IvyRock Asset Management (HK) Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), IvyRock Asset Management (HK) Ltd reported 17 stock positions worth $212.8 million. Its top holding was PDD (PDD) at 48.1% of the portfolio, followed by iShares Bitcoin Trust ETF (IBIT, 13.5%) and Legend Biotech Corp.-ADR (LEGN, 13.5%). Compared with Q4 2024, it opened 2 new positions, sold out of 7, added to 5 and reduced 5. The biggest buy was Alibaba Group Holding-SP ADR (BABA, shares +5726%) and the biggest sale an exit from Taiwan Semiconductor-SP ADR (TSM).
- Most Recent 13F
- Q2 2026
- Location
- SHEUNG WAN, K3
- CIK
- 0001809525
- Portfolio Value
- $212.8M (Q1 2025)
- SEC Filing
- 0001809525-25-000003 ↗ filed May 7, 2025
Holdings Value
Holdings 17 stocks · $212.8M
| PDD PDD Holdings Inc. | 48.08% | 864,349 | $102.3M | Reduce -7.1% |
| IBIT iShares Bitcoin Trust ETF | 13.49% | 613,100 | $28.7M | Add +0.1% |
| LEGN Legend Biotech Corp.-ADR | 13.46% | 844,000 | $28.6M | Add +216.0% |
| BABA Alibaba Group Holding-SP ADR | 11.22% | 180,600 | $23.9M | Add +5725.8% |
| CSIQ Canadian Solar Inc. | 10.60% | 2,607,700 | $22.6M | Add +87.8% |
| EDU New Oriental Educatio-SP ADR | 0.96% | 42,790 | $2.0M | Reduce -60.4% |
| SMMT Summit Therapeutics Inc. | 0.83% | 91,741 | $1.8M | Reduce -44.9% |
| GLD SPDR Gold Shares | 0.37% | 2,700 | $778K | Add +12.5% |
| MSFT Microsoft Corp. | 0.19% | 1,090 | $409K | No change |
| ANSS Ansys Inc. | 0.14% | 950 | $301K | No change |
| MNSO Miniso Group Holding Ltd.-ADR | 0.14% | 16,000 | $296K | No change |
| CSCO Cisco Systems Inc. | 0.13% | 4,500 | $278K | No change |
| AMD Advanced Micro Devices | 0.12% | 2,400 | $247K | New |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.11% | 2,200 | $225K | Reduce -21.4% |
| ASTS Ast Spacemobile Inc. | 0.10% | 9,300 | $211K | New |
| VLN Valens Semiconductor Ltd. | 0.04% | 40,000 | $82K | Reduce -33.3% |
| RERE Atrenew Inc. | 0.02% | 18,000 | $53K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −9.94 |
| TSLA Tesla Inc. | Sold out | 0.00% | −8.75 |
| YMM Full Truck Alliance -SPN ADR | Sold out | 0.00% | −4.92 |
| BZ Kanzhun Ltd. - ADR | Sold out | 0.00% | −3.57 |
| EDU New Oriental Educatio-SP ADR | Reduce -60.4% | 0.96% | −2.12 |
| HTHT H World Group Ltd.-ADR | Sold out | 0.00% | −1.83 |
| SMMT Summit Therapeutics Inc. | Reduce -44.9% | 0.83% | −0.49 |
| ZETA Zeta Global Holdings Corp. Class A | Sold out | 0.00% | −0.10 |
| IQ Iqiyi Inc.-ADR | Sold out | 0.00% | −0.05 |
| VLN Valens Semiconductor Ltd. | Reduce -33.3% | 0.04% | −0.03 |
| FUTU Futu Holdings Ltd.-ADR | Reduce -21.4% | 0.11% | +0.01 |
| PDD PDD Holdings Inc. | Reduce -7.1% | 48.08% | +8.00 |
Portfolio Buys Q4 2024 → Q1 2025
| BABA Alibaba Group Holding-SP ADR | Add +5725.8% | 11.22% | +11.11 |
| LEGN Legend Biotech Corp.-ADR | Add +216.0% | 13.46% | +9.60 |
| CSIQ Canadian Solar Inc. | Add +87.8% | 10.60% | +3.74 |
| AMD Advanced Micro Devices | New | 0.12% | +0.12 |
| GLD SPDR Gold Shares | Add +12.5% | 0.37% | +0.11 |
| ASTS Ast Spacemobile Inc. | New | 0.10% | +0.10 |
| IBIT iShares Bitcoin Trust ETF | Add +0.1% | 13.49% | −0.95 |
Options Activity Q4 2024 → Q1 2025
| NVIDIA CORPORATION | put | Sold out | 1,356,000 | $1.4Mbefore exit |
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 | 25 | $176.9M | PDD, BABA, LEGN, CRCL, IBIT |
| Q1 2026 | 25 | $177.9M | PDD, LEGN, BABA, CRCL, IBIT |
| Q4 2025 | 23 | $189.6M | PDD, LEGN, BABA, IBIT, TSLA |
| Q3 2025 | 20 | $232.7M | PDD, LEGN, IBIT, BABA, ETHA |
| Q2 2025 | 13 | $216.7M | PDD, IBIT, LEGN, BABA, CSIQ |
| Q1 2025 | 17 | $212.8M | PDD, IBIT, LEGN, BABA, CSIQ |
| Q4 2024 | 22 | $225.1M | PDD, IBIT, TSM, TSLA, CSIQ |
| Q3 2024 | 22 | $228.2M | PDD, IBIT, TSM, TSLA, YMM |
| Q2 2024 | 21 | $234.7M | PDD, IBIT, YMM, TSM, TSLA |
| Q1 2024 | 20 | $215.0M | PDD, COIN, TSLA, YMM, IBIT |