IvyRock Asset Management (HK) Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), IvyRock Asset Management (HK) Ltd reported 20 stock positions worth $232.7 million. Its top holding was PDD (PDD) at 58.8% of the portfolio, followed by Legend Biotech Corp.-ADR (LEGN, 12.0%) and iShares Bitcoin Trust ETF (IBIT, 11.3%). Compared with Q2 2025, it opened 11 new positions, sold out of 4 and reduced 5. The biggest buy was a new position in iShares Ethereum Trust ETF (ETHA) and the biggest sale iShares Bitcoin Trust ETF (IBIT, shares −34%).
- Most Recent 13F
- Q2 2026
- Location
- SHEUNG WAN, K3
- CIK
- 0001809525
- Portfolio Value
- $232.7M (Q3 2025)
- SEC Filing
- 0001809525-25-000006 ↗ filed Nov 12, 2025
Holdings Value
Holdings 20 stocks · $232.7M
| PDD PDD Holdings Inc. | 58.79% | 1,035,249 | $136.8M | Reduce -4.8% |
| LEGN Legend Biotech Corp.-ADR | 12.01% | 856,900 | $27.9M | Reduce -1.5% |
| IBIT iShares Bitcoin Trust ETF | 11.33% | 405,500 | $26.4M | Reduce -33.5% |
| BABA Alibaba Group Holding-SP ADR | 8.52% | 110,900 | $19.8M | Reduce -39.7% |
| ETHA iShares Ethereum Trust ETF | 5.42% | 400,000 | $12.6M | New |
| ZLAB Zai Lab Ltd.-ADR | 1.38% | 94,879 | $3.2M | New |
| GLD SPDR Gold Shares | 0.46% | 3,000 | $1.1M | No change |
| BE Bloom Energy Corp. Class A | 0.36% | 9,900 | $837K | New |
| LABU DRXN DLY S&P BT BL 3X ETF-Ui | 0.33% | 8,200 | $768K | New |
| SY So-Young International-ADR | 0.23% | 141,000 | $546K | New |
| MSFT Microsoft Corp. | 0.22% | 1,000 | $518K | No change |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.16% | 10,500 | $362K | New |
| AMD Advanced Micro Devices | 0.14% | 2,000 | $324K | Reduce -13.0% |
| CSCO Cisco Systems Inc. | 0.13% | 4,500 | $308K | No change |
| NTLA Intellia Therapeutics Inc. | 0.11% | 14,330 | $247K | New |
| SNPS Synopsys Inc. | 0.11% | 500 | $247K | New |
| PRME Prime Medicine Inc. | 0.10% | 41,800 | $232K | New |
| BEAM Beam Therapeutics Inc. | 0.09% | 8,600 | $209K | New |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.09% | 1,200 | $209K | New |
| RERE Atrenew Inc. | 0.04% | 18,000 | $83K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| IBIT iShares Bitcoin Trust ETF | Reduce -33.5% | 11.33% | −5.91 |
| CSIQ Canadian Solar Inc. | Sold out | 0.00% | −4.16 |
| LEGN Legend Biotech Corp.-ADR | Reduce -1.5% | 12.01% | −2.24 |
| BABA Alibaba Group Holding-SP ADR | Reduce -39.7% | 8.52% | −1.11 |
| EDU New Oriental Educatio-SP ADR | Sold out | 0.00% | −1.07 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.15 |
| VLN Valens Semiconductor Ltd. | Sold out | 0.00% | −0.05 |
| AMD Advanced Micro Devices | Reduce -13.0% | 0.14% | −0.01 |
| PDD PDD Holdings Inc. | Reduce -4.8% | 58.79% | +6.31 |
Portfolio Buys Q2 2025 → Q3 2025
| ETHA iShares Ethereum Trust ETF | New | 5.42% | +5.42 |
| ZLAB Zai Lab Ltd.-ADR | New | 1.38% | +1.38 |
| BE Bloom Energy Corp. Class A | New | 0.36% | +0.36 |
| LABU DRXN DLY S&P BT BL 3X ETF-Ui | New | 0.33% | +0.33 |
| SY So-Young International-ADR | New | 0.23% | +0.23 |
| ARWR Arrowhead Pharmaceuticals Inc. | New | 0.16% | +0.16 |
| NTLA Intellia Therapeutics Inc. | New | 0.11% | +0.11 |
| SNPS Synopsys Inc. | New | 0.11% | +0.11 |
| PRME Prime Medicine Inc. | New | 0.10% | +0.10 |
| BEAM Beam Therapeutics Inc. | New | 0.09% | +0.09 |
| FUTU Futu Holdings Ltd.-ADR | New | 0.09% | +0.09 |
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 |