Infini Capital Management Ltd In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 29, 2025), Infini Capital Management Ltd reported 18 stock positions worth $147.2 million . Its top holding was Vnet Group Inc.-ADR (VNET) at 45.8% of the portfolio, followed by Alibaba Group Holding-SP ADR (BABA, 23.4% ) and Infosys Ltd.-SP ADR (INFY, 11.7% ). Compared with Q1 2025, it opened 9 new positions, sold out of 5, added to 2 and reduced 5. The biggest buy was Alibaba Group Holding-SP ADR (BABA, shares +1215800% ) and the biggest sale Ncino (NCNO, shares −67% ).
Location CENTRAL
CIK 0001936249
Portfolio Value $147.2M (Q2 2025) Holdings 18 stocks · $147.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 VNET Vnet Group Inc.-ADR 9,758,083 $67.3M Add +39.2% BABA Alibaba Group Holding-SP ADR 303,975 $34.5M Add +1215800.0% INFY Infosys Ltd.-SP ADR 926,200 $17.2M New PLTK Playtika Holding Corp. 1,150,890 $5.4M Reduce -18.0% AS Amer Sports Inc. 135,000 $5.2M New BIDU Baidu Inc. - Spon ADR 56,161 $4.8M Reduce -31.3% NCNO Ncino Inc. 131,355 $3.7M Reduce -67.5% KC Kingsoft Cloud Holdings-ADR 180,400 $2.3M New LI Li Auto Inc. - ADR 74,000 $2.0M No change CRCL Circle Internet Group Inc. 6,200 $1.1M New SMR Nuscale Power Corp. 25,000 $989K New DIREXION DAILY SEMI BEAR 3X 102,000 $805K New CHA Chagee Holdings Ltd.-ADR 26,088 $681K New RDDT Reddit Inc. Class A 4,000 $602K New MNSO Miniso Group Holding Ltd.-ADR 15,650 $285K No change OKLO Oklo Inc. 5,000 $280K New GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 100 $3K Reduce -99.7% BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 73 $1K Reduce -100.0%
Other holdings (2): bonds, preferreds, convertibles and warrants · $4.4M (not counted above) Total filed on the 13F, all lines: $151.6M.
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ NCNO Ncino Inc. Reduce -67.5% 2.50% −8.65 BIDU Baidu Inc. - Spon ADR Reduce -31.3% 3.27% −4.29 ASX Ase Technology Holding -ADR Sold out 0.00% −3.97 PLTK Playtika Holding Corp. Reduce -18.0% 3.70% −3.59 BEKE Ke Holdings Inc.-ADR Reduce -100.0% 0.00% −3.54 ECX Ecarx Holdings Inc. Class A Sold out 0.00% −2.01 ZTO Zto Express Cayman Inc.-ADR Sold out 0.00% −1.99 JD Jd.com Inc.-ADR Sold out 0.00% −1.60 GDS GDS Holdings Ltd. - ADR Reduce -99.7% 0.00% −0.85 UMC United Microelectron-SP ADR Sold out 0.00% −0.09
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ BABA Alibaba Group Holding-SP ADR Add +1215800.0% 23.42% +23.42 INFY Infosys Ltd.-SP ADR New 11.66% +11.66 AS Amer Sports Inc. New 3.56% +3.56 KC Kingsoft Cloud Holdings-ADR New 1.53% +1.53 CRCL Circle Internet Group Inc. New 0.76% +0.76 SMR Nuscale Power Corp. New 0.67% +0.67 DIREXION DAILY SEMI BEAR 3X New 0.55% +0.55 CHA Chagee Holdings Ltd.-ADR New 0.46% +0.46 RDDT Reddit Inc. Class A New 0.41% +0.41 OKLO Oklo Inc. New 0.19% +0.19 VNET Vnet Group Inc.-ADR Add +39.2% 45.75% −12.02
Notes & Other Activity Q1 2025 → Q2 2025 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 1 $38.9M VNET Q1 2026 0 $0 Q4 2025 2 $12.4M VNET, CHA Q3 2025 10 $99.5M VNET, BIDU, KC, BEKE, GDS Q2 2025 18 $147.2M VNET, BABA, INFY, PLTK, AS Q1 2025 14 $99.5M VNET, NCNO, BIDU, PLTK, ASX Q4 2024 6 $79.1M VNET, BIDU, NCNO, PLTK, NTES Q3 2024 8 $116.2M JD, VNET, BABA, NCNO, PLTK