In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Athos Capital Ltd reported 23 stock positions worth $64.5 million . Its top holding was Skechers USA Class A (SKX) at 17.9% of the portfolio, followed by Kellanova (K, 11.2% ) and Chagee Holdings Ltd.-ADR (CHA, 6.6% ). Compared with Q1 2025, it opened 8 new positions, sold out of 15, added to 1 and reduced 1. The biggest buy was a new position in Skechers USA Class A (SKX) and the biggest sale an exit from Intra-Cellular Therapies (ITCI).
Location HONG KONG, K3
CIK 0001681662
Portfolio Value $64.5M (Q2 2025) Holdings 23 stocks · $64.5M 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 SKX Skechers USA Inc. Class A 182,588 $11.5M New K Kellanova 90,500 $7.2M No change CHA Chagee Holdings Ltd.-ADR 162,800 $4.3M New GB Global Blue Group Holding AG 500,000 $3.7M No change ANSS Ansys Inc. 10,500 $3.7M No change TASK Taskus Inc. Class A 200,000 $3.4M New JNPR Juniper Networks Inc. 80,999 $3.2M Reduce -46.4% FL Foot Locker Inc. 130,000 $3.2M New NVEE NV5 Global Inc. 130,000 $3.0M New JOYY Joyy Inc.-ADR 54,900 $2.8M No change PARAA Paramount Global Class B 200,000 $2.6M Add +300.0% DYNCU Dynamix Corp. 250,000 $2.6M No change FACTU Fact II Acquisition Corp. 250,000 $2.6M No change ZK Zeekr Intelligent Techno-ADR 100,638 $2.6M New BPMC Blueprint Medicines Corp. 20,000 $2.6M New SWTX Springworks Therapeutics Inc. 50,000 $2.4M New BEAGU Bold Eagle Acquisition Corp. 100,000 $1.1M No change IPG Interpublic Group of Cos Inc. 25,000 $612K No change OACCU Oaktree Acquisition III Life 50,000 $531K No change HUYA Huya Inc.-ADR 127,346 $448K No change CCIXU Churchill Capital Corp. Ix 25,000 $269K No change LEGT.U Legato Merger Corp. III 25,000 $265K No change DOYU Douyu International Hold-ADR 19,925 $129K No change
Other holdings (14): bonds, preferreds, convertibles and warrants · $2.4M (not counted above) Security Class Shares / Principal Value Change TGE.WS Generation Essentials - 30 *W EXP 02/15/202 83,331 $659K New MRNOW Murano Global BV-28 *W EXP 03/19/202 42,840 $418K No change LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 157,703 $345K No change CHEB.WS Chenghe Acquisition II - 29 *W EXP 05/30/203 37,499 $337K New ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 92,368 $189K No change LAKESHORE BIOPHARMA CO LTD *W EXP 03/15/202 128,981 $132K No change BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 66,062 $127K No change SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 28,420 $52K No change COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 28,588 $41K No change CPTWF Captivision Inc.-28 *W EXP 11/15/202 32,075 $37K No change ZOOZW Zooz Strategy Ltd.-29 *W EXP 04/02/202 17,135 $17K New ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 21,383 $6K No change PIIIW P3 Health Partne -CW27 *W EXP 11/19/202 37,052 $5K No change SDSTW Global Partner Acq A -CW27 *W EXP 06/21/202 11,378 $2K No change
Total filed on the 13F, all lines: $66.9M.
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 ▲ ITCI Intra-Cellular Therapies Inc. Sold out 0.00% −9.21 DFS Discover Financial Services Sold out 0.00% −8.66 DESP Despegar.com Corp. Sold out 0.00% −7.87 LBRDK Liberty Broadband-C Sold out 0.00% −6.25 PLYA Playa Hotels & Resorts NV Sold out 0.00% −4.57 EVRI Everi Holdings Inc. Sold out 0.00% −3.47 FNA Paragon 28 Inc. Sold out 0.00% −3.31 BSIIU Black Spade Acquisition II C Sold out 0.00% −3.23 ESGR Enstar Group Ltd. Sold out 0.00% −3.12 IMSR Terrestrial Energy Inc. Sold out 0.00% −2.67 RDUS Radius Recycling Inc. Class A Sold out 0.00% −2.57 X United States Steel Corp. Sold out 0.00% −2.14 JNPR Juniper Networks Inc. Reduce -46.4% 5.01% −1.92 AGS Playags Inc. Sold out 0.00% −1.63 CHEB.U Chenghe Acquisition II Co. Sold out 0.00% −0.97 ONC Beone Medicines Ltd.-ADR Sold out 0.00% −0.73
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 ▼ SKX Skechers USA Inc. Class A New 17.86% +17.86 CHA Chagee Holdings Ltd.-ADR New 6.59% +6.59 TASK Taskus Inc. Class A New 5.20% +5.20 FL Foot Locker Inc. New 4.94% +4.94 NVEE NV5 Global Inc. New 4.65% +4.65 ZK Zeekr Intelligent Techno-ADR New 3.98% +3.98 BPMC Blueprint Medicines Corp. New 3.98% +3.98 SWTX Springworks Therapeutics Inc. New 3.64% +3.64 PARAA Paramount Global Class B Add +300.0% 4.00% +3.24
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ IPG Interpublic Group of Cos Inc. call Sold out 100,000 $2.7Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ REEWF Cartesian Growth Corp. II -28 *W EXP 07/12/202 Sold out 114,289 $1.4Mbefore exit TGE.WS Generation Essentials - 30 *W EXP 02/15/202 New 83,331 $659K CHEB.WS Chenghe Acquisition II - 29 *W EXP 05/30/203 New 37,499 $337K ZOOZW Zooz Strategy Ltd.-29 *W EXP 04/02/202 New 17,135 $17K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 29 $277.8M WBD, MOMO, BEKE, NSC, JHG Q1 2026 32 $323.7M WBD, MOMO, BEKE, KVUE, VIPS Q4 2025 26 $248.1M KVUE, MOMO, BEKE, RNAM, HOLX Q3 2025 23 $153.9M BEKE, KVUE, GTLS, LBRDK, TXNM Q2 2025 23 $64.5M SKX, K, CHA, GB, ANSS Q1 2025 30 $78.8M K, ITCI, DFS, DESP, JNPR Q4 2024 23 $209.9M EDR, K, IBIT, LBRDK, SMAR Q3 2024 24 $307.6M EDR, PKX, IBIT, ACI, K Q2 2024 24 $168.6M EDR, HOLI, ACI, IBIT, VSTO Q1 2024 21 $76.1M HOLI, ACI, X, BILI, JNPR