In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Athos Capital Ltd reported 23 stock positions worth $153.9 million . Its top holding was Ke Holdings Inc.-ADR (BEKE) at 30.9% of the portfolio, followed by Kenvue (KVUE, 26.4% ) and Chart Industries (GTLS, 7.5% ). Compared with Q2 2025, it opened 10 new positions, sold out of 10, added to 5 and reduced 3. The biggest buy was a new position in Ke Holdings Inc.-ADR (BEKE) and the biggest sale an exit from Skechers USA Class A (SKX).
Location HONG KONG, K3
CIK 0001681662
Portfolio Value $153.9M (Q3 2025) Holdings 23 stocks · $153.9M 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 BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 2,500,000 $47.5M New KVUE Kenvue Inc. 2,500,000 $40.6M New GTLS Chart Industries Inc. 57,860 $11.6M New LBRDK Liberty Broadband-C 169,122 $10.7M New TXNM TXNM Energy Inc. 142,842 $8.1M New MRUS Merus NV 80,000 $7.5M New NSC Norfolk Southern Corp. 20,000 $6.0M New JOYY Joyy Inc.-ADR 59,633 $3.5M Add +8.6% K Kellanova 36,755 $3.0M Reduce -59.4% CHA Chagee Holdings Ltd.-ADR 174,332 $2.9M Add +7.1% FACTU Fact II Acquisition Corp. 250,000 $2.6M No change TASK Taskus Inc. Class A 144,179 $2.6M Reduce -27.9% PNFP Pinnacle Financial Partners 22,573 $2.1M New DYNCU Dynamix Corp. 125,000 $1.4M Reduce -50.0% BEAGU Bold Eagle Acquisition Corp. 100,000 $1.1M No change IPG Interpublic Group of Cos Inc. 26,819 $749K Add +7.3% OACCU Oaktree Acquisition III Life 50,000 $533K No change HUYA Huya Inc.-ADR 138,290 $461K Add +8.6% LEGT.U Legato Merger Corp. III 25,000 $271K No change CCIXU Churchill Capital Corp. Ix 25,000 $267K No change DOYU Douyu International Hold-ADR 21,563 $162K Add +8.2% SOHU Sohu.com Ltd.-ADR 8,857 $138K New CORZ Core Scientific Inc. 4,221 $76K New
Options reported separately and not counted above: PZZA calls ($4.8M).
Other holdings (8): bonds, preferreds, convertibles and warrants · $935K (not counted above) Security Class Shares / Principal Value Change LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 157,703 $328K No change ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 92,368 $186K No change TGE.WS Generation Essentials - 30 *W EXP 02/15/202 83,331 $178K No change MRNOW Murano Global BV-28 *W EXP 03/19/202 42,840 $110K No change SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 28,420 $50K No change SDSTW Global Partner Acq A -CW27 *W EXP 06/21/202 11,378 $35K No change CPTWF Captivision Inc.-28 *W EXP 11/15/202 32,075 $26K No change COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 28,588 $22K No change
Total filed on the 13F, all lines: $154.8M.
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 ▲ SKX Skechers USA Inc. Class A Sold out 0.00% −17.86 K Kellanova Reduce -59.4% 1.96% −9.20 GB Global Blue Group Holding AG Sold out 0.00% −5.79 ANSS Ansys Inc. Sold out 0.00% −5.72 JNPR Juniper Networks Inc. Sold out 0.00% −5.01 FL Foot Locker Inc. Sold out 0.00% −4.94 NVEE NV5 Global Inc. Sold out 0.00% −4.65 PARAA Paramount Global Class B Sold out 0.00% −4.00 ZK Zeekr Intelligent Techno-ADR Sold out 0.00% −3.98 BPMC Blueprint Medicines Corp. Sold out 0.00% −3.98 SWTX Springworks Therapeutics Inc. Sold out 0.00% −3.64 TASK Taskus Inc. Class A Reduce -27.9% 1.67% −3.52 DYNCU Dynamix Corp. Reduce -50.0% 0.93% −3.06
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 ▼ BEKE Ke Holdings Inc.-ADR New 30.87% +30.87 KVUE Kenvue Inc. New 26.37% +26.37 GTLS Chart Industries Inc. New 7.53% +7.53 LBRDK Liberty Broadband-C New 6.98% +6.98 TXNM TXNM Energy Inc. New 5.25% +5.25 MRUS Merus NV New 4.89% +4.89 NSC Norfolk Southern Corp. New 3.90% +3.90 PNFP Pinnacle Financial Partners New 1.38% +1.38 SOHU Sohu.com Ltd.-ADR New 0.09% +0.09 CORZ Core Scientific Inc. New 0.05% +0.05 DOYU Douyu International Hold-ADR Add +8.2% 0.11% −0.09 HUYA Huya Inc.-ADR Add +8.6% 0.30% −0.40 IPG Interpublic Group of Cos Inc. Add +7.3% 0.49% −0.46 JOYY Joyy Inc.-ADR Add +8.6% 2.27% −2.06 CHA Chagee Holdings Ltd.-ADR Add +7.1% 1.87% −4.72
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ PZZA Papa John's Intl Inc. call New 100,000 $4.8M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ CHEB.WS Chenghe Acquisition II - 29 *W EXP 05/30/203 Sold out 37,499 $337Kbefore exit LAKESHORE BIOPHARMA CO LTD *W EXP 03/15/202 Sold out 128,981 $132Kbefore exit BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 Sold out 66,062 $127Kbefore exit ZOOZW Zooz Strategy Ltd.-29 *W EXP 04/02/202 Sold out 17,135 $17Kbefore exit ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 Sold out 21,383 $6Kbefore exit PIIIW P3 Health Partne -CW27 *W EXP 11/19/202 Sold out 37,052 $5Kbefore exit
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