IvyRock Asset Management (HK) Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), IvyRock Asset Management (HK) Ltd reported 23 stock positions worth $189.6 million. Its top holding was PDD (PDD) at 59.3% of the portfolio, followed by Legend Biotech Corp.-ADR (LEGN, 9.2%) and Alibaba Group Holding-SP ADR (BABA, 7.5%). Compared with Q3 2025, it opened 7 new positions, sold out of 4, added to 3 and reduced 7. The biggest buy was a new position in Tesla (TSLA) and the biggest sale an exit from iShares Ethereum Trust ETF (ETHA).
- Most Recent 13F
- Q2 2026
- Location
- SHEUNG WAN, K3
- CIK
- 0001809525
- Portfolio Value
- $189.6M (Q4 2025)
- SEC Filing
- 0001809525-26-000002 ↗ filed Feb 11, 2026
Holdings Value
Holdings 23 stocks · $189.6M
| PDD PDD Holdings Inc. | 59.30% | 991,509 | $112.4M | Reduce -4.2% |
| LEGN Legend Biotech Corp.-ADR | 9.22% | 804,000 | $17.5M | Reduce -6.2% |
| BABA Alibaba Group Holding-SP ADR | 7.48% | 96,700 | $14.2M | Reduce -12.8% |
| IBIT iShares Bitcoin Trust ETF | 6.52% | 248,900 | $12.4M | Reduce -38.6% |
| TSLA Tesla Inc. | 6.24% | 26,300 | $11.8M | New |
| GOOGL Alphabet Inc. Class A | 6.06% | 36,700 | $11.5M | New |
| HUYA Huya Inc.-ADR | 1.50% | 985,422 | $2.8M | New |
| ALB Albemarle Corp. | 0.65% | 8,700 | $1.2M | New |
| GLD SPDR Gold Shares | 0.63% | 3,000 | $1.2M | No change |
| XBI SS SPDR S&P Biotech ETF | 0.39% | 6,000 | $732K | New |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.30% | 8,500 | $564K | Reduce -19.1% |
| MSFT Microsoft Corp. | 0.26% | 1,000 | $484K | No change |
| SNPS Synopsys Inc. | 0.20% | 800 | $376K | Add +60.0% |
| SY So-Young International-ADR | 0.19% | 141,000 | $361K | No change |
| CSCO Cisco Systems Inc. | 0.18% | 4,500 | $347K | No change |
| AMD Advanced Micro Devices | 0.17% | 1,500 | $321K | Reduce -25.0% |
| ZLAB Zai Lab Ltd.-ADR | 0.14% | 14,979 | $264K | Reduce -84.2% |
| COPX Global X Copper Miners ETF | 0.13% | 3,500 | $251K | New |
| BEAM Beam Therapeutics Inc. | 0.13% | 8,600 | $238K | No change |
| OUNZ Vaneck Merk Gold ETF | 0.12% | 2,700 | $232K | New |
| NTLA Intellia Therapeutics Inc. | 0.09% | 19,330 | $174K | Add +34.9% |
| PRME Prime Medicine Inc. | 0.08% | 41,800 | $145K | No change |
| RERE Atrenew Inc. | 0.06% | 20,000 | $106K | Add +11.1% |
Portfolio Sells Q3 2025 → Q4 2025
| ETHA iShares Ethereum Trust ETF | Sold out | 0.00% | −5.42 |
| IBIT iShares Bitcoin Trust ETF | Reduce -38.6% | 6.52% | −4.81 |
| LEGN Legend Biotech Corp.-ADR | Reduce -6.2% | 9.22% | −2.79 |
| ZLAB Zai Lab Ltd.-ADR | Reduce -84.2% | 0.14% | −1.24 |
| BABA Alibaba Group Holding-SP ADR | Reduce -12.8% | 7.48% | −1.04 |
| BE Bloom Energy Corp. Class A | Sold out | 0.00% | −0.36 |
| LABU DRXN DLY S&P BT BL 3X ETF-Ui | Sold out | 0.00% | −0.33 |
| FUTU Futu Holdings Ltd.-ADR | Sold out | 0.00% | −0.09 |
| AMD Advanced Micro Devices | Reduce -25.0% | 0.17% | +0.03 |
| ARWR Arrowhead Pharmaceuticals Inc. | Reduce -19.1% | 0.30% | +0.14 |
| PDD PDD Holdings Inc. | Reduce -4.2% | 59.30% | +0.50 |
Portfolio Buys Q3 2025 → Q4 2025
| TSLA Tesla Inc. | New | 6.24% | +6.24 |
| GOOGL Alphabet Inc. Class A | New | 6.06% | +6.06 |
| HUYA Huya Inc.-ADR | New | 1.50% | +1.50 |
| ALB Albemarle Corp. | New | 0.65% | +0.65 |
| XBI SS SPDR S&P Biotech ETF | New | 0.39% | +0.39 |
| COPX Global X Copper Miners ETF | New | 0.13% | +0.13 |
| OUNZ Vaneck Merk Gold ETF | New | 0.12% | +0.12 |
| SNPS Synopsys Inc. | Add +60.0% | 0.20% | +0.09 |
| RERE Atrenew Inc. | Add +11.1% | 0.06% | +0.02 |
| NTLA Intellia Therapeutics Inc. | Add +34.9% | 0.09% | −0.01 |
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 |