HCEP Management Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), HCEP Management Ltd reported 13 stock positions worth $172.6 million. Its top holding was Alibaba Group Holding-SP ADR (BABA) at 33.2% of the portfolio, followed by Tal Education Group- ADR (TAL, 14.9%) and Miniso Group Holding Ltd.-ADR (MNSO, 13.7%). Compared with Q4 2024, it opened 7 new positions, sold out of 3, added to 4 and reduced 2. The biggest buy was a new position in Alibaba Group Holding-SP ADR (BABA) and the biggest sale an exit from Kanzhun Ltd. - ADR (BZ).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001822015
- Portfolio Value
- $172.6M (Q1 2025)
- SEC Filing
- 0001822015-25-000006 ↗ filed May 14, 2025
Holdings Value
Holdings 13 stocks · $172.6M
| BABA Alibaba Group Holding-SP ADR | 33.18% | 433,147 | $57.3M | New |
| TAL Tal Education Group- ADR | 14.92% | 1,950,000 | $25.8M | Reduce -18.8% |
| MNSO Miniso Group Holding Ltd.-ADR | 13.65% | 1,274,750 | $23.6M | Reduce -25.0% |
| TCOM Trip.com Group Ltd.-ADR | 8.84% | 240,000 | $15.3M | New |
| PROSHARES TR II | 7.90% | 582,010 | $13.6M | New |
| VNET Vnet Group Inc.-ADR | 7.51% | 1,581,136 | $13.0M | Add +200.9% |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 4.57% | 175,581 | $7.9M | New |
| API Agora Inc.-ADR | 2.94% | 1,263,482 | $5.1M | Add +152.7% |
| TUYA Tuya Inc. | 2.30% | 1,312,706 | $4.0M | Add +313.8% |
| LX Lexinfintech Holdings L-ADR | 1.52% | 260,384 | $2.6M | New |
| CANG Cango Inc./KY - ADR | 1.06% | 480,906 | $1.8M | Add +21.8% |
| INTC Intel Corp. | 1.01% | 77,080 | $1.8M | New |
| ACMR Acm Research Inc. Class A | 0.59% | 43,650 | $1.0M | New |
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
| BABA Alibaba Group Holding-SP ADR | New | 33.18% | +33.18 |
| TCOM Trip.com Group Ltd.-ADR | New | 8.84% | +8.84 |
| PROSHARES TR II | New | 7.90% | +7.90 |
| VNET Vnet Group Inc.-ADR | Add +200.9% | 7.51% | +5.52 |
| QFIN Qfin Holdings Inc.-ADR | New | 4.57% | +4.57 |
| TUYA Tuya Inc. | Add +313.8% | 2.30% | +1.85 |
| LX Lexinfintech Holdings L-ADR | New | 1.52% | +1.52 |
| API Agora Inc.-ADR | Add +152.7% | 2.94% | +1.28 |
| INTC Intel Corp. | New | 1.01% | +1.01 |
| ACMR Acm Research Inc. Class A | New | 0.59% | +0.59 |
| CANG Cango Inc./KY - ADR | Add +21.8% | 1.06% | −0.33 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 4 | $61.3M | TSM, BABA, MNSO, UVXY |
| Q1 2026 | 4 | $80.7M | TSM, BABA, MNSO, UVXY |
| Q4 2025 | 4 | $122.6M | BABA, UVXY, MNSO, SNPS |
| Q3 2025 | 10 | $176.1M | BABA, MNSO, SNPS, TAL, QFIN |
| Q2 2025 | 9 | $124.4M | BABA, MNSO, TAL, QFIN, TCOM |
| Q1 2025 | 13 | $172.6M | BABA, TAL, MNSO, TCOM, PROSHARES TR II |
| Q4 2024 | 9 | $125.0M | BZ, MNSO, TAL, BTDR, VNET |
| Q3 2024 | 7 | $274.4M | TAL, BEKE, JD, PDD, TSM |
| Q2 2024 | 9 | $372.9M | TSM, BEKE, IQ, TAL, MU |
| Q1 2024 | 16 | $532.0M | BEKE, TSM, IQ, TAL, YMM |