Aspex Management (HK) Ltd In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Aspex Management (HK) Ltd reported 27 stock positions worth $3.9 billion . Its top holding was Sea Ltd.-ADR (SE) at 19.7% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 10.2% ) and Futu Holdings Ltd.-ADR (FUTU, 7.4% ). Compared with Q4 2024, it opened 5 new positions, sold out of 8, added to 4 and reduced 8. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +348% ) and the biggest sale an exit from Teradyne (TER).
Location CENTRAL, K3
CIK 0001768375
Portfolio Value $3.9B (Q1 2025) Holdings 27 stocks · $3.9B 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 Q4 2024 SE Sea Ltd.-ADR 5,848,206 $763.1M Add +19.4% TSM Taiwan Semiconductor-SP ADR 2,382,650 $395.5M Add +348.4% FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 2,802,225 $286.8M Reduce -2.9% EDU New Oriental Educatio-SP ADR 5,874,472 $280.9M Reduce -21.2% QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 5,065,054 $227.5M Reduce -20.5% YMM Full Truck Alliance -SPN ADR 15,208,627 $194.2M No change TAL Tal Education Group- ADR 14,197,819 $187.6M Add +34.5% DECK Deckers Outdoor Corp. 1,625,641 $181.8M New MU Micron Technology Inc. 2,020,350 $175.5M Add +34.3% INTC Intel Corp. 6,804,813 $154.5M New CDNS Cadence Design SYS Inc. 569,333 $144.8M New SNPS Synopsys Inc. 313,531 $134.5M New DASH DoorDash Inc. Class A 724,740 $132.5M Reduce -24.1% ATAT Atour Lifestyle Holdings-ADR 4,510,636 $127.9M No change BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 5,126,453 $103.0M Reduce -21.3% TCOM Trip.com Group Ltd.-ADR 1,491,643 $94.8M Reduce -20.3% GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 3,009,876 $76.2M Reduce -38.9% H WORLD GROUP LTD (HTHT 3 05/01/26) 50,000,000 $55.5M No change SEA LTD (SEALTD 2.375 12/01/25) 30,000,000 $44.0M No change FLUT Flutter Entertainment PLC-Di 104,210 $23.1M New RLX RLX Technology Inc.-ADR 12,123,409 $22.8M No change PONY Pony AI Inc. 2,375,666 $21.0M No change LI Li Auto Inc. - ADR 643,708 $16.2M Reduce -91.4% NTES Netease Inc.-ADR 147,655 $15.2M No change LANV Lanvin Group Holdings Ltd. 4,500,000 $10.8M No change PRE Prenetics Global Ltd. Class A 346,150 $1.4M No change RBOT Vicarious Surgical Inc. Class A 86,666 $569K No change
Options reported separately and not counted above: INTEL CORP calls ($17.8M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $32K (not counted above) Security Class Shares / Principal Value Change LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 1,000,000 $20K No change PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 1,166,666 $12K No change
Total filed on the 13F, all lines: $3.9B.
Portfolio Sells Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ TER Teradyne Inc. Sold out 0.00% −11.01 EDU New Oriental Educatio-SP ADR Reduce -21.2% 7.25% −5.67 LI Li Auto Inc. - ADR Reduce -91.4% 0.42% −4.43 JD Jd.com Inc.-ADR Sold out 0.00% −2.53 ELF Elf Beauty Inc. Sold out 0.00% −1.99 HDB HDFC Bank Ltd.-ADR Sold out 0.00% −1.25 GDS GDS Holdings Ltd. - ADR Reduce -38.9% 1.97% −1.19 TCOM Trip.com Group Ltd.-ADR Reduce -20.3% 2.45% −1.02 DASH DoorDash Inc. Class A Reduce -24.1% 3.42% −0.91 EPAM Epam Systems Inc. Sold out 0.00% −0.83 ENPH Enphase Energy Inc. Sold out 0.00% −0.80 QFIN Qfin Holdings Inc.-ADR Reduce -20.5% 5.88% −0.73 IQIYI INC (IQ 6.5 03/15/28) Sold out 0.00% −0.73 BEKE Ke Holdings Inc.-ADR Reduce -21.3% 2.66% −0.58 VNET Vnet Group Inc.-ADR Sold out 0.00% −0.38 FUTU Futu Holdings Ltd.-ADR Reduce -2.9% 7.41% +1.17
Portfolio Buys Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ TSM Taiwan Semiconductor-SP ADR Add +348.4% 10.22% +7.38 SE Sea Ltd.-ADR Add +19.4% 19.71% +5.67 DECK Deckers Outdoor Corp. New 4.69% +4.69 INTC Intel Corp. New 3.99% +3.99 CDNS Cadence Design SYS Inc. New 3.74% +3.74 SNPS Synopsys Inc. New 3.47% +3.47 TAL Tal Education Group- ADR Add +34.5% 4.84% +1.99 MU Micron Technology Inc. Add +34.3% 4.53% +1.11 FLUT Flutter Entertainment PLC-Di New 0.60% +0.60
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ INTEL CORP call New 12,542,058 $17.8M
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