HCEP Management Ltd
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), HCEP Management Ltd reported 9 stock positions worth $124.4 million. Its top holding was Alibaba Group Holding-SP ADR (BABA) at 51.4% of the portfolio, followed by Miniso Group Holding Ltd.-ADR (MNSO, 14.3%) and Tal Education Group- ADR (TAL, 12.6%). Compared with Q1 2025, it sold out of 4, added to 2 and reduced 6. The biggest buy was Alibaba Group Holding-SP ADR (BABA, shares +30%) and the biggest sale Vnet Group Inc.-ADR (VNET, shares −94%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001822015
- Portfolio Value
- $124.4M (Q2 2025)
- SEC Filing
- 0001822015-25-000009 ↗ filed Aug 13, 2025
Holdings Value
Holdings 9 stocks · $124.4M
| BABA Alibaba Group Holding-SP ADR | 51.44% | 564,376 | $64.0M | Add +30.3% |
| MNSO Miniso Group Holding Ltd.-ADR | 14.28% | 974,951 | $17.8M | Reduce -23.5% |
| TAL Tal Education Group- ADR | 12.62% | 1,536,024 | $15.7M | Reduce -21.2% |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 6.12% | 175,581 | $7.6M | No change |
| TCOM Trip.com Group Ltd.-ADR | 5.98% | 126,845 | $7.4M | Reduce -47.1% |
| LX Lexinfintech Holdings L-ADR | 5.46% | 942,017 | $6.8M | Add +261.8% |
| PROSHARES TR II | 1.98% | 131,309 | $2.5M | Reduce -77.4% |
| API Agora Inc.-ADR | 1.62% | 530,370 | $2.0M | Reduce -58.0% |
| VNET Vnet Group Inc.-ADR | 0.50% | 90,660 | $626K | Reduce -94.3% |
Portfolio Sells Q1 2025 → Q2 2025
| VNET Vnet Group Inc.-ADR | Reduce -94.3% | 0.50% | −7.01 |
| PROSHARES TR II | Reduce -77.4% | 1.98% | −5.92 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -47.1% | 5.98% | −2.86 |
| TAL Tal Education Group- ADR | Reduce -21.2% | 12.62% | −2.30 |
| TUYA Tuya Inc. | Sold out | 0.00% | −2.30 |
| API Agora Inc.-ADR | Reduce -58.0% | 1.62% | −1.32 |
| CANG Cango Inc./KY - ADR | Sold out | 0.00% | −1.06 |
| INTC Intel Corp. | Sold out | 0.00% | −1.01 |
| ACMR Acm Research Inc. Class A | Sold out | 0.00% | −0.59 |
| MNSO Miniso Group Holding Ltd.-ADR | Reduce -23.5% | 14.28% | +0.62 |
Portfolio Buys Q1 2025 → Q2 2025
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 |