Alpine Investment Management Ltd In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Alpine Investment Management Ltd reported 12 stock positions worth $304.0 million . Its top holding was Alibaba Group Holding-SP ADR (BABA) at 25.6% of the portfolio, followed by PDD (PDD, 22.0% ) and Taiwan Semiconductor-SP ADR (TSM, 14.5% ). Compared with Q4 2023, it opened 9 new positions, sold out of 5, added to 1 and reduced 2. The biggest buy was a new position in PDD (PDD) and the biggest sale an exit from Daqo New Energy Corp.-ADR (DQ).
Location HONG KONG, K3
CIK 0001964631
Portfolio Value $304.0M (Q1 2024) Holdings 12 stocks · $304.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 BABA Alibaba Group Holding-SP ADR 1,075,000 $77.8M Reduce -12.2% PDD PDD Holdings Inc. 575,000 $66.8M New TSM Taiwan Semiconductor-SP ADR 325,000 $44.2M Add +18.2% YMM Full Truck Alliance -SPN ADR 3,187,495 $23.2M New MOMO Hello Group Inc. -SPN ADR 3,484,229 $21.6M Reduce -0.5% MU Micron Technology Inc. 175,000 $20.6M New ARRY Array Technologies Inc. 900,000 $13.4M New BKNG Booking Holdings Inc. 2,500 $9.1M New BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 650,000 $8.9M New JKS Jinkosolar Holding Co.-ADR 300,000 $7.6M New VALE Vale SA-SP ADR 550,000 $6.7M New FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 74,546 $4.0M New
Options reported separately and not counted above: INVESCO QQQ TR calls ($555.0M), ADVANCED MICRO DEVICES INC puts ($9.0M).
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ DQ Daqo New Energy Corp.-ADR Sold out 0.00% −16.29 BABA Alibaba Group Holding-SP ADR Reduce -12.2% 25.59% −13.28 ZTO Zto Express Cayman Inc.-ADR Sold out 0.00% −11.76 QCOM Qualcomm Inc. Sold out 0.00% −7.40 MOMO Hello Group Inc. -SPN ADR Reduce -0.5% 7.12% −2.84 FYBR Frontier Communications Pare Sold out 0.00% −2.07 KWEB Kranesh Csi China Internet Sold out 0.00% −1.93
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ PDD PDD Holdings Inc. New 21.99% +21.99 YMM Full Truck Alliance -SPN ADR New 7.62% +7.62 MU Micron Technology Inc. New 6.79% +6.79 ARRY Array Technologies Inc. New 4.41% +4.41 BKNG Booking Holdings Inc. New 2.98% +2.98 BEKE Ke Holdings Inc.-ADR New 2.94% +2.94 TSM Taiwan Semiconductor-SP ADR Add +18.2% 14.54% +2.84 JKS Jinkosolar Holding Co.-ADR New 2.49% +2.49 VALE Vale SA-SP ADR New 2.21% +2.21 FUTU Futu Holdings Ltd.-ADR New 1.33% +1.33
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ INVESCO QQQ TR call New 12,500 $555.0M INVESCO QQQ TR put Sold out 5,000 $204.8Mbefore exit BOOKING HOLDINGS INC put Sold out 100 $35.5Mbefore exit ADVANCED MICRO DEVICES INC put New 500 $9.0M KRANESHARES TRUST put Sold out 2,500 $6.8Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 9 $411.2M YMM, PDD, LITE, NVDA, TME Q1 2026 10 $205.9M YMM, BABA, LU, PDD, JOYY Q4 2025 7 $222.6M YMM, PDD, JOYY, NVDA, LU Q3 2025 4 $118.9M YMM, JOYY, LU, AGX Q2 2025 5 $209.0M PDD, YMM, JOYY, ZGN, DECK Q1 2025 5 $107.6M TSM, JOYY, ZGN, MOMO, WB Q4 2024 9 $156.2M PDD, TSM, MU, MOMO, CIEN Q3 2024 5 $150.7M ZTO, YMM, NXT, MOMO, MU Q2 2024 8 $260.3M PDD, BABA, EDU, MU, MOMO Q1 2024 12 $304.0M BABA, PDD, TSM, YMM, MOMO