Hel Ved Capital Management Ltd In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Hel Ved Capital Management Ltd reported 62 stock positions worth $184.3 million . Its top holding was Pony AI (PONY) at 6.4% of the portfolio, followed by New Oriental Educatio-SP ADR (EDU, 5.9% ) and Power Solutions Internationa (PSIX, 3.7% ). Compared with Q2 2025, it opened 33 new positions, sold out of 29, added to 12 and reduced 14. The biggest buy was a new position in Power Solutions Internationa (PSIX) and the biggest sale an exit from Lumentum (LITE).
Location CENTRAL, K3
CIK 0001840129
Portfolio Value $184.3M (Q3 2025) Holdings 62 stocks · $184.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 PONY Pony AI Inc. 527,979 $11.9M Add +6.5% EDU New Oriental Educatio-SP ADR 206,200 $10.9M Reduce -18.3% PSIX Power Solutions Internationa 68,720 $6.7M New KEYS Keysight Technologies Inc. 37,200 $6.5M Add +63.2% PRIM Primoris Services Corp. 44,800 $6.2M New SNPS Synopsys Inc. 11,333 $5.6M Add +126.7% NXT Nextpower Inc. filed as NEXTRACKER INC 75,085 $5.6M New PI Impinj Inc. 30,050 $5.4M New NTES Netease Inc.-ADR 35,200 $5.4M Add +172.9% DQ Daqo New Energy Corp.-ADR 186,547 $5.2M New HSDT Solana Co. filed as HELIUS MED TECHNOLOGIES INC 435,983 $5.2M New PDD PDD Holdings Inc. 38,437 $5.1M Reduce -32.0% V Visa Inc. Class A 14,815 $5.1M No change FSLR First Solar Inc. 20,987 $4.6M Add +130.6% AGX Argan Inc. 17,055 $4.6M New VNET Vnet Group Inc.-ADR 444,900 $4.6M New CIEN Ciena Corp. 29,940 $4.4M New U Unity Software Inc. 108,780 $4.4M Add +106.8% ENTG Entegris Inc. 46,060 $4.3M New IQ Iqiyi Inc.-ADR 1,513,800 $3.9M New EH Ehang Holdings Ltd.-SPS ADR 198,031 $3.7M Reduce -19.3% RDDT Reddit Inc. Class A 15,925 $3.7M Reduce -49.4% SEI Solaris Energy Infrastructur 91,600 $3.7M New GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 84,400 $3.3M New DDOG Datadog Inc. Class A 22,130 $3.2M Reduce -29.1% SNOW Snowflake Inc. 13,840 $3.1M Add +92.8% TEAM Atlassian Corp. Class A 17,635 $2.8M New FLEX Flex Ltd. 46,550 $2.7M Reduce -36.3% DUOL Duolingo 8,277 $2.7M New NIO Nio Inc. - ADR 339,300 $2.6M New TER Teradyne Inc. 18,605 $2.6M New TTWO Take-Two Interactive Softwre 8,650 $2.2M No change VRNS Varonis Systems Inc. 35,170 $2.0M Add +63.6% MNDY Monday.com Ltd. 10,265 $2.0M Add +53.7% MDB Mongodb Inc. 6,000 $1.9M New SHOP Shopify Inc. Class A 11,900 $1.8M New RBLX Roblox Corp. Class A 12,400 $1.7M Reduce -59.4% TME Tencent Music Entertainm-ADR 72,200 $1.7M New SPOT Spotify Technology SA 2,310 $1.6M New EMR Emerson Electric Co. 11,020 $1.4M New JOYY Joyy Inc.-ADR 24,100 $1.4M New ESTC Elastic NV 15,862 $1.3M Add +236.8% TWLO Twilio Inc. Class A 13,350 $1.3M Add +59.9% POWL Powell Industries Inc. 4,200 $1.3M New PCOR Procore Technologies Inc. 17,430 $1.3M Add +85.8% TSLA Tesla Inc. 2,845 $1.3M Reduce -9.6% MIR Mirion Technologies Inc. 49,800 $1.2M New TCOM Trip.com Group Ltd.-ADR 13,700 $1.0M Reduce -44.1% ATAT Atour Lifestyle Holdings-ADR 26,100 $981K Reduce -68.8% HUYA Huya Inc.-ADR 268,547 $894K New APP AppLovin Corp. Class A 1,238 $890K Reduce -58.7% WIX Wix.com Ltd. 4,520 $803K Reduce -56.3% LU Lufax Holding Ltd.-ADR 185,339 $752K Reduce -83.4% NET Cloudflare Inc. Class A 2,570 $551K New Z Zillow Group Inc. Class C 7,050 $543K New FROG Jfrog Ltd. 11,300 $535K New OKTA Okta Inc. 5,760 $528K New COUR Coursera Inc. 44,800 $525K New COHR Coherent Corp. 4,700 $506K New XYZ Block Inc. 6,055 $438K Reduce -90.9% GTLB Gitlab Inc. Class A 8,900 $401K New RERE Atrenew Inc. 50,000 $230K No change
Options reported separately and not counted above: SNDK calls ($100.9M), LITE calls ($31.6M), CRWV calls ($22.2M), ORCL calls ($22.1M), MU calls ($20.1M), AMBA calls ($18.4M), NIO calls ($17.6M), RDDT calls ($15.9M), QQQ puts ($12.0M), U calls ($10.0M), QS calls ($9.9M), QS puts ($6.8M), and 2 more.
