Aspex Management (HK) Ltd In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Aspex Management (HK) Ltd reported 35 stock positions worth $4.7 billion . Its top holding was Marvell Technology (MRVL) at 8.5% of the portfolio, followed by Teradyne (TER, 6.8% ) and Sea Ltd.-ADR (SE, 6.5% ). Compared with Q1 2024, it opened 6 new positions, sold out of 3, added to 11 and reduced 7. The biggest buy was a new position in New Oriental Educatio-SP ADR (EDU) and the biggest sale Micron Technology (MU, shares −48% ).
Location CENTRAL, K3
CIK 0001768375
Portfolio Value $4.7B (Q2 2024) Holdings 35 stocks · $4.7B 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 Q1 2024 MRVL Marvell Technology Inc. 5,680,656 $397.1M Add +4.5% TER Teradyne Inc. 2,140,519 $317.4M Add +21.6% SE Sea Ltd.-ADR 4,282,103 $305.8M Reduce -42.4% FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 4,444,804 $291.6M Add +3.1% EDU New Oriental Educatio-SP ADR 3,239,700 $251.8M New DELL Dell Technologies -C 1,746,643 $240.9M Add +192.5% DASH DoorDash Inc. Class A 2,045,852 $222.5M Add +2.6% PDD PDD Holdings Inc. 1,531,867 $203.7M Add +135.5% LVS Las Vegas Sands Corp. 4,491,788 $198.8M Add +63.1% LRCX Lam Research Corp. 184,961 $197.0M Reduce -13.5% NTES Netease Inc.-ADR 1,994,434 $190.6M Add +32.6% TME Tencent Music Entertainm-ADR 13,474,261 $189.3M Reduce -25.2% MU Micron Technology Inc. 1,360,673 $179.0M Reduce -48.2% QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 7,905,491 $156.0M Reduce -8.4% WDC Western Digital Corp. 2,043,922 $154.9M New QCOM Qualcomm Inc. 773,445 $154.1M Reduce -31.6% LI Li Auto Inc. - ADR 6,865,463 $122.8M Add +428.1% FCX Freeport-McMoran Inc. 2,521,903 $122.6M No change TAL Tal Education Group- ADR 11,351,592 $121.1M New ZTO Zto Express Cayman Inc.-ADR 5,215,204 $108.2M Reduce -22.2% ATAT Atour Lifestyle Holdings-ADR 5,500,687 $100.9M Add +56.0% GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 8,773,031 $81.5M No change CART Maplebear Inc. 2,439,507 $78.4M New H WORLD GROUP LTD (HTHT 3 05/01/26) 50,000,000 $53.2M No change BZ Kanzhun Ltd. - ADR 2,821,520 $53.1M No change HDB HDFC Bank Ltd.-ADR 726,915 $46.8M Add +81.4% JD Jd.com Inc.-ADR 1,474,715 $38.1M New SEA LTD (SEALTD 2.375 12/01/25) 30,000,000 $32.0M No change IQIYI INC (IQ 6.5 03/15/28) 28,000,000 $26.3M No change RLX RLX Technology Inc.-ADR 12,123,409 $22.3M No change LANV Lanvin Group Holdings Ltd. 4,500,000 $8.1M No change WBTN Webtoon Entertainment Inc. 300,000 $6.8M New VNET Vnet Group Inc.-ADR 2,964,552 $6.2M No change PRE Prenetics Global Ltd. Class A 346,150 $2.0M No change VICARIOUS SURGICAL INC 86,666 $509K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $49K (not counted above) Security Class Shares / Principal Value Change LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 1,000,000 $33K No change PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 1,166,666 $16K No change
Total filed on the 13F, all lines: $4.7B.
Portfolio Sells Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▲ MU Micron Technology Inc. Reduce -48.2% 3.82% −4.55 SE Sea Ltd.-ADR Reduce -42.4% 6.53% −4.25 QCOM Qualcomm Inc. Reduce -31.6% 3.29% −1.88 ZTO Zto Express Cayman Inc.-ADR Reduce -22.2% 2.31% −1.48 COHR Coherent Corp. Sold out 0.00% −1.46 LRCX Lam Research Corp. Reduce -13.5% 4.21% −1.41 TME Tencent Music Entertainm-ADR Reduce -25.2% 4.04% −1.40 QFIN Qfin Holdings Inc.-ADR Reduce -8.4% 3.33% −0.97 EM Smart Share Global Ltd. - ADR Sold out 0.00% −0.02 YSG Yatsen Holding Ltd.-ADR Sold out 0.00% 0.00
Portfolio Buys Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▼ EDU New Oriental Educatio-SP ADR New 5.38% +5.38 WDC Western Digital Corp. New 3.31% +3.31 DELL Dell Technologies -C Add +192.5% 5.15% +3.30 TAL Tal Education Group- ADR New 2.59% +2.59 PDD PDD Holdings Inc. Add +135.5% 4.35% +2.31 CART Maplebear Inc. New 1.67% +1.67 LI Li Auto Inc. - ADR Add +428.1% 2.62% +1.56 TER Teradyne Inc. Add +21.6% 6.78% +1.41 JD Jd.com Inc.-ADR New 0.81% +0.81 ATAT Atour Lifestyle Holdings-ADR Add +56.0% 2.16% +0.45 LVS Las Vegas Sands Corp. Add +63.1% 4.25% +0.40 HDB HDFC Bank Ltd.-ADR Add +81.4% 1.00% +0.39 WBTN Webtoon Entertainment Inc. New 0.15% +0.15 FUTU Futu Holdings Ltd.-ADR Add +3.1% 6.23% −0.08 NTES Netease Inc.-ADR Add +32.6% 4.07% −0.13 MRVL Marvell Technology Inc. Add +4.5% 8.48% −1.94 DASH DoorDash Inc. Class A Add +2.6% 4.75% −2.67
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ CART Maplebear Inc. call Sold out 3,791,253 $37.8Mbefore 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 24 $8.9B SNPS, QCOM, MKSI, CRWV, CVNA Q1 2026 26 $6.9B SNPS, NVDA, FUTU, CVNA, CRWV Q4 2025 21 $4.9B SNPS, FUTU, NVDA, SE, PDD Q3 2025 23 $4.7B SE, SNPS, FUTU, PDD, EDU Q2 2025 23 $4.6B SE, FUTU, TSM, EDU, SNPS Q1 2025 27 $3.9B SE, TSM, FUTU, EDU, QFIN Q4 2024 30 $3.7B SE, EDU, TER, QFIN, FUTU Q3 2024 28 $3.8B SE, FUTU, EDU, TER, NVDA Q2 2024 35 $4.7B MRVL, TER, SE, FUTU, EDU Q1 2024 32 $3.7B SE, MRVL, MU, DASH, FUTU