.0K
9LILi Auto Inchistory →SPONSORED ADS1.87%$2M74.0K
10JDJD.Com Inchistory →SPON ADS CL A1.60%$2M38.8K
11GDSGDS Holdings LtdSPONSORED ADS0.86%$851,08833.6K
12MNSOMINISO Group Holding LtdSPONSORED ADS0.29%$289,36915.7K
13UMCUnited Microelectronics CorpSPON ADR NEW0.09%$91,63412.8K
14BABAAlibaba Group Holding LtdSPONSORED ADS0.00%$3,30625

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$01May 13, 202613F-HRchanges · EDGAR ↗
Q4 2025$12M2Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$102M11Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$152M20Aug 29, 202513F-HRchanges · EDGAR ↗
Q1 2025$100M14Apr 30, 202513F-HRchanges · EDGAR ↗
Q4 2024$79M6Feb 4, 202513F-HRchanges · EDGAR ↗
Q3 2024$116M8Nov 12, 202413F-HRchanges · EDGAR ↗
Q3 2023$21M5Nov 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$21M6May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$25M3Feb 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$39M23Nov 7, 202213F-HRchanges · EDGAR ↗
Q2 2022$74M26Aug 18, 202213F-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 ↗.