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ LITE Lumentum Holdings Inc. Sold out 0.00% −10.92 QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −6.20 AMD Advanced Micro Devices Sold out 0.00% −6.07 LX Lexinfintech Holdings L-ADR Sold out 0.00% −4.63 TTMI TTM Technologies Sold out 0.00% −3.58 AMBA Ambarella Inc. Sold out 0.00% −3.09 NVDA Nvidia Corp. Sold out 0.00% −2.68 MTSI Macom Technology Solutions H Sold out 0.00% −2.48 META Meta Platforms Inc. Class A Sold out 0.00% −2.27 MSTR Strategy Inc. Sold out 0.00% −2.20 XYF X Financial-ADR Sold out 0.00% −2.00 QFIN Qfin Holdings Inc.-ADR Sold out 0.00% −2.00 ORCL Oracle Corp. Sold out 0.00% −1.87 XYZ Block Inc. Reduce -90.9% 0.24% −1.79 FINV Finvolution Group-ADR Sold out 0.00% −1.53 MPWR Monolithic Power Systems Inc. Sold out 0.00% −1.32 LRCX Lam Research Corp. Sold out 0.00% −1.25 CFLT Confluent Inc. Class A Sold out 0.00% −1.08 AMZN Amazon.com Inc. Sold out 0.00% −1.05 LU Lufax Holding Ltd.-ADR Reduce -83.4% 0.41% −0.99 ATAT Atour Lifestyle Holdings-ADR Reduce -68.8% 0.53% −0.69 GTM Zoominfo Technologies Inc. Sold out 0.00% −0.68 HIMX Himax Technologies Inc.-ADR Sold out 0.00% −0.57 CDNS Cadence Design SYS Inc. Sold out 0.00% −0.55 FOUR SHIFT4 Payments Inc. Class A Sold out 0.00% −0.53 MSFT Microsoft Corp. Sold out 0.00% −0.51 RBLX Roblox Corp. Class A Reduce -59.4% 0.93% −0.51 CYBR Cyberark Software Ltd./Israel Sold out 0.00% −0.49 GDDY GoDaddy Inc. Class A Sold out 0.00% −0.42 ZS Zscaler Inc. Sold out 0.00% −0.32 WIX Wix.com Ltd. Reduce -56.3% 0.44% −0.30 HUBS HubSpot Inc. Sold out 0.00% −0.23 INOD Innodata Inc. Sold out 0.00% −0.20 PYPL PayPal Holdings Inc. Sold out 0.00% −0.20 EDU New Oriental Educatio-SP ADR Reduce -18.3% 5.94% −0.19 DDOG Datadog Inc. Class A Reduce -29.1% 1.71% −0.18 FLEX Flex Ltd. Reduce -36.3% 1.46% −0.18 RDDT Reddit Inc. Class A Reduce -49.4% 1.99% −0.15 TCOM Trip.com Group Ltd.-ADR Reduce -44.1% 0.56% −0.09 APP AppLovin Corp. Class A Reduce -58.7% 0.48% +0.01 EH Ehang Holdings Ltd.-SPS ADR Reduce -19.3% 2.00% +0.08 PDD PDD Holdings Inc. Reduce -32.0% 2.76% +0.09 TSLA Tesla Inc. Reduce -9.6% 0.69% +0.24
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ PSIX Power Solutions Internationa New 3.66% +3.66 PONY Pony AI Inc. Add +6.5% 6.44% +3.50 PRIM Primoris Services Corp. New 3.34% +3.34 NXT Nextpower Inc. New 3.01% +3.01 PI Impinj Inc. New 2.95% +2.95 DQ Daqo New Energy Corp.-ADR New 2.85% +2.85 HSDT Solana Co. New 2.82% +2.82 AGX Argan Inc. New 2.50% +2.50 VNET Vnet Group Inc.-ADR New 2.49% +2.49 CIEN Ciena Corp. New 2.37% +2.37 ENTG Entegris Inc. New 2.31% +2.31 NTES Netease Inc.-ADR Add +172.9% 2.90% +2.12 IQ Iqiyi Inc.-ADR New 2.10% +2.10 SEI Solaris Energy Infrastructur New 1.99% +1.99 SNPS Synopsys Inc. Add +126.7% 3.03% +1.88 KEYS Keysight Technologies Inc. Add +63.2% 3.53% +1.85 FSLR First Solar Inc. Add +130.6% 2.51% +1.83 U Unity Software Inc. Add +106.8% 2.36% +1.79 GDS GDS Holdings Ltd. - ADR New 1.77% +1.77 TEAM Atlassian Corp. Class A New 1.53% +1.53 DUOL Duolingo New 1.45% +1.45 NIO Nio Inc. - ADR New 1.40% +1.40 TER Teradyne Inc. New 1.39% +1.39 MDB Mongodb Inc. New 1.01% +1.01 SNOW Snowflake Inc. Add +92.8% 1.69% +0.97 SHOP Shopify Inc. Class A New 0.96% +0.96 TME Tencent Music Entertainm-ADR New 0.91% +0.91 SPOT Spotify Technology SA New 0.87% +0.87 EMR Emerson Electric Co. New 0.78% +0.78 JOYY Joyy Inc.-ADR New 0.77% +0.77 POWL Powell Industries Inc. New 0.69% +0.69 MIR Mirion Technologies Inc. New 0.63% +0.63 VRNS Varonis Systems Inc. Add +63.6% 1.10% +0.61 ESTC Elastic NV Add +236.8% 0.73% +0.55 HUYA Huya Inc.-ADR New 0.49% +0.49 PCOR Procore Technologies Inc. Add +85.8% 0.69% +0.40 NET Cloudflare Inc. Class A New 0.30% +0.30 Z Zillow Group Inc. Class C New 0.29% +0.29 FROG Jfrog Ltd. New 0.29% +0.29 OKTA Okta Inc. New 0.29% +0.29 COUR Coursera Inc. New 0.28% +0.28 COHR Coherent Corp. New 0.27% +0.27 TWLO Twilio Inc. Class A Add +59.9% 0.73% +0.26 GTLB Gitlab Inc. Class A New 0.22% +0.22 MNDY Monday.com Ltd. Add +53.7% 1.08% +0.13
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ SNDK Sandisk Corp. call New 899,600 $100.9M AMD Advanced Micro Devices call Sold out 354,700 $50.3Mbefore exit LITE Lumentum Holdings Inc. call Add +125.9% 194,300 $31.6M CRWV Coreweave Inc. Class A call New 162,000 $22.2M ORCL Oracle Corp. call Reduce -5.0% 78,500 $22.1M MU Micron Technology Inc. call New 120,200 $20.1M AMBA Ambarella Inc. call New 223,500 $18.4M CRCL Circle Internet Group Inc. put Sold out 98,500 $17.9Mbefore exit NIO Nio Inc. - ADR call New 2,303,300 $17.6M RDDT Reddit Inc. Class A call New 69,300 $15.9M QQQ Invesco QQQ Trust Series 1 put New 20,000 $12.0M FSLR First Solar Inc. call Sold out 68,300 $11.3Mbefore exit ENPH Enphase Energy Inc. put Sold out 267,000 $10.6Mbefore exit RBLX Roblox Corp. Class A call Sold out 98,600 $10.4Mbefore exit MBLY Mobileye Global Inc. Class A put Sold out 570,500 $10.3Mbefore exit U Unity Software Inc. call New 250,000 $10.0M QS Quantumscape Corp. call New 807,600 $9.9M QS Quantumscape Corp. put Reduce -49.9% 554,600 $6.8M V Visa Inc. Class A call Sold out 18,800 $6.7Mbefore exit XLI SS Industrial Select Sector call Sold out 27,500 $4.1Mbefore exit IWM iShares Russell 2000 ETF put New 10,000 $2.4M ARKF ARK Blockchain & Fintech Inn call Sold out 18,500 $929Kbefore exit ARKF ARK Blockchain & Fintech Inn put New 12,500 $710K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 63 $709.7M SNDK, GLW, SOXX, INTC, QCOM Q1 2026 52 $578.1M SMH, Q, SNDK, INTC, CIEN Q4 2025 49 $289.3M LITE, COHR, CIEN, TSLA, PRIM Q3 2025 62 $184.3M PONY, EDU, PSIX, KEYS, PRIM Q2 2025 58 $222.3M LITE, QQQ, EDU, AMD, LX Q1 2025 61 $198.3M TSM, LX, MU, EDU, LRCX Q4 2024 76 $326.3M FLEX, LITE, KEYS, PONY, EDU Q3 2024 50 $212.3M EDU, COIN, IWM, GEV, AMKR Q2 2024 47 $288.2M COIN, GEV, EDU, DELL, SE Q1 2024 49 $403.1M COIN, VRT, TSM, PDD, STX