MASO CAPITAL PARTNERS Ltd In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), MASO CAPITAL PARTNERS Ltd reported 17 stock positions worth $64.2 million . Its top holