Alpine Investment Management Ltd In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Alpine Investment Management Ltd reported 9 stock positions worth $156.2 million . Its top holding was PDD (PDD) at 24.8% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 19.0% ) and Micron Technology (MU, 17.5% ). Compared with Q3 2024, it opened 7 new positions, sold out of 3, added to 1 and reduced 1. The biggest buy was a new position in PDD (PDD) and the biggest sale an exit from Zto Express Cayman Inc.-ADR (ZTO).
Location HONG KONG, K3
CIK 0001964631
Portfolio Value $156.2M (Q4 2024) Holdings 9 stocks · $156.2M 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 Q3 2024 PDD PDD Holdings Inc. 400,000 $38.8M New TSM Taiwan Semiconductor-SP ADR 150,000 $29.6M New MU Micron Technology Inc. 325,000 $27.4M Add +225.0% MOMO Hello Group Inc. -SPN ADR 2,500,000 $19.3M Reduce -22.2% CIEN Ciena Corp. 150,000 $12.7M New BABA Alibaba Group Holding-SP ADR 125,000 $10.6M New BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 550,000 $10.1M New ZGN Ermenegildo Zegna NV 859,583 $7.1M New EDU New Oriental Educatio-SP ADR 10,000 $642K New
Options reported separately and not counted above: PDD HOLDINGS INC calls ($101.8M), ALIBABA GROUP HLDG LTD calls ($33.9M), TAIWAN SEMICONDUCTOR MANUFAC calls ($29.6M), KE HLDGS INC puts ($27.6M), STRATEGY INC puts ($4.3M).
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ ZTO Zto Express Cayman Inc.-ADR Sold out 0.00% −32.87 YMM Full Truck Alliance -SPN ADR Sold out 0.00% −27.27 NXT Nextpower Inc. Sold out 0.00% −16.75 MOMO Hello Group Inc. -SPN ADR Reduce -22.2% 12.34% −3.90
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ PDD PDD Holdings Inc. New 24.83% +24.83 TSM Taiwan Semiconductor-SP ADR New 18.96% +18.96 MU Micron Technology Inc. Add +225.0% 17.51% +10.63 CIEN Ciena Corp. New 8.14% +8.14 BABA Alibaba Group Holding-SP ADR New 6.78% +6.78 BEKE Ke Holdings Inc.-ADR New 6.48% +6.48 ZGN Ermenegildo Zegna NV New 4.54% +4.54 EDU New Oriental Educatio-SP ADR New 0.41% +0.41
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ PDD HOLDINGS INC call Reduce -6.7% 10,500 $101.8M ALIBABA GROUP HLDG LTD call New 4,000 $33.9M TAIWAN SEMICONDUCTOR MANUFAC call Reduce -40.0% 1,500 $29.6M KE HLDGS INC put New 15,000 $27.6M MICRON TECHNOLOGY INC call Sold out 2,500 $25.9Mbefore exit STRATEGY INC put New 150 $4.3M
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