Alpine Investment Management Ltd

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Alpine Investment Management Ltd reported 5 stock positions worth $150.7 million. Its top holding was Zto Express Cayman Inc.-ADR (ZTO) at 32.9% of the portfolio, followed by Full Truck Alliance -SPN ADR (YMM, 27.3%) and Nextpower (NXT, 16.7%). Compared with Q2 2024, it opened 2 new positions, sold out of 5, added to 1 and reduced 2. The biggest buy was a new position in Zto Express Cayman Inc.-ADR (ZTO) and the biggest sale an exit from PDD (PDD).

Most Recent 13F
Q2 2026
Location
HONG KONG, K3
CIK
0001964631
Portfolio Value
$150.7M (Q3 2024)
SEC Filing
0001964631-24-000006 ↗ filed Nov 14, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $304.0M Q1 2024 Q2 2024: $260.3M Q2 2024 Q3 2024: $150.7M $150.7M Q3 2024 Q4 2024: $156.2M Q4 2024 Q1 2025: $107.6M Q1 2025 Q2 2025: $209.0M Q2 2025 Q3 2025: $118.9M Q3 2025 Q4 2025: $222.6M Q4 2025 Q1 2026: $205.9M Q1 2026 Q2 2026: $411.2M Q2 2026

Holdings 5 stocks · $150.7M
ZTO Zto Express Cayman Inc.-ADR 32.87% 2,000,000 $49.5M New
YMM Full Truck Alliance -SPN ADR 27.27% 4,561,762 $41.1M Add +441.6%
NXT Nextpower Inc. filed as NEXTRACKER INC 16.75% 673,540 $25.2M New
MOMO Hello Group Inc. -SPN ADR 16.23% 3,215,000 $24.5M Reduce -8.1%
MU Micron Technology Inc. 6.88% 100,000 $10.4M Reduce -60.0%

Options reported separately and not counted above: PDD HOLDINGS INC calls ($151.7M), TAIWAN SEMICONDUCTOR MANUFAC calls ($43.4M), MICRON TECHNOLOGY INC calls ($25.9M).

Portfolio Sells Q2 2024 → Q3 2024
PDD PDD Holdings Inc. Sold out 0.00% −30.90
BABA Alibaba Group Holding-SP ADR Sold out 0.00% −18.26
EDU New Oriental Educatio-SP ADR Sold out 0.00% −17.33
LVS Las Vegas Sands Corp. Sold out 0.00% −7.08
MU Micron Technology Inc. Reduce -60.0% 6.88% −5.75
ARRY Array Technologies Inc. Sold out 0.00% −2.96
MOMO Hello Group Inc. -SPN ADR Reduce -8.1% 16.23% +8.00

Portfolio Buys Q2 2024 → Q3 2024
ZTO Zto Express Cayman Inc.-ADR New 32.87% +32.87
YMM Full Truck Alliance -SPN ADR Add +441.6% 27.27% +24.67
NXT Nextpower Inc. New 16.75% +16.75

Options Activity Q2 2024 → Q3 2024
PDD HOLDINGS INC call Reduce -46.8% 11,250 $151.7M
ALIBABA GROUP HLDG LTD call Sold out 20,000 $144.0Mbefore exit
MICRON TECHNOLOGY INC call New 2,500 $25.9M
ADVANCED MICRO DEVICES INC call Sold out 1,250 $20.3Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 9$411.2MYMM, PDD, LITE, NVDA, TME
Q1 2026 10$205.9MYMM, BABA, LU, PDD, JOYY
Q4 2025 7$222.6MYMM, PDD, JOYY, NVDA, LU
Q3 2025 4$118.9MYMM, JOYY, LU, AGX
Q2 2025 5$209.0MPDD, YMM, JOYY, ZGN, DECK
Q1 2025 5$107.6MTSM, JOYY, ZGN, MOMO, WB
Q4 2024 9$156.2MPDD, TSM, MU, MOMO, CIEN
Q3 2024 5$150.7MZTO, YMM, NXT, MOMO, MU
Q2 2024 8$260.3MPDD, BABA, EDU, MU, MOMO
Q1 2024 12$304.0MBABA, PDD, TSM, YMM, MOMO