MASO CAPITAL PARTNERS Ltd In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), MASO CAPITAL PARTNERS Ltd reported 17 stock positions worth $77.4 million . Its top holding was Fiscalnote (NOTE) at 40.3% of the portfolio, followed by Joyy Inc.-ADR (JOYY, 17.4% ) and Sohu.com Ltd.-ADR (SOHU, 15.4% ). Compared with Q3 2024, it opened 2 new positions, sold out of 6, added to 2 and reduced 1. The biggest buy was Fiscalnote (NOTE, shares +0% ) and the biggest sale an exit from Eqv Ventures Acquisition Cor (FTW.U).
Location HONG KONG, K3
CIK 0001698093
Portfolio Value $77.4M (Q4 2024) Holdings 17 stocks · $77.4M Holdings quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2024 NOTE Fiscalnote Holdings Inc. 29,171,513 $31.2M Add +0.0% JOYY Joyy Inc.-ADR 322,400 $13.5M No change SOHU Sohu.com Ltd.-ADR 906,256 $11.9M Add +2.1% VNET Vnet Group Inc.-ADR 1,728,771 $8.2M Reduce -6.7% IWM iShares Russell 2000 ETF 13,600 $3.0M No change BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 100,000 $1.8M No change ORCL Oracle Corp. 8,000 $1.3M No change HES Hess Corp. 10,000 $1.3M No change INTC Intel Corp. 61,300 $1.2M New TCOM Trip.com Group Ltd.-ADR 15,000 $1.0M No change AVR Anteris Technologies Global 175,000 $977K New X United States Steel Corp. 25,000 $850K No change LEGN Legend Biotech Corp.-ADR 25,000 $814K No change NIPG Nip Group Inc. 16,666 $110K No change ESLA Estrella Immunopharma Inc. 10,000 $12K No change FARADAY FUTURE INTLGT ELEC I 113 $275 No change CENN Cenntro Inc. 141 $151 No change
Other holdings (17): bonds, preferreds, convertibles and warrants · $1.8M (not counted above) Security Class Shares / Principal Value Change NOTEW Fiscalnote Holdings Inc.-CW25 *W EXP 07/29/202 9,000,000 $1.4M No change EQV VENTURES ACQUISITION *W EXP 07/01/203 266,666 $96K New POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 375,000 $54K New SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 500,000 $54K No change Colombier Acquisition - 29 *W EXP 11/24/202 23,333 $37K No change BSIIW Black Spade Acquisition -30 *W EXP 02/15/202 66,666 $27K New USARW Inflection Point Acquis-C-28 *W EXP 08/31/202 50,000 $25K No change MACIW Melar Acquisition Corp. I -29 *W EXP 06/01/203 162,500 $19K No change TONT.WS Graf Global Corp.- 29 *W EXP 05/31/203 125,000 $16K No change GBGWF Global Blue Group Holding AG *W EXP 08/28/202 407,812 $12K No change LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 62,500 $10K No change EURKR Eureka Acquisition Corp.-RTS RIGHT 07/03/2026 40,000 $8K No change LPAAW Launch One Acquisition - 29 *W EXP 06/01/203 50,000 $7K No change BSLKW Golden Arrow Merger A -CW26 *W EXP 08/13/202 65,048 $4K No change CHEB.WS Chenghe Acquisition II - 29 *W EXP 05/30/203 100,000 $4K No change PITWF Heramba Electric PLC-28 *W EXP 07/26/202 59,368 $3K No change PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 49,015 $382 No change
Total filed on the 13F, all lines: $79.2M.
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ FTW.U Eqv Ventures Acquisition Cor Sold out 0.00% −7.55 POLEU Andretti Acquisition Corp. II Sold out 0.00% −7.13 SIMA Sim Acquisition Corp. I-A Sold out 0.00% −3.32 BSIIU Black Spade Acquisition II C Sold out 0.00% −1.89 PGRU Propertyguru Group Ltd. Sold out 0.00% −1.82 BRC INC-A Sold out 0.00% −0.93 VNET Vnet Group Inc.-ADR Reduce -6.7% 10.59% +3.40
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ NOTE Fiscalnote Holdings Inc. Add +0.0% 40.34% +4.87 SOHU Sohu.com Ltd.-ADR Add +2.1% 15.44% +2.15 INTC Intel Corp. New 1.59% +1.59 AVR Anteris Technologies Global New 1.26% +1.26
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ EQV VENTURES ACQUISITION *W EXP 07/01/203 New 266,666 $96K POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 New 375,000 $54K BSIIW Black Spade Acquisition -30 *W EXP 02/15/202 New 66,666 $27K TGAWF Target Global Acq I -CW27 *W EXP 12/08/202 Sold out 66,665 $5Kbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q3 2025 30 $59.7M SOHU, NOTE, JOYY, OCFT, OBAWU Q2 2025 15 $55.2M NOTE, SOHU, JOYY, EM, OCFT Q1 2025 17 $64.2M NOTE, SOHU, DADA, JOYY, EM Q4 2024 17 $77.4M NOTE, JOYY, SOHU, VNET, IWM Q3 2024 21 $105.2M NOTE, SOHU, JOYY, FTW.U, VNET Q2 2024 21 $94.3M NOTE, SOHU, JOYY, VNET, MANU Q1 2024 27 $132.8M NOTE, HOLI, JOYY, SOHU, PXD