In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Athos Capital Ltd reported 26 stock positions worth $248.1 million . Its top holding was Kenvue (KVUE) at 24.0% of the portfolio, followed by Hello Group Inc. -SPN ADR (MOMO, 19.1% ) and Ke Holdings Inc.-ADR (BEKE, 15.4% ). Compared with Q3 2025, it opened 9 new positions, sold out of 6, added to 2 and reduced 9. The biggest buy was a new position in Hello Group Inc. -SPN ADR (MOMO) and the biggest sale Ke Holdings Inc.-ADR (BEKE, shares −3% ).
Location HONG KONG, K3
CIK 0001681662
Portfolio Value $248.1M (Q4 2025) Holdings 26 stocks · $248.1M 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 Q3 2025 KVUE Kenvue Inc. 3,457,749 $59.6M Add +38.3% MOMO Hello Group Inc. -SPN ADR 7,230,359 $47.4M New BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 2,417,200 $38.1M Reduce -3.3% RNAM Avidity Biosciences Inc. 184,564 $13.3M New HOLX Hologic Inc. 170,000 $12.7M New GTLS Chart Industries Inc. 56,060 $11.6M Reduce -3.1% CDTX Cidara Therapeutics Inc. 40,000 $8.8M New FOLD Amicus Therapeutics Inc. 600,000 $8.5M New TXNM TXNM Energy Inc. 138,142 $8.1M Reduce -3.3% LBRDK Liberty Broadband-C 163,522 $7.9M Reduce -3.3% NSC Norfolk Southern Corp. 19,400 $5.6M Reduce -3.0% JHG Janus Henderson Group PLC 85,000 $4.0M New JOYY Joyy Inc.-ADR 58,333 $3.8M Reduce -2.2% CFLT Confluent Inc. Class A 114,000 $3.4M New RNW Renew Energy Global PLC-A 507,079 $2.9M New TASK Taskus Inc. Class A 240,760 $2.8M Add +67.0% FACTU Fact II Acquisition Corp. 250,000 $2.6M No change CHA Chagee Holdings Ltd.-ADR 145,232 $1.7M Reduce -16.7% DYNCU Dynamix Corp. 125,000 $1.4M No change BL Blackline Inc. 20,000 $1.1M New BEAGU Bold Eagle Acquisition Corp. 100,000 $1.1M No change OACCU Oaktree Acquisition III Life 50,000 $536K No change HUYA Huya Inc.-ADR 135,190 $389K Reduce -2.2% LEGT.U Legato Merger Corp. III 25,000 $282K No change CCIXU Churchill Capital Corp. Ix 25,000 $266K No change DOYU Douyu International Hold-ADR 21,063 $143K Reduce -2.3%
Options reported separately and not counted above: CWAN calls ($12.1M).
Other holdings (10): bonds, preferreds, convertibles and warrants · $703K (not counted above) Security Class Shares / Principal Value Change LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 157,703 $317K No change ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 92,368 $159K No change TGE.WS Generation Essentials - 30 *W EXP 02/15/202 83,331 $87K No change SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 28,420 $44K No change SDSTW Global Partner Acq A -CW27 *W EXP 06/21/202 11,378 $35K No change MRNOW Murano Global BV-28 *W EXP 03/19/202 42,840 $25K No change COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 28,588 $19K No change CPTWF Captivision Inc.-28 *W EXP 11/15/202 32,075 $11K No change ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 21,383 $3K New PIIIW P3 Health Partne -CW27 *W EXP 11/19/202 37,052 $3K New
Total filed on the 13F, all lines: $248.8M.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ BEKE Ke Holdings Inc.-ADR Reduce -3.3% 15.35% −15.52 MRUS Merus NV Sold out 0.00% −4.89 LBRDK Liberty Broadband-C Reduce -3.3% 3.20% −3.78 GTLS Chart Industries Inc. Reduce -3.1% 4.66% −2.87 TXNM TXNM Energy Inc. Reduce -3.3% 3.28% −1.97 K Kellanova Sold out 0.00% −1.96 NSC Norfolk Southern Corp. Reduce -3.0% 2.26% −1.65 PNFP Pinnacle Financial Partners Sold out 0.00% −1.38 CHA Chagee Holdings Ltd.-ADR Reduce -16.7% 0.68% −1.19 JOYY Joyy Inc.-ADR Reduce -2.2% 1.52% −0.75 IPG Interpublic Group of Cos Inc. Sold out 0.00% −0.49 HUYA Huya Inc.-ADR Reduce -2.2% 0.16% −0.14 SOHU Sohu.com Ltd.-ADR Sold out 0.00% −0.09 CORZ Core Scientific Inc. Sold out 0.00% −0.05 DOYU Douyu International Hold-ADR Reduce -2.3% 0.06% −0.05
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ MOMO Hello Group Inc. -SPN ADR New 19.09% +19.09 RNAM Avidity Biosciences Inc. New 5.37% +5.37 HOLX Hologic Inc. New 5.10% +5.10 CDTX Cidara Therapeutics Inc. New 3.56% +3.56 FOLD Amicus Therapeutics Inc. New 3.44% +3.44 JHG Janus Henderson Group PLC New 1.63% +1.63 CFLT Confluent Inc. Class A New 1.39% +1.39 RNW Renew Energy Global PLC-A New 1.15% +1.15 BL Blackline Inc. New 0.45% +0.45 TASK Taskus Inc. Class A Add +67.0% 1.14% −0.53 KVUE Kenvue Inc. Add +38.3% 24.04% −2.33
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ CWAN Clearwater Analytics HDS-A call New 500,000 $12.1M PZZA Papa John's Intl Inc. call Sold out 100,000 $4.8Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 New 21,383 $3K PIIIW P3 Health Partne -CW27 *W EXP 11/19/202 New 37,052 $3K
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