Aspex Management (HK) Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Aspex Management (HK) Ltd reported 21 stock positions worth $4.9 billion. Its top holding was Synopsys (SNPS) at 20.3% of the portfolio, followed by Futu Holdings Ltd.-ADR (FUTU, 11.2%) and Nvidia (NVDA, 10.9%). Compared with Q3 2025, it opened 3 new positions, sold out of 5, added to 4 and reduced 6. The biggest buy was a new position in Nvidia (NVDA) and the biggest sale Sea Ltd.-ADR (SE, shares −21%).

Most Recent 13F
Q2 2026
Location
CENTRAL, K3
CIK
0001768375
Portfolio Value
$4.9B (Q4 2025)
SEC Filing
0001768375-26-000002 ↗ filed Feb 13, 2026

Holdings Value

0$2.0B$4.0B$6.0B$8.0B$10.0B Q1 2024: $3.7B Q1 2024 Q2 2024: $4.7B Q2 2024 Q3 2024: $3.8B Q3 2024 Q4 2024: $3.7B Q4 2024 Q1 2025: $3.9B Q1 2025 Q2 2025: $4.6B Q2 2025 Q3 2025: $4.7B Q3 2025 Q4 2025: $4.9B $4.9B Q4 2025 Q1 2026: $6.9B Q1 2026 Q2 2026: $8.9B Q2 2026

Holdings 21 stocks · $4.9B
SNPS Synopsys Inc. 20.28% 2,126,089 $998.7M Add +40.1%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 11.24% 3,371,597 $553.6M Add +37.5%
NVDA Nvidia Corp. 10.88% 2,873,869 $536.0M New
SE Sea Ltd.-ADR 8.74% 3,373,016 $430.3M Reduce -21.4%
PDD PDD Holdings Inc. 7.16% 3,109,525 $352.6M Reduce -2.0%
AS Amer Sports Inc. 5.76% 7,593,627 $283.6M Add +27.9%
GRAB Grab Holdings Ltd. Class A 5.66% 55,864,875 $278.8M Add +96.8%
EDU New Oriental Educatio-SP ADR 5.62% 5,024,985 $276.5M Reduce -14.5%
YMM Full Truck Alliance -SPN ADR 5.18% 23,763,953 $255.0M No change
LITE Lumentum Holdings Inc. 5.10% 681,959 $251.4M New
TER Teradyne Inc. 4.06% 1,031,838 $199.7M New
ATAT Atour Lifestyle Holdings-ADR 2.85% 3,557,795 $140.2M Reduce -19.7%
QFIN Qfin Holdings Inc.-ADR 2.51% 6,422,510 $123.8M Reduce -1.4%
NIO Nio Inc. - ADR 1.36% 13,141,609 $67.0M Reduce -62.5%
H WORLD GROUP LTD (HTHT 3 05/01/26) 1.30% 50,000,000 $63.9M No change
PONY Pony AI Inc. 1.22% 4,140,447 $60.0M No change
NTES Netease Inc.-ADR 0.41% 147,655 $20.3M No change
RLX RLX Technology Inc.-ADR 0.37% 7,901,172 $18.4M No change
LANV Lanvin Group Holdings Ltd. 0.18% 4,500,000 $9.0M No change
PRE Prenetics Global Ltd. Class A 0.11% 346,150 $5.5M No change
RBOT Vicarious Surgical Inc. Class A 0.00% 86,666 $188K No change

Options reported separately and not counted above: GRAB HOLDINGS LIMITED calls ($18.7M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $51K (not counted above)
SecurityClassShares / PrincipalValueChange
PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 1,166,666$35KNo change
LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 1,000,000$16KNo change

Total filed on the 13F, all lines: $4.9B.

Portfolio Sells Q3 2025 → Q4 2025
SE Sea Ltd.-ADR Reduce -21.4% 8.74% −7.65
NIO Nio Inc. - ADR Reduce -62.5% 1.36% −4.34
DASH DoorDash Inc. Class A Sold out 0.00% −4.21
CRS Carpenter Technology Sold out 0.00% −2.91
PDD PDD Holdings Inc. Reduce -2.0% 7.16% −1.80
QFIN Qfin Holdings Inc.-ADR Reduce -1.4% 2.51% −1.49
SEA LTD (SEALTD 2.375 12/01/25) Sold out 0.00% −1.26
LRCX Lam Research Corp. Sold out 0.00% −1.14
EDU New Oriental Educatio-SP ADR Reduce -14.5% 5.62% −1.05
BIDU Baidu Inc. - Spon ADR Sold out 0.00% −1.04
ATAT Atour Lifestyle Holdings-ADR Reduce -19.7% 2.85% −0.71

Portfolio Buys Q3 2025 → Q4 2025
NVDA Nvidia Corp. New 10.88% +10.88
LITE Lumentum Holdings Inc. New 5.10% +5.10
SNPS Synopsys Inc. Add +40.1% 20.28% +4.28
TER Teradyne Inc. New 4.06% +4.06
FUTU Futu Holdings Ltd.-ADR Add +37.5% 11.24% +2.13
GRAB Grab Holdings Ltd. Class A Add +96.8% 5.66% +2.01
AS Amer Sports Inc. Add +27.9% 5.76% +1.35

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 24$8.9BSNPS, QCOM, MKSI, CRWV, CVNA
Q1 2026 26$6.9BSNPS, NVDA, FUTU, CVNA, CRWV
Q4 2025 21$4.9BSNPS, FUTU, NVDA, SE, PDD
Q3 2025 23$4.7BSE, SNPS, FUTU, PDD, EDU
Q2 2025 23$4.6BSE, FUTU, TSM, EDU, SNPS
Q1 2025 27$3.9BSE, TSM, FUTU, EDU, QFIN
Q4 2024 30$3.7BSE, EDU, TER, QFIN, FUTU
Q3 2024 28$3.8BSE, FUTU, EDU, TER, NVDA
Q2 2024 35$4.7BMRVL, TER, SE, FUTU, EDU
Q1 2024 32$3.7BSE, MRVL, MU, DASH, FUTU