SEC 13F Intelligence

Managers / Q3 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
$102M
Q3 2025
Positions
11
Filings on Record
19
2019–present window
Filed
Nov 13, 2025
original filing

Summary

Infini Capital Management Ltd reported $102M in U.S.-listed holdings across 11 positions for Q3 2025.

The portfolio is heavily concentrated: VNET alone accounts for 87.1% of reported value.

Compared with Q2 2025, the fund opened 2 new positions and exited 11.

Portfolio Metrics

Turnover
+19.8%
vs prior filed quarter
Top-10 Concentration
+100.0%
share of reported value
Largest Position
+87.1%
Vnet
New / Exited
2 / 11
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: 97.6%GLOBAL: 2.4%
  • ADR · 97.6% · $100M
  • GLOBAL · 2.4% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ZLABZAI LAB LTDNEW+12.5K12.5K+$422,947$422,947
BILIBILIBILI INCNEW+780780+$21,910$21,910
BEKEKe Holdings IncADDED+128.0K128.0K+$2M$2M
GDSGDS Holdings LtdADDED+13.0K13.1K+$503,913$506,970
INFYINFOSYS LTDSOLD OUT−926.2K0−$17M$0
PLTKPlaytika Holding CorpSOLD OUT−1.15M0−$5M$0
ASAMER SPORTS ORDSOLD OUT−135.0K0−$5M$0
NCNOnCino IncSOLD OUT−131.4K0−$4M$0

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

Holdings — Q3 2025

11 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VNETVNET Group Inchistory →SPONSORED ADS A87.10%$89M8.60M
2BIDUBaidu Inchistory →SPON ADR REP A4.31%$4M33.4K
3PDD HOLDINGS INCNOTE2.43%$2M2.50M
4KCKINGSOFT CLOUD HLDGS LTDhistory →ADS2.43%$2M166.0K
5BEKEKe Holdings Inchistory →SPONSORED ADS2.38%$2M128.0K
6GDSGDS Holdings LtdSPONSORED ADS0.50%$506,97013.1K
7ZLABZAI LAB LTDADR0.41%$422,94712.5K
8CHACHAGEE HOLDINGS LTDSPONSORED ADS0.39%$397,20024.0K
9BILIBILIBILI INCSPONS ADS REP Z0.02%$21,910780
10MNSOMINISO Group Holding LtdSPONSORED ADS0.02%$21,375950
11BABAAlibaba Group Holding LtdSPONSORED ADS0.00%$3,21718

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 ↗.