HCEP Management Ltd

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), HCEP Management Ltd reported 7 stock positions worth $274.4 million. Its top holding was Tal Education Group- ADR (TAL) at 28.2% of the portfolio, followed by Ke Holdings Inc.-ADR (BEKE, 26.4%) and Jd.com Inc.-ADR (JD, 14.6%). Compared with Q2 2024, it opened 1 new position, sold out of 3, added to 2 and reduced 4. The biggest buy was Tal Education Group- ADR (TAL, shares +31%) and the biggest sale Taiwan Semiconductor-SP ADR (TSM, shares −70%).

Most Recent 13F
Q2 2026
Location
HONG KONG, K3
CIK
0001822015
Portfolio Value
$274.4M (Q3 2024)
SEC Filing
0001822015-24-000008 ↗ filed Nov 13, 2024

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $532.0M Q1 2024 Q2 2024: $372.9M Q2 2024 Q3 2024: $274.4M $274.4M Q3 2024 Q4 2024: $125.0M Q4 2024 Q1 2025: $172.6M Q1 2025 Q2 2025: $124.4M Q2 2025 Q3 2025: $176.1M Q3 2025 Q4 2025: $122.6M Q4 2025 Q1 2026: $80.7M Q1 2026 Q2 2026: $61.3M Q2 2026

Holdings 7 stocks · $274.4M
TAL Tal Education Group- ADR 28.16% 6,525,775 $77.3M Add +30.5%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 26.40% 3,638,665 $72.4M Reduce -38.1%
JD Jd.com Inc.-ADR 14.58% 1,000,000 $40.0M Reduce -13.9%
PDD PDD Holdings Inc. 9.83% 200,000 $27.0M New
TSM Taiwan Semiconductor-SP ADR 9.49% 150,000 $26.1M Reduce -70.0%
BZ Kanzhun Ltd. - ADR 6.33% 1,000,000 $17.4M Add +100.0%
IQ Iqiyi Inc.-ADR 5.21% 5,000,000 $14.3M Reduce -67.9%

Portfolio Sells Q2 2024 → Q3 2024
TSM Taiwan Semiconductor-SP ADR Reduce -70.0% 9.49% −13.81
MU Micron Technology Inc. Sold out 0.00% −10.58
IQ Iqiyi Inc.-ADR Reduce -67.9% 5.21% −10.12
GOTU Gaotu Techedu Inc. Sold out 0.00% −2.76
WOLF Wolfspeed Inc. Sold out 0.00% −0.82
BEKE Ke Holdings Inc.-ADR Reduce -38.1% 26.40% +4.09
JD Jd.com Inc.-ADR Reduce -13.9% 14.58% +6.53

Portfolio Buys Q2 2024 → Q3 2024
TAL Tal Education Group- ADR Add +30.5% 28.16% +13.85
PDD PDD Holdings Inc. New 9.83% +9.83
BZ Kanzhun Ltd. - ADR Add +100.0% 6.33% +3.80

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 4$61.3MTSM, BABA, MNSO, UVXY
Q1 2026 4$80.7MTSM, BABA, MNSO, UVXY
Q4 2025 4$122.6MBABA, UVXY, MNSO, SNPS
Q3 2025 10$176.1MBABA, MNSO, SNPS, TAL, QFIN
Q2 2025 9$124.4MBABA, MNSO, TAL, QFIN, TCOM
Q1 2025 13$172.6MBABA, TAL, MNSO, TCOM, PROSHARES TR II
Q4 2024 9$125.0MBZ, MNSO, TAL, BTDR, VNET
Q3 2024 7$274.4MTAL, BEKE, JD, PDD, TSM
Q2 2024 9$372.9MTSM, BEKE, IQ, TAL, MU
Q1 2024 16$532.0MBEKE, TSM, IQ, TAL, YMM