Aspex Management (HK) Ltd

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Aspex Management (HK) Ltd reported 32 stock positions worth $3.7 billion. Its top holding was Sea Ltd.-ADR (SE) at 10.8% of the portfolio, followed by Marvell Technology (MRVL, 10.4%) and Micron Technology (MU, 8.4%). Compared with Q4 2023, it opened 8 new positions, sold out of 8, added to 6 and reduced 7. The biggest buy was a new position in Teradyne (TER) and the biggest sale an exit from Advanced Micro Devices (AMD).

Most Recent 13F
Q2 2026
Location
CENTRAL, K3
CIK
0001768375
Portfolio Value
$3.7B (Q1 2024)
SEC Filing
0001768375-24-000008 ↗ filed May 15, 2024

Holdings Value

0$2.0B$4.0B$6.0B$8.0B$10.0B Q1 2024: $3.7B $3.7B Q1 2024 Q2 2024: $4.7B Q2 2024 Q3 2024: $3.8B Q3 2024 Q4 2024: $3.7B Q4 2024 Q1 2025: $3.9B Q1 2025 Q2 2025: $4.6B Q2 2025 Q3 2025: $4.7B Q3 2025 Q4 2025: $4.9B Q4 2025 Q1 2026: $6.9B Q1 2026 Q2 2026: $8.9B Q2 2026

Holdings 32 stocks · $3.7B
SE Sea Ltd.-ADR 10.78% 7,428,729 $399.0M Add +9.5%
MRVL Marvell Technology Inc. 10.42% 5,437,664 $385.4M Reduce -4.8%
MU Micron Technology Inc. 8.37% 2,627,189 $309.7M Reduce -34.8%
DASH DoorDash Inc. Class A 7.42% 1,993,155 $274.5M Reduce -35.5%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 6.31% 4,310,828 $233.4M Add +192.5%
LRCX Lam Research Corp. 5.62% 213,873 $207.8M Reduce -20.2%
TME Tencent Music Entertainm-ADR 5.45% 18,013,636 $201.6M Add +99.0%
TER Teradyne Inc. 5.37% 1,759,634 $198.5M New
QCOM Qualcomm Inc. 5.17% 1,129,935 $191.3M Add +22.4%
QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 4.30% 8,630,765 $159.1M No change
NTES Netease Inc.-ADR 4.21% 1,503,704 $155.6M Add +136.0%
LVS Las Vegas Sands Corp. 3.85% 2,754,579 $142.4M New
ZTO Zto Express Cayman Inc.-ADR 3.79% 6,703,016 $140.4M Add +83.2%
FCX Freeport-McMoran Inc. 3.21% 2,521,903 $118.6M No change
PDD PDD Holdings Inc. 2.04% 650,365 $75.6M Reduce -56.2%
DELL Dell Technologies -C 1.84% 597,097 $68.1M New
ATAT Atour Lifestyle Holdings-ADR 1.71% 3,525,000 $63.2M No change
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 1.58% 8,773,031 $58.3M No change
H WORLD GROUP LTD (HTHT 3 05/01/26) 1.56% 50,000,000 $57.6M No change
COHR Coherent Corp. 1.46% 893,553 $54.2M New
BZ Kanzhun Ltd. - ADR 1.34% 2,821,520 $49.5M No change
LI Li Auto Inc. - ADR 1.06% 1,300,000 $39.4M New
SEA LTD (SEALTD 2.375 12/01/25) 0.82% 30,000,000 $30.3M No change
IQIYI INC (IQ 6.5 03/15/28) 0.71% 28,000,000 $26.4M New
RLX RLX Technology Inc.-ADR 0.63% 12,123,409 $23.3M No change
HDB HDFC Bank Ltd.-ADR 0.61% 400,665 $22.4M New
LANV Lanvin Group Holdings Ltd. 0.17% 4,500,000 $6.4M No change
VNET Vnet Group Inc.-ADR 0.12% 2,964,552 $4.6M No change
PRE Prenetics Global Ltd. Class A 0.04% 346,150 $1.4M New
EM Smart Share Global Ltd. - ADR 0.02% 1,305,503 $858K Reduce -71.0%
VICARIOUS SURGICAL INC 0.02% 2,600,000 $784K No change
YSG Yatsen Holding Ltd.-ADR 0.00% 2 $0 Reduce -100.0%

Options reported separately and not counted above: CART calls ($37.8M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $57K (not counted above)
SecurityClassShares / PrincipalValueChange
LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 1,000,000$50KNo change
PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 1,166,666$7KNo change

Total filed on the 13F, all lines: $3.7B.

Portfolio Sells Q4 2023 → Q1 2024
AMD Advanced Micro Devices Sold out 0.00% −12.10
PDD PDD Holdings Inc. Reduce -56.2% 2.04% −4.33
JD Jd.com Inc.-ADR Sold out 0.00% −3.34
BEKE Ke Holdings Inc.-ADR Sold out 0.00% −2.19
NVDA Nvidia Corp. Sold out 0.00% −1.77
MU Micron Technology Inc. Reduce -34.8% 8.37% −1.71
DASH DoorDash Inc. Class A Reduce -35.5% 7.42% −1.55
GRAB Grab Holdings Ltd. Class A Sold out 0.00% −0.79
LRCX Lam Research Corp. Reduce -20.2% 5.62% −0.54
VNET GROUP INC (VNET 0 02/01/26) Sold out 0.00% −0.43
YSG Yatsen Holding Ltd.-ADR Reduce -100.0% 0.00% −0.28
PRENETICS GLOBAL LTD Sold out 0.00% −0.06
EM Smart Share Global Ltd. - ADR Reduce -71.0% 0.02% −0.04
HSAI Hesai Group Sold out 0.00% −0.04
MRVL Marvell Technology Inc. Reduce -4.8% 10.42% +0.31

Portfolio Buys Q4 2023 → Q1 2024
TER Teradyne Inc. New 5.37% +5.37
FUTU Futu Holdings Ltd.-ADR Add +192.5% 6.31% +3.95
LVS Las Vegas Sands Corp. New 3.85% +3.85
TME Tencent Music Entertainm-ADR Add +99.0% 5.45% +3.06
SE Sea Ltd.-ADR Add +9.5% 10.78% +2.72
NTES Netease Inc.-ADR Add +136.0% 4.21% +2.46
DELL Dell Technologies -C New 1.84% +1.84
ZTO Zto Express Cayman Inc.-ADR Add +83.2% 3.79% +1.51
COHR Coherent Corp. New 1.46% +1.46
QCOM Qualcomm Inc. Add +22.4% 5.17% +1.25
LI Li Auto Inc. - ADR New 1.06% +1.06
IQIYI INC (IQ 6.5 03/15/28) New 0.71% +0.71
HDB HDFC Bank Ltd.-ADR New 0.61% +0.61
PRE Prenetics Global Ltd. Class A New 0.04% +0.04

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 24$8.9BSNPS, QCOM, MKSI, CRWV, CVNA
Q1 2026 26$6.9BSNPS, NVDA, FUTU, CVNA, CRWV
Q4 2025 21$4.9BSNPS, FUTU, NVDA, SE, PDD
Q3 2025 23$4.7BSE, SNPS, FUTU, PDD, EDU
Q2 2025 23$4.6BSE, FUTU, TSM, EDU, SNPS
Q1 2025 27$3.9BSE, TSM, FUTU, EDU, QFIN
Q4 2024 30$3.7BSE, EDU, TER, QFIN, FUTU
Q3 2024 28$3.8BSE, FUTU, EDU, TER, NVDA
Q2 2024 35$4.7BMRVL, TER, SE, FUTU, EDU
Q1 2024 32$3.7BSE, MRVL, MU, DASH, FUTU