Alpine Investment Management Ltd In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Alpine Investment Management Ltd reported 10 stock positions worth $205.9 million . Its top holding was Full Truck Alliance -SPN ADR (YMM) at 44.5% of the portfolio, followed by Alibaba Group Holding-SP ADR (BABA, 31.9% ) and Lufax Holding Ltd.-ADR (LU, 11.3% ). Compared with Q4 2025, it opened 4 new positions, sold out of 1, added to 3 and reduced 3. The biggest buy was Alibaba Group Holding-SP ADR (BABA, shares +277% ) and the biggest sale Joyy Inc.-ADR (JOYY, shares −87% ).
Location HONG KONG, K3
CIK 0001964631
Portfolio Value $205.9M (Q1 2026) Holdings 10 stocks · $205.9M 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 2025 YMM Full Truck Alliance -SPN ADR 11,050,000 $91.7M Add +48.4% BABA Alibaba Group Holding-SP ADR 523,270 $65.6M Add +277.0% LU Lufax Holding Ltd.-ADR 12,404,000 $23.2M Add +53.0% PDD PDD Holdings Inc. 94,336 $9.6M Reduce -69.2% JOYY Joyy Inc.-ADR 65,547 $3.8M Reduce -86.8% META Meta Platforms Inc. Class A 6,420 $3.7M New NVDA Nvidia Corp. 20,500 $3.6M Reduce -87.6% MU Micron Technology Inc. 7,700 $2.6M New MOMO Hello Group Inc. -SPN ADR 233,234 $1.3M New LITE Lumentum Holdings Inc. 950 $668K New
Options reported separately and not counted above: PDD HOLDINGS INC calls ($76.6M), ALIBABA GROUP HLDG LTD puts ($65.9M), SANDISK CORP puts ($52.4M).
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ JOYY Joyy Inc.-ADR Reduce -86.8% 1.86% −12.58 NVDA Nvidia Corp. Reduce -87.6% 1.74% −12.12 PDD PDD Holdings Inc. Reduce -69.2% 4.68% −10.91 WB Weibo Corp.-Spon ADR Sold out 0.00% −1.77
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ BABA Alibaba Group Holding-SP ADR Add +277.0% 31.89% +22.75 YMM Full Truck Alliance -SPN ADR Add +48.4% 44.55% +8.67 LU Lufax Holding Ltd.-ADR Add +53.0% 11.27% +1.94 META Meta Platforms Inc. Class A New 1.78% +1.78 MU Micron Technology Inc. New 1.26% +1.26 MOMO Hello Group Inc. -SPN ADR New 0.65% +0.65 LITE Lumentum Holdings Inc. New 0.32% +0.32
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ PDD HOLDINGS INC call Reduce -10.2% 7,500 $76.6M ALIBABA GROUP HLDG LTD put Add +90.9% 5,250 $65.9M SANDISK CORP put New 825 $52.4M ADVANCED MICRO DEVICES INC put Sold out 1,250 $26.8Mbefore 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