Aspex Management (HK) Ltd

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Aspex Management (HK) Ltd reported 26 stock positions worth $6.9 billion. Its top holding was Synopsys (SNPS) at 15.4% of the portfolio, followed by Nvidia (NVDA, 13.1%) and Futu Holdings Ltd.-ADR (FUTU, 9.1%). Compared with Q4 2025, it opened 6 new positions, sold out of 1, added to 6 and reduced 5. The biggest buy was a new position in Carvana (CVNA) and the biggest sale an exit from PDD (PDD).

Most Recent 13F
Q2 2026
Location
CENTRAL, K3
CIK
0001768375
Portfolio Value
$6.9B (Q1 2026)
SEC Filing
0001768375-26-000004 ↗ filed May 15, 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 Q4 2025 Q1 2026: $6.9B $6.9B Q1 2026 Q2 2026: $8.9B Q2 2026

Holdings 26 stocks · $6.9B
SNPS Synopsys Inc. 15.35% 2,670,532 $1.1B Add +25.6%
NVDA Nvidia Corp. 13.08% 5,174,466 $902.4M Add +80.0%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 9.07% 4,572,746 $625.4M Add +35.6%
CVNA Carvana Co. 8.29% 1,819,090 $571.9M New
CRWV Coreweave Inc. Class A 7.97% 7,097,527 $549.8M New
SE Sea Ltd.-ADR 5.85% 4,870,097 $403.3M Add +44.4%
MKSI MKS Inc. 5.13% 1,538,789 $353.6M New
GLW Corning Inc. 5.02% 2,544,734 $346.0M New
CPNG Coupang Inc. 4.39% 16,037,845 $302.8M New
AS Amer Sports Inc. 3.95% 8,268,605 $272.2M Add +8.9%
EDU New Oriental Educatio-SP ADR 3.72% 4,532,665 $256.7M Reduce -9.8%
GRAB Grab Holdings Ltd. Class A 3.15% 59,304,024 $217.1M Add +6.2%
YMM Full Truck Alliance -SPN ADR 2.62% 21,791,354 $180.9M Reduce -8.3%
TER Teradyne Inc. 2.18% 506,070 $150.0M Reduce -51.0%
LITE Lumentum Holdings Inc. 2.08% 203,942 $143.3M Reduce -70.1%
ATAT Atour Lifestyle Holdings-ADR 1.90% 3,552,677 $130.8M Reduce -0.1%
TCOM Trip.com Group Ltd.-ADR 1.68% 2,329,290 $116.0M New
QFIN Qfin Holdings Inc.-ADR 1.20% 6,422,510 $82.9M No change
NIO Nio Inc. - ADR 1.15% 13,141,609 $79.2M No change
H WORLD GROUP LTD (HTHT 3 05/01/26) 0.98% 50,000,000 $67.4M No change
PONY Pony AI Inc. 0.57% 4,140,447 $39.1M No change
RLX RLX Technology Inc.-ADR 0.25% 7,901,172 $17.4M No change
NTES Netease Inc.-ADR 0.24% 147,655 $16.5M No change
LANV Lanvin Group Holdings Ltd. 0.10% 4,500,000 $6.8M No change
PRE Prenetics Global Ltd. Class A 0.10% 346,150 $6.7M No change
RBOT Vicarious Surgical Inc. Class A 0.00% 86,666 $62K No change

Options reported separately and not counted above: GRAB HOLDINGS LIMITED calls ($2.3M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $32K (not counted above)
SecurityClassShares / PrincipalValueChange
PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 1,166,666$21KNo change
LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 1,000,000$11KNo change

Total filed on the 13F, all lines: $6.9B.

Portfolio Sells Q4 2025 → Q1 2026
PDD PDD Holdings Inc. Sold out 0.00% −7.16
LITE Lumentum Holdings Inc. Reduce -70.1% 2.08% −3.03
YMM Full Truck Alliance -SPN ADR Reduce -8.3% 2.62% −2.56
EDU New Oriental Educatio-SP ADR Reduce -9.8% 3.72% −1.89
TER Teradyne Inc. Reduce -51.0% 2.18% −1.88
ATAT Atour Lifestyle Holdings-ADR Reduce -0.1% 1.90% −0.95

Portfolio Buys Q4 2025 → Q1 2026
CVNA Carvana Co. New 8.29% +8.29
CRWV Coreweave Inc. Class A New 7.97% +7.97
MKSI MKS Inc. New 5.13% +5.13
GLW Corning Inc. New 5.02% +5.02
CPNG Coupang Inc. New 4.39% +4.39
NVDA Nvidia Corp. Add +80.0% 13.08% +2.20
TCOM Trip.com Group Ltd.-ADR New 1.68% +1.68
AS Amer Sports Inc. Add +8.9% 3.95% −1.81
FUTU Futu Holdings Ltd.-ADR Add +35.6% 9.07% −2.18
GRAB Grab Holdings Ltd. Class A Add +6.2% 3.15% −2.51
SE Sea Ltd.-ADR Add +44.4% 5.85% −2.89
SNPS Synopsys Inc. Add +25.6% 15.35% −4.93

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