Alpine Investment Management Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Alpine Investment Management Ltd reported 7 stock positions worth $222.6 million. Its top holding was Full Truck Alliance -SPN ADR (YMM) at 35.9% of the portfolio, followed by PDD (PDD, 15.6%) and Joyy Inc.-ADR (JOYY, 14.4%). Compared with Q3 2025, it opened 4 new positions, sold out of 1, added to 2 and reduced 1. The biggest buy was a new position in PDD (PDD) and the biggest sale Joyy Inc.-ADR (JOYY, shares −14%).

Most Recent 13F
Q2 2026
Location
HONG KONG, K3
CIK
0001964631
Portfolio Value
$222.6M (Q4 2025)
SEC Filing
0001964631-26-000002 ↗ filed Feb 13, 2026

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 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 $222.6M Q4 2025 Q1 2026: $205.9M Q1 2026 Q2 2026: $411.2M Q2 2026

Holdings 7 stocks · $222.6M
YMM Full Truck Alliance -SPN ADR 35.88% 7,444,800 $79.9M Add +86.1%
PDD PDD Holdings Inc. 15.60% 306,198 $34.7M New
JOYY Joyy Inc.-ADR 14.44% 496,300 $32.1M Reduce -13.7%
NVDA Nvidia Corp. 13.86% 165,400 $30.8M New
LU Lufax Holding Ltd.-ADR 9.32% 8,106,500 $20.8M Add +91.9%
BABA Alibaba Group Holding-SP ADR 9.14% 138,800 $20.3M New
WB Weibo Corp.-Spon ADR 1.77% 386,000 $3.9M New

Options reported separately and not counted above: PDD HOLDINGS INC calls ($94.7M), ALIBABA GROUP HLDG LTD puts ($40.3M), ADVANCED MICRO DEVICES INC puts ($26.8M).

Portfolio Sells Q3 2025 → Q4 2025
JOYY Joyy Inc.-ADR Reduce -13.7% 14.44% −13.90
AGX Argan Inc. Sold out 0.00% −13.62

Portfolio Buys Q3 2025 → Q4 2025
PDD PDD Holdings Inc. New 15.60% +15.60
NVDA Nvidia Corp. New 13.86% +13.86
BABA Alibaba Group Holding-SP ADR New 9.14% +9.14
WB Weibo Corp.-Spon ADR New 1.77% +1.77
LU Lufax Holding Ltd.-ADR Add +91.9% 9.32% −5.10
YMM Full Truck Alliance -SPN ADR Add +86.1% 35.88% −7.74

Options Activity Q3 2025 → Q4 2025
PDD HOLDINGS INC call Reduce -37.5% 8,350 $94.7M
ALIBABA GROUP HLDG LTD put New 2,750 $40.3M
ADVANCED MICRO DEVICES INC put New 1,250 $26.8M

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