MASO CAPITAL PARTNERS Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), MASO CAPITAL PARTNERS Ltd reported 30 stock positions worth $59.7 million. Its top holding was Sohu.com Ltd.-ADR (SOHU) at 23.7% of the portfolio, followed by Fiscalnote (NOTE, 19.0%) and Joyy Inc.-ADR (JOYY, 17.5%). Compared with Q2 2025, it opened 19 new positions, sold out of 4, added to 1 and reduced 3. The biggest buy was a new position in Renew Energy Global PLC-A (RNW) and the biggest sale an exit from Smart Share Global Ltd. - ADR (EM).

Most Recent 13F
Q3 2025
Location
HONG KONG, K3
CIK
0001698093
Portfolio Value
$59.7M (Q3 2025)
SEC Filing
0001698093-25-000011 ↗ filed Nov 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $132.8M Q1 2024 Q2 2024: $94.3M Q2 2024 Q3 2024: $105.2M Q3 2024 Q4 2024: $77.4M Q4 2024 Q1 2025: $64.2M Q1 2025 Q2 2025: $55.2M Q2 2025 Q3 2025: $59.7M $59.7M Q3 2025

Holdings 30 stocks · $59.7M
SOHU Sohu.com Ltd.-ADR 23.72% 906,256 $14.2M No change
NOTE Fiscalnote Holdings Inc. 19.05% 2,457,328 $11.4M No change
JOYY Joyy Inc.-ADR 17.49% 178,200 $10.4M Reduce -21.9%
OCFT Oneconnect Financial Techno 5.58% 439,966 $3.3M No change
OBAWU Oxley Bridge Acquisition Ltd. 4.20% 250,000 $2.5M No change
RNW Renew Energy Global PLC-A 3.65% 282,758 $2.2M New
BRR Columbus Circle Capital Co. Class A 3.22% 190,000 $1.9M New
SFD Smithfield Foods Inc. 3.15% 80,171 $1.9M New
TONX Ton Strategy Co. 3.10% 262,881 $1.9M New
QFIN Qfin Holdings Inc.-ADR 2.17% 45,000 $1.3M New
RIG Transocean Ltd. 1.72% 330,000 $1.0M New
DMIIU Drugs Made in America Acquis 1.67% 100,000 $995K New
ZK Zeekr Intelligent Techno-ADR 1.63% 31,944 $974K Reduce -63.0%
VNET Vnet Group Inc.-ADR 1.30% 75,000 $775K New
APACU Stonebridge Acquisition II C 1.25% 74,900 $747K New
CHECU Chenghe Acquisition III Co. 1.25% 74,700 $746K New
VKTX Viking Therapeutics Inc. 1.10% 25,000 $657K Add +66.7%
INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X 1.08% 50,000 $643K New
WLAC Willow Lane Acquisition Class A 0.97% 50,000 $579K New
MCGA Yorkville Acquisition Corp. Class A 0.89% 50,000 $533K New
ALMU Aeluma Inc. 0.53% 19,667 $317K Reduce -19.6%
ORCL Oracle Corp. 0.47% 1,000 $281K New
QS Quantumscape Corp. 0.21% 10,000 $123K New
ARQQ Arqit Quantum Inc. 0.18% 2,840 $110K New
ONCHU 1RT Acquisition Corp. 0.18% 10,000 $106K New
QBTS D-Wave Quantum Inc. 0.12% 2,950 $73K New
QUBT Quantum Computing Inc. 0.11% 3,720 $68K New
ESLA Estrella Immunopharma Inc. 0.02% 10,000 $12K No change
NAMM Namib Minerals 0.00% 300 $987 No change
CENN Cenntro Inc. 0.00% 141 $83 No change
Other holdings (14): bonds, preferreds, convertibles and warrants · $1.1M (not counted above)
SecurityClassShares / PrincipalValueChange
NOTEW Fiscalnote Holdings Inc.-CW25 *W EXP 07/29/202 9,000,000$594KNo change
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 500,000$185KNo change
EQV VENTURES ACQUISITION *W EXP 07/01/203 266,666$133KNo change
POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 375,000$75KNo change
TONT.WS Graf Global Corp.- 29 *W EXP 05/31/203 125,000$41KNo change
PEW.WS Grabagun Digital Holdings Inc. *W EXP 99/99/999 23,333$29KNew
MACIW Melar Acquisition Corp. I -29 *W EXP 06/01/203 162,500$25KNo change
LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 62,500$23KNo change
LPAAW Launch One Acquisition - 29 *W EXP 06/01/203 50,000$11KNo change
EURKR Eureka Acquisition Corp.-RTS RIGHT 07/03/2026 40,000$10KNo change
TGE.WS Generation Essentials - 30 *W EXP 02/15/202 66,666$9KNo change
BSLKW Golden Arrow Merger A -CW26 *W EXP 08/13/202 65,048$3KNo change
PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 49,015$2KNo change
CHENGHE ACQUISITION II CO *W EXP 05/30/203 100,000$0New

Total filed on the 13F, all lines: $60.9M.

Portfolio Sells Q2 2025 → Q3 2025
EM Smart Share Global Ltd. - ADR Sold out 0.00% −6.11
SKX Skechers USA Inc. Class A Sold out 0.00% −5.55
JOYY Joyy Inc.-ADR Reduce -21.9% 17.49% −3.58
ZK Zeekr Intelligent Techno-ADR Reduce -63.0% 1.63% −2.37
LAZRQ Luminar Technologies Inc. Sold out 0.00% −0.52
GPCR Structure Therapeutics Inc. Sold out 0.00% −0.49
ALMU Aeluma Inc. Reduce -19.6% 0.53% −0.20

Portfolio Buys Q2 2025 → Q3 2025
RNW Renew Energy Global PLC-A New 3.65% +3.65
BRR Columbus Circle Capital Co. Class A New 3.22% +3.22
SFD Smithfield Foods Inc. New 3.15% +3.15
TONX Ton Strategy Co. New 3.10% +3.10
QFIN Qfin Holdings Inc.-ADR New 2.17% +2.17
RIG Transocean Ltd. New 1.72% +1.72
DMIIU Drugs Made in America Acquis New 1.67% +1.67
VNET Vnet Group Inc.-ADR New 1.30% +1.30
APACU Stonebridge Acquisition II C New 1.25% +1.25
CHECU Chenghe Acquisition III Co. New 1.25% +1.25
INFQ Infleqtion Inc. New 1.08% +1.08
WLAC Willow Lane Acquisition Class A New 0.97% +0.97
MCGA Yorkville Acquisition Corp. Class A New 0.89% +0.89
ORCL Oracle Corp. New 0.47% +0.47
VKTX Viking Therapeutics Inc. Add +66.7% 1.10% +0.38
QS Quantumscape Corp. New 0.21% +0.21
ARQQ Arqit Quantum Inc. New 0.18% +0.18
ONCHU 1RT Acquisition Corp. New 0.18% +0.18
QBTS D-Wave Quantum Inc. New 0.12% +0.12
QUBT Quantum Computing Inc. New 0.11% +0.11

Notes & Other Activity Q2 2025 → Q3 2025
Colombier Acquisition - 29 *W EXP 11/24/202 Sold out 23,333 $87Kbefore exit
PEW.WS Grabagun Digital Holdings Inc. *W EXP 99/99/999 New 23,333 $29K
CHEB.WS Chenghe Acquisition II - 29 *W EXP 05/30/203 Sold out 100,000 $9Kbefore exit
CHENGHE ACQUISITION II CO *W EXP 05/30/203 New 100,000 $0

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q3 2025 30$59.7MSOHU, NOTE, JOYY, OCFT, OBAWU
Q2 2025 15$55.2MNOTE, SOHU, JOYY, EM, OCFT
Q1 2025 17$64.2MNOTE, SOHU, DADA, JOYY, EM
Q4 2024 17$77.4MNOTE, JOYY, SOHU, VNET, IWM
Q3 2024 21$105.2MNOTE, SOHU, JOYY, FTW.U, VNET
Q2 2024 21$94.3MNOTE, SOHU, JOYY, VNET, MANU
Q1 2024 27$132.8MNOTE, HOLI, JOYY, SOHU, PXD