Aspex Management (HK) Ltd In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Aspex Management (HK) Ltd reported 30 stock positions worth $3.7 billion . Its top holding was Sea Ltd.-ADR (SE) at 14.0% of the portfolio, followed by New Oriental Educatio-SP ADR (EDU, 12.9% ) and Teradyne (TER, 11.0% ). Compared with Q3 2024, it opened 8 new positions, sold out of 6, added to 5 and reduced 5. The biggest buy was a new position in Full Truck Alliance -SPN ADR (YMM) and the biggest sale an exit from Nvidia (NVDA).
Location CENTRAL, K3
CIK 0001768375
Portfolio Value $3.7B (Q4 2024) Holdings 30 stocks · $3.7B 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 Q3 2024 SE Sea Ltd.-ADR 4,895,815 $519.4M Reduce -1.2% EDU New Oriental Educatio-SP ADR 7,454,906 $478.5M Add +56.8% TER Teradyne Inc. 3,234,842 $407.3M Add +35.5% QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 6,371,808 $244.6M Add +11.3% FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 2,885,929 $230.8M Reduce -36.6% LI Li Auto Inc. - ADR 7,480,871 $179.5M Reduce -29.7% YMM Full Truck Alliance -SPN ADR 15,208,627 $164.6M New DASH DoorDash Inc. Class A 955,406 $160.3M Reduce -33.5% TCOM Trip.com Group Ltd.-ADR 1,872,533 $128.6M Reduce -13.7% MU Micron Technology Inc. 1,504,939 $126.7M Add +34.0% ATAT Atour Lifestyle Holdings-ADR 4,510,636 $121.3M No change BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 6,514,463 $120.0M New GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 4,926,727 $117.1M Add +23.0% TAL Tal Education Group- ADR 10,555,730 $105.8M No change TSM Taiwan Semiconductor-SP ADR 531,348 $104.9M New JD Jd.com Inc.-ADR 2,698,651 $93.6M New ELF Elf Beauty Inc. 586,028 $73.6M New H WORLD GROUP LTD (HTHT 3 05/01/26) 50,000,000 $53.2M No change HDB HDFC Bank Ltd.-ADR 726,915 $46.4M No change SEA LTD (SEALTD 2.375 12/01/25) 30,000,000 $38.0M No change PONY Pony AI Inc. 2,375,666 $34.1M New EPAM Epam Systems Inc. 130,904 $30.6M New ENPH Enphase Energy Inc. 428,615 $29.4M No change IQIYI INC (IQ 6.5 03/15/28) 28,000,000 $26.9M No change RLX RLX Technology Inc.-ADR 12,123,409 $26.2M No change VNET Vnet Group Inc.-ADR 2,964,552 $14.1M No change NTES Netease Inc.-ADR 147,655 $13.2M New LANV Lanvin Group Holdings Ltd. 4,500,000 $9.0M No change PRE Prenetics Global Ltd. Class A 346,150 $2.0M No change RBOT Vicarious Surgical Inc. Class A 86,666 $1.1M 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 $40K No change PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 1,166,666 $9K No change
Total filed on the 13F, all lines: $3.7B.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ NVDA Nvidia Corp. Sold out 0.00% −8.16 FUTU Futu Holdings Ltd.-ADR Reduce -36.6% 6.24% −5.29 MRVL Marvell Technology Inc. Sold out 0.00% −5.14 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −3.07 TME Tencent Music Entertainm-ADR Sold out 0.00% −2.42 LI Li Auto Inc. - ADR Reduce -29.7% 4.85% −2.38 DASH DoorDash Inc. Class A Reduce -33.5% 4.33% −1.10 BZ Kanzhun Ltd. - ADR Sold out 0.00% −0.13 WBTN Webtoon Entertainment Inc. Sold out 0.00% −0.09 TCOM Trip.com Group Ltd.-ADR Reduce -13.7% 3.47% +0.06 SE Sea Ltd.-ADR Reduce -1.2% 14.04% +1.66
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ YMM Full Truck Alliance -SPN ADR New 4.45% +4.45 EDU New Oriental Educatio-SP ADR Add +56.8% 12.93% +3.38 BEKE Ke Holdings Inc.-ADR New 3.24% +3.24 TSM Taiwan Semiconductor-SP ADR New 2.84% +2.84 TER Teradyne Inc. Add +35.5% 11.01% +2.54 JD Jd.com Inc.-ADR New 2.53% +2.53 QFIN Qfin Holdings Inc.-ADR Add +11.3% 6.61% +2.09 ELF Elf Beauty Inc. New 1.99% +1.99 GDS GDS Holdings Ltd. - ADR Add +23.0% 3.16% +1.00 PONY Pony AI Inc. New 0.92% +0.92 EPAM Epam Systems Inc. New 0.83% +0.83 NTES Netease Inc.-ADR New 0.36% +0.36 MU Micron Technology Inc. Add +34.0% 3.42% +0.34
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