Aspex Management (HK) Ltd In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Aspex Management (HK) Ltd reported 23 stock positions worth $4.7 billion . Its top holding was Sea Ltd.-ADR (SE) at 16.4% of the portfolio, followed by Synopsys (SNPS, 16.0% ) and Futu Holdings Ltd.-ADR (FUTU, 9.1% ). Compared with Q2 2025, it opened 7 new positions, sold out of 7, added to 3 and reduced 6. The biggest buy was a new position in PDD (PDD) and the biggest sale an exit from Taiwan Semiconductor-SP ADR (TSM).
Location CENTRAL, K3
CIK 0001768375
Portfolio Value $4.7B (Q3 2025) Holdings 23 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 Q2 2025 SE Sea Ltd.-ADR 4,291,369 $767.0M Reduce -17.2% SNPS Synopsys Inc. 1,517,582 $748.8M Add +135.0% FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 2,451,873 $426.4M Reduce -27.7% PDD PDD Holdings Inc. 3,172,333 $419.3M New EDU New Oriental Educatio-SP ADR 5,879,363 $312.0M Reduce -15.8% YMM Full Truck Alliance -SPN ADR 23,763,953 $308.2M Add +5.8% NIO Nio Inc. - ADR 35,000,000 $266.7M New AS Amer Sports Inc. 5,935,091 $206.2M New DASH DoorDash Inc. Class A 724,740 $197.1M No change QFIN Qfin Holdings Inc.-ADR 6,516,734 $187.6M Reduce -1.4% GRAB Grab Holdings Ltd. Class A 28,384,511 $170.9M New ATAT Atour Lifestyle Holdings-ADR 4,428,783 $166.5M Reduce -16.7% CRS Carpenter Technology 554,758 $136.2M New PONY Pony AI Inc. 4,140,447 $93.1M Add +728.1% SEA LTD (SEALTD 2.375 12/01/25) 30,000,000 $59.1M No change H WORLD GROUP LTD (HTHT 3 05/01/26) 50,000,000 $55.3M No change LRCX Lam Research Corp. 399,641 $53.5M New BIDU Baidu Inc. - Spon ADR 368,351 $48.5M New NTES Netease Inc.-ADR 147,655 $22.4M No change RLX RLX Technology Inc.-ADR 7,901,172 $20.8M Reduce -34.8% LANV Lanvin Group Holdings Ltd. 4,500,000 $9.4M No change PRE Prenetics Global Ltd. Class A 346,150 $4.6M No change RBOT Vicarious Surgical Inc. Class A 86,666 $478K No change
Options reported separately and not counted above: GRAB HOLDINGS LIMITED calls ($43.8M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $50K (not counted above) Security Class Shares / Principal Value Change PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 1,166,666 $31K 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: $4.7B.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −8.61 MRVL Marvell Technology Inc. Sold out 0.00% −7.06 INTC Intel Corp. Sold out 0.00% −6.04 TAL Tal Education Group- ADR Sold out 0.00% −4.80 GDS GDS Holdings Ltd. - ADR Sold out 0.00% −2.93 DECK Deckers Outdoor Corp. Sold out 0.00% −2.69 QFIN Qfin Holdings Inc.-ADR Reduce -1.4% 4.01% −2.23 TCOM Trip.com Group Ltd.-ADR Sold out 0.00% −1.90 SE Sea Ltd.-ADR Reduce -17.2% 16.39% −1.64 EDU New Oriental Educatio-SP ADR Reduce -15.8% 6.67% −1.53 ATAT Atour Lifestyle Holdings-ADR Reduce -16.7% 3.56% −0.20 RLX RLX Technology Inc.-ADR Reduce -34.8% 0.44% −0.14 FUTU Futu Holdings Ltd.-ADR Reduce -27.7% 9.11% −0.01
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ PDD PDD Holdings Inc. New 8.96% +8.96 SNPS Synopsys Inc. Add +135.0% 16.00% +8.80 NIO Nio Inc. - ADR New 5.70% +5.70 AS Amer Sports Inc. New 4.41% +4.41 GRAB Grab Holdings Ltd. Class A New 3.65% +3.65 CRS Carpenter Technology New 2.91% +2.91 PONY Pony AI Inc. Add +728.1% 1.99% +1.85 LRCX Lam Research Corp. New 1.14% +1.14 BIDU Baidu Inc. - Spon ADR New 1.04% +1.04 YMM Full Truck Alliance -SPN ADR Add +5.8% 6.59% +0.82
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ GRAB HOLDINGS LIMITED call New 29,482,900 $43.8M INTEL CORP call Sold out 8,257,638 $2.7Mbefore exit APPLE INC put Sold out 2,525,702 $1.0Mbefore exit ISHARES TR put Sold out 2,968,782 $561Kbefore 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