HCEP Management Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), HCEP Management Ltd reported 10 stock positions worth $176.1 million. Its top holding was Alibaba Group Holding-SP ADR (BABA) at 55.9% of the portfolio, followed by Miniso Group Holding Ltd.-ADR (MNSO, 12.8%) and Synopsys (SNPS, 7.9%). Compared with Q2 2025, it opened 3 new positions, sold out of 2, added to 4 and reduced 3. The biggest buy was a new position in Synopsys (SNPS) and the biggest sale Tal Education Group- ADR (TAL, shares −35%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001822015
- Portfolio Value
- $176.1M (Q3 2025)
- SEC Filing
- 0001822015-25-000011 ↗ filed Nov 13, 2025
Holdings Value
Holdings 10 stocks · $176.1M
| BABA Alibaba Group Holding-SP ADR | 55.93% | 551,128 | $98.5M | Reduce -2.4% |
| MNSO Miniso Group Holding Ltd.-ADR | 12.75% | 998,251 | $22.5M | Add +2.4% |
| SNPS Synopsys Inc. | 7.92% | 28,279 | $14.0M | New |
| TAL Tal Education Group- ADR | 6.30% | 991,024 | $11.1M | Reduce -35.5% |
| QFIN Qfin Holdings Inc.-ADR | 5.75% | 352,013 | $10.1M | Add +100.5% |
| LX Lexinfintech Holdings L-ADR | 5.18% | 1,711,539 | $9.1M | Add +81.7% |
| BIDU Baidu Inc. - Spon ADR | 3.16% | 42,272 | $5.6M | New |
| API Agora Inc.-ADR | 1.35% | 622,770 | $2.4M | Add +17.4% |
| SY So-Young International-ADR | 1.08% | 490,702 | $1.9M | New |
| TCOM Trip.com Group Ltd.-ADR | 0.57% | 13,300 | $1.0M | Reduce -89.5% |
Portfolio Sells Q2 2025 → Q3 2025
| TAL Tal Education Group- ADR | Reduce -35.5% | 6.30% | −6.31 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -89.5% | 0.57% | −5.41 |
| PROSHARES TR II | Sold out | 0.00% | −1.98 |
| VNET Vnet Group Inc.-ADR | Sold out | 0.00% | −0.50 |
| BABA Alibaba Group Holding-SP ADR | Reduce -2.4% | 55.93% | +4.49 |
Portfolio Buys Q2 2025 → Q3 2025
| SNPS Synopsys Inc. | New | 7.92% | +7.92 |
| BIDU Baidu Inc. - Spon ADR | New | 3.16% | +3.16 |
| SY So-Young International-ADR | New | 1.08% | +1.08 |
| API Agora Inc.-ADR | Add +17.4% | 1.35% | −0.27 |
| LX Lexinfintech Holdings L-ADR | Add +81.7% | 5.18% | −0.28 |
| QFIN Qfin Holdings Inc.-ADR | Add +100.5% | 5.75% | −0.37 |
| MNSO Miniso Group Holding Ltd.-ADR | Add +2.4% | 12.75% | −1.52 |
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 |