Infini Capital Management Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Infini Capital Management Ltd reported 10 stock positions worth $99.5 million. Its top holding was Vnet Group Inc.-ADR (VNET) at 89.3% of the portfolio, followed by Baidu Inc. - Spon ADR (BIDU, 4.4%) and Kingsoft Cloud Holdings-ADR (KC, 2.5%). Compared with Q2 2025, it opened 2 new positions, sold out of 10, added to 2 and reduced 6. The biggest buy was Ke Holdings Inc.-ADR (BEKE, shares +175297%) and the biggest sale Alibaba Group Holding-SP ADR (BABA, shares −100%).

Most Recent 13F
Q2 2026
Location
CENTRAL
CIK
0001936249
Portfolio Value
$99.5M (Q3 2025)
SEC Filing
0001936249-25-000012 ↗ filed Nov 13, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q3 2024: $116.2M Q3 2024 Q4 2024: $79.1M Q4 2024 Q1 2025: $99.5M Q1 2025 Q2 2025: $147.2M Q2 2025 Q3 2025: $99.5M $99.5M Q3 2025 Q4 2025: $12.4M Q4 2025 Q1 2026: $0 Q1 2026 Q2 2026: $38.9M Q2 2026

Holdings 10 stocks · $99.5M
VNET Vnet Group Inc.-ADR 89.27% 8,601,395 $88.9M Reduce -11.8%
BIDU Baidu Inc. - Spon ADR 4.42% 33,399 $4.4M Reduce -40.5%
KC Kingsoft Cloud Holdings-ADR 2.49% 165,966 $2.5M Reduce -8.0%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 2.44% 128,040 $2.4M Add +175297.3%
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 0.51% 13,100 $507K Add +13000.0%
ZLAB Zai Lab Ltd.-ADR 0.42% 12,480 $423K New
CHA Chagee Holdings Ltd.-ADR 0.40% 24,000 $397K Reduce -8.0%
BILI Bilibili Inc.-Sponsored ADR 0.02% 780 $22K New
MNSO Miniso Group Holding Ltd.-ADR 0.02% 950 $21K Reduce -93.9%
BABA Alibaba Group Holding-SP ADR 0.00% 18 $3K Reduce -100.0%
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.5M (not counted above)
SecurityClassShares / PrincipalValueChange
PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal 2,500,000$2.5MNo change

Total filed on the 13F, all lines: $102.0M.

Portfolio Sells Q2 2025 → Q3 2025
BABA Alibaba Group Holding-SP ADR Reduce -100.0% 0.00% −23.42
INFY Infosys Ltd.-SP ADR Sold out 0.00% −11.66
PLTK Playtika Holding Corp. Sold out 0.00% −3.70
AS Amer Sports Inc. Sold out 0.00% −3.56
NCNO Ncino Inc. Sold out 0.00% −2.50
LI Li Auto Inc. - ADR Sold out 0.00% −1.36
CRCL Circle Internet Group Inc. Sold out 0.00% −0.76
SMR Nuscale Power Corp. Sold out 0.00% −0.67
DIREXION DAILY SEMI BEAR 3X Sold out 0.00% −0.55
RDDT Reddit Inc. Class A Sold out 0.00% −0.41
OKLO Oklo Inc. Sold out 0.00% −0.19
MNSO Miniso Group Holding Ltd.-ADR Reduce -93.9% 0.02% −0.17
CHA Chagee Holdings Ltd.-ADR Reduce -8.0% 0.40% −0.06
KC Kingsoft Cloud Holdings-ADR Reduce -8.0% 2.49% +0.95
BIDU Baidu Inc. - Spon ADR Reduce -40.5% 4.42% +1.15
VNET Vnet Group Inc.-ADR Reduce -11.8% 89.27% +43.52

Portfolio Buys Q2 2025 → Q3 2025
BEKE Ke Holdings Inc.-ADR Add +175297.3% 2.44% +2.44
GDS GDS Holdings Ltd. - ADR Add +13000.0% 0.51% +0.51
ZLAB Zai Lab Ltd.-ADR New 0.42% +0.42
BILI Bilibili Inc.-Sponsored ADR New 0.02% +0.02

Notes & Other Activity Q2 2025 → Q3 2025
ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) NOTE 1.500% 9/0 · principal Sold out 2,000,000 $2.0Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 1$38.9MVNET
Q1 2026 0$0
Q4 2025 2$12.4MVNET, CHA
Q3 2025 10$99.5MVNET, BIDU, KC, BEKE, GDS
Q2 2025 18$147.2MVNET, BABA, INFY, PLTK, AS
Q1 2025 14$99.5MVNET, NCNO, BIDU, PLTK, ASX
Q4 2024 6$79.1MVNET, BIDU, NCNO, PLTK, NTES
Q3 2024 8$116.2MJD, VNET, BABA, NCNO, PLTK