HCEP Management Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), HCEP Management Ltd reported 4 stock positions worth $122.6 million. Its top holding was Alibaba Group Holding-SP ADR (BABA) at 57.7% of the portfolio, followed by Proshares Ultra Vix St Futur (UVXY, 16.3%) and Miniso Group Holding Ltd.-ADR (MNSO, 15.2%). Compared with Q3 2025, it opened 1 new position, sold out of 7 and reduced 2. The biggest buy was a new position in Proshares Ultra Vix St Futur (UVXY) and the biggest sale an exit from Tal Education Group- ADR (TAL).

Most Recent 13F
Q2 2026
Location
HONG KONG, K3
CIK
0001822015
Portfolio Value
$122.6M (Q4 2025)
SEC Filing
0001822015-26-000002 ↗ filed Feb 13, 2026

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 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 $122.6M Q4 2025 Q1 2026: $80.7M Q1 2026 Q2 2026: $61.3M Q2 2026

Holdings 4 stocks · $122.6M
BABA Alibaba Group Holding-SP ADR 57.72% 482,703 $70.8M Reduce -12.4%
UVXY Proshares Ultra Vix St Futur 16.28% 555,426 $20.0M New
MNSO Miniso Group Holding Ltd.-ADR 15.16% 991,297 $18.6M Reduce -0.7%
SNPS Synopsys Inc. 10.84% 28,279 $13.3M No change

Portfolio Sells Q3 2025 → Q4 2025
TAL Tal Education Group- ADR Sold out 0.00% −6.30
QFIN Qfin Holdings Inc.-ADR Sold out 0.00% −5.75
LX Lexinfintech Holdings L-ADR Sold out 0.00% −5.18
BIDU Baidu Inc. - Spon ADR Sold out 0.00% −3.16
API Agora Inc.-ADR Sold out 0.00% −1.35
SY So-Young International-ADR Sold out 0.00% −1.08
TCOM Trip.com Group Ltd.-ADR Sold out 0.00% −0.57
BABA Alibaba Group Holding-SP ADR Reduce -12.4% 57.72% +1.79
MNSO Miniso Group Holding Ltd.-ADR Reduce -0.7% 15.16% +2.41

Portfolio Buys Q3 2025 → Q4 2025
UVXY Proshares Ultra Vix St Futur New 16.28% +16.28

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