APEIRON CAPITAL Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 2, 2026), APEIRON CAPITAL Ltd reported 5 stock positions worth $86.5 million. Its top holding was On Class A (ONON) at 42.8% of the portfolio, followed by Summit Therapeutics (SMMT, 26.5%) and Qfin Holdings Inc.-ADR (QFIN, 22.9%). Compared with Q3 2025, it opened 2 new positions, sold out of 5, added to 1 and reduced 1. The biggest buy was Qfin Holdings Inc.-ADR (QFIN, shares +29%) and the biggest sale an exit from Granitesh 2X LNG Nvda ETF (NVDL).

Most Recent 13F
Q2 2026
Location
HONG KONG, K3
CIK
0001843111
Portfolio Value
$86.5M (Q4 2025)
SEC Filing
0001843111-26-000002 ↗ filed Feb 2, 2026

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $197.9M Q1 2024 Q2 2024: $286.6M Q2 2024 Q3 2024: $280.3M Q3 2024 Q4 2024: $268.3M Q4 2024 Q1 2025: $217.6M Q1 2025 Q2 2025: $105.9M Q2 2025 Q3 2025: $210.4M Q3 2025 Q4 2025: $86.5M $86.5M Q4 2025 Q1 2026: $106.9M Q1 2026 Q2 2026: $155.7M Q2 2026

Holdings 5 stocks · $86.5M
ONON On Holding AG Class A filed as ON HLDG AG 42.78% 795,852 $37.0M No change
SMMT Summit Therapeutics Inc. 26.48% 1,309,241 $22.9M Reduce -0.1%
QFIN Qfin Holdings Inc.-ADR 22.90% 1,027,455 $19.8M Add +29.5%
KWEB Kranesh Csi China Internet 4.92% 125,000 $4.3M New
VRT Vertiv Holdings Co. Class A 2.92% 15,600 $2.5M New

Portfolio Sells Q3 2025 → Q4 2025
NVDL Granitesh 2X LNG Nvda ETF Sold out 0.00% −41.82
SBET Sharplink Inc. Sold out 0.00% −10.95
ETHA iShares Ethereum Trust ETF Sold out 0.00% −4.27
SOXL Direx Dail Semi Bu 3X Et-Usd Sold out 0.00% −1.99
FUTU Futu Holdings Ltd.-ADR Sold out 0.00% −1.24
SMMT Summit Therapeutics Inc. Reduce -0.1% 26.48% +13.61

Portfolio Buys Q3 2025 → Q4 2025
QFIN Qfin Holdings Inc.-ADR Add +29.5% 22.90% +12.05
KWEB Kranesh Csi China Internet New 4.92% +4.92
VRT Vertiv Holdings Co. Class A New 2.92% +2.92

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 14$155.7MMUU, ONON, ABVX, QFIN, SMMT
Q1 2026 12$106.9MONON, SMMT, QFIN, MU, U
Q4 2025 5$86.5MONON, SMMT, QFIN, KWEB, VRT
Q3 2025 8$210.4MNVDL, ONON, SMMT, SBET, QFIN
Q2 2025 5$105.9MONON, QFIN, SMMT, NVDA, IBIT
Q1 2025 11$217.6MNVDL, ONON, NVDA, QFIN, TSLA
Q4 2024 13$268.3MNVDL, ONON, TSLA, NVDA, NTES
Q3 2024 10$280.3MNVDL, ONON, NVDA, PDD, TSLA
Q2 2024 11$286.6MNVDL, ONON, PDD, STAA, MSFT
Q1 2024Amended 12$197.9MCOIN, ONON, STAA, CONL, NTES