Aspex Management (HK) Ltd In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Aspex Management (HK) Ltd reported 23 stock positions worth $4.6 billion . Its top holding was Sea Ltd.-ADR (SE) at 18.0% of the portfolio, followed by Futu Holdings Ltd.-ADR (FUTU, 9.1% ) and Taiwan Semiconductor-SP ADR (TSM, 8.6% ). Compared with Q1 2025, it opened 1 new position, sold out of 5, added to 9 and reduced 4. The biggest buy was a new position in Marvell Technology (MRVL) and the biggest sale an exit from Micron Technology (MU).
Location CENTRAL, K3
CIK 0001768375
Portfolio Value $4.6B (Q2 2025) Holdings 23 stocks · $4.6B 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 2025 SE Sea Ltd.-ADR 5,180,898 $828.6M Reduce -11.4% FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 3,393,307 $419.4M Add +21.1% TSM Taiwan Semiconductor-SP ADR 1,746,681 $395.6M Reduce -26.7% EDU New Oriental Educatio-SP ADR 6,981,188 $376.6M Add +18.8% SNPS Synopsys Inc. 645,895 $331.1M Add +106.0% MRVL Marvell Technology Inc. 4,195,561 $324.7M New QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 6,612,366 $286.7M Add +30.6% INTC Intel Corp. 12,398,919 $277.7M Add +82.2% YMM Full Truck Alliance -SPN ADR 22,455,623 $265.2M Add +47.6% TAL Tal Education Group- ADR 21,586,517 $220.6M Add +52.0% DASH DoorDash Inc. Class A 724,740 $178.7M No change ATAT Atour Lifestyle Holdings-ADR 5,314,881 $172.8M Add +17.8% GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 4,406,949 $134.7M Add +46.4% DECK Deckers Outdoor Corp. 1,198,917 $123.6M Reduce -26.3% TCOM Trip.com Group Ltd.-ADR 1,491,643 $87.5M No change SEA LTD (SEALTD 2.375 12/01/25) 30,000,000 $53.4M No change H WORLD GROUP LTD (HTHT 3 05/01/26) 50,000,000 $53.1M No change RLX RLX Technology Inc.-ADR 12,123,409 $26.8M No change NTES Netease Inc.-ADR 147,655 $19.9M No change LANV Lanvin Group Holdings Ltd. 4,500,000 $9.9M No change PONY Pony AI Inc. 500,000 $6.6M Reduce -79.0% PRE Prenetics Global Ltd. Class A 346,150 $2.9M No change RBOT Vicarious Surgical Inc. Class A 86,666 $650K No change
Options reported separately and not counted above: INTEL CORP calls ($2.7M), APPLE INC puts ($1.0M), ISHARES TR puts ($561K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $65K (not counted above) Security Class Shares / Principal Value Change PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 1,166,666 $46K No change LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 1,000,000 $19K No change
Total filed on the 13F, all lines: $4.6B.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ MU Micron Technology Inc. Sold out 0.00% −4.53 CDNS Cadence Design SYS Inc. Sold out 0.00% −3.74 BEKE Ke Holdings Inc.-ADR Sold out 0.00% −2.66 DECK Deckers Outdoor Corp. Reduce -26.3% 2.69% −2.01 SE Sea Ltd.-ADR Reduce -11.4% 18.03% −1.69 TSM Taiwan Semiconductor-SP ADR Reduce -26.7% 8.61% −1.61 FLUT Flutter Entertainment PLC-Di Sold out 0.00% −0.60 LI Li Auto Inc. - ADR Sold out 0.00% −0.42 PONY Pony AI Inc. Reduce -79.0% 0.14% −0.40
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ MRVL Marvell Technology Inc. New 7.06% +7.06 SNPS Synopsys Inc. Add +106.0% 7.20% +3.73 INTC Intel Corp. Add +82.2% 6.04% +2.05 FUTU Futu Holdings Ltd.-ADR Add +21.1% 9.12% +1.72 GDS GDS Holdings Ltd. - ADR Add +46.4% 2.93% +0.96 EDU New Oriental Educatio-SP ADR Add +18.8% 8.19% +0.94 YMM Full Truck Alliance -SPN ADR Add +47.6% 5.77% +0.75 ATAT Atour Lifestyle Holdings-ADR Add +17.8% 3.76% +0.46 QFIN Qfin Holdings Inc.-ADR Add +30.6% 6.24% +0.36 TAL Tal Education Group- ADR Add +52.0% 4.80% −0.05
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ INTEL CORP call Reduce -34.2% 8,257,638 $2.7M APPLE INC put New 2,525,702 $1.0M ISHARES TR put New 2,968,782 $561K
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