Infini Capital Management Ltd In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Infini Capital Management Ltd reported 2 stock positions worth $12.4 million . Its top holding was Vnet Group Inc.-ADR (VNET) at 97.7% of the portfolio, followed by Chagee Holdings Ltd.-ADR (CHA, 2.3% ). Compared with Q3 2025, it sold out of 8 and reduced 1. The biggest sale was an exit from Baidu Inc. - Spon ADR (BIDU).
Location CENTRAL
CIK 0001936249
Portfolio Value $12.4M (Q4 2025) Holdings 2 stocks · $12.4M 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 Q3 2025 VNET Vnet Group Inc.-ADR 1,428,944 $12.1M Reduce -83.4% CHA Chagee Holdings Ltd.-ADR 24,000 $279K No change
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ BIDU Baidu Inc. - Spon ADR Sold out 0.00% −4.42 KC Kingsoft Cloud Holdings-ADR Sold out 0.00% −2.49 BEKE Ke Holdings Inc.-ADR Sold out 0.00% −2.44 GDS GDS Holdings Ltd. - ADR Sold out 0.00% −0.51 ZLAB Zai Lab Ltd.-ADR Sold out 0.00% −0.42 BILI Bilibili Inc.-Sponsored ADR Sold out 0.00% −0.02 MNSO Miniso Group Holding Ltd.-ADR Sold out 0.00% −0.02 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.00 VNET Vnet Group Inc.-ADR Reduce -83.4% 97.74% +8.48
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ None this quarter.
Notes & Other Activity Q3 2025 → Q4 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