Aspex Management (HK) Ltd In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Aspex Management (HK) Ltd reported 28 stock positions worth $3.8 billion . Its top holding was Sea Ltd.-ADR (SE) at 12.4% of the portfolio, followed by Futu Holdings Ltd.-ADR (FUTU, 11.5% ) and New Oriental Educatio-SP ADR (EDU, 9.5% ). Compared with Q2 2024, it opened 5 new positions, sold out of 12, added to 5 and reduced 9. The biggest buy was a new position in Nvidia (NVDA) and the biggest sale an exit from Dell Technologies -C (DELL).
Location CENTRAL, K3
CIK 0001768375
Portfolio Value $3.8B (Q3 2024) Holdings 28 stocks · $3.8B 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 Q2 2024 SE Sea Ltd.-ADR 4,956,482 $467.3M Add +15.8% FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 4,553,023 $435.5M Add +2.4% EDU New Oriental Educatio-SP ADR 4,753,340 $360.5M Add +46.7% TER Teradyne Inc. 2,387,433 $319.7M Add +11.5% NVDA Nvidia Corp. 2,537,119 $308.1M New LI Li Auto Inc. - ADR 10,643,926 $273.0M Add +55.0% DASH DoorDash Inc. Class A 1,436,230 $205.0M Reduce -29.8% MRVL Marvell Technology Inc. 2,689,228 $193.9M Reduce -52.7% QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 5,723,720 $170.6M Reduce -27.6% TCOM Trip.com Group Ltd.-ADR 2,169,975 $129.0M New TAL Tal Education Group- ADR 10,555,730 $125.0M Reduce -7.0% ATAT Atour Lifestyle Holdings-ADR 4,510,636 $117.0M Reduce -18.0% MU Micron Technology Inc. 1,123,393 $116.5M Reduce -17.4% BABA Alibaba Group Holding-SP ADR 1,093,054 $116.0M New TME Tencent Music Entertainm-ADR 7,575,837 $91.3M Reduce -43.8% GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 4,004,018 $81.7M Reduce -54.4% H WORLD GROUP LTD (HTHT 3 05/01/26) 50,000,000 $58.3M No change ENPH Enphase Energy Inc. 428,615 $48.4M New HDB HDFC Bank Ltd.-ADR 726,915 $45.5M No change SEA LTD (SEALTD 2.375 12/01/25) 30,000,000 $35.7M No change IQIYI INC (IQ 6.5 03/15/28) 28,000,000 $26.8M No change RLX RLX Technology Inc.-ADR 12,123,409 $21.9M No change VNET Vnet Group Inc.-ADR 2,964,552 $12.1M No change LANV Lanvin Group Holdings Ltd. 4,500,000 $7.7M No change BZ Kanzhun Ltd. - ADR 285,300 $5.0M Reduce -89.9% WBTN Webtoon Entertainment Inc. 300,000 $3.4M No change PRE Prenetics Global Ltd. Class A 346,150 $1.4M No change RBOT Vicarious Surgical Inc. Class A 86,666 $492K New
Other holdings (2): bonds, preferreds, convertibles and warrants · $39K (not counted above) Security Class Shares / Principal Value Change LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 1,000,000 $26K No change PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 1,166,666 $13K No change
Total filed on the 13F, all lines: $3.8B.
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ DELL Dell Technologies -C Sold out 0.00% −5.15 PDD PDD Holdings Inc. Sold out 0.00% −4.35 LVS Las Vegas Sands Corp. Sold out 0.00% −4.25 LRCX Lam Research Corp. Sold out 0.00% −4.21 NTES Netease Inc.-ADR Sold out 0.00% −4.07 MRVL Marvell Technology Inc. Reduce -52.7% 5.14% −3.35 WDC Western Digital Corp. Sold out 0.00% −3.31 QCOM Qualcomm Inc. Sold out 0.00% −3.29 FCX Freeport-McMoran Inc. Sold out 0.00% −2.62 ZTO Zto Express Cayman Inc.-ADR Sold out 0.00% −2.31 CART Maplebear Inc. Sold out 0.00% −1.67 TME Tencent Music Entertainm-ADR Reduce -43.8% 2.42% −1.63 BZ Kanzhun Ltd. - ADR Reduce -89.9% 0.13% −1.00 JD Jd.com Inc.-ADR Sold out 0.00% −0.81 MU Micron Technology Inc. Reduce -17.4% 3.08% −0.74 VICARIOUS SURGICAL INC Sold out 0.00% −0.01 GDS GDS Holdings Ltd. - ADR Reduce -54.4% 2.16% +0.42 DASH DoorDash Inc. Class A Reduce -29.8% 5.43% +0.67 TAL Tal Education Group- ADR Reduce -7.0% 3.31% +0.72 ATAT Atour Lifestyle Holdings-ADR Reduce -18.0% 3.10% +0.94 QFIN Qfin Holdings Inc.-ADR Reduce -27.6% 4.52% +1.19
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ NVDA Nvidia Corp. New 8.16% +8.16 SE Sea Ltd.-ADR Add +15.8% 12.37% +5.84 FUTU Futu Holdings Ltd.-ADR Add +2.4% 11.53% +5.30 LI Li Auto Inc. - ADR Add +55.0% 7.23% +4.61 EDU New Oriental Educatio-SP ADR Add +46.7% 9.54% +4.17 TCOM Trip.com Group Ltd.-ADR New 3.41% +3.41 BABA Alibaba Group Holding-SP ADR New 3.07% +3.07 TER Teradyne Inc. Add +11.5% 8.47% +1.69 ENPH Enphase Energy Inc. New 1.28% +1.28 RBOT Vicarious Surgical Inc. Class A New 0.01% +0.01
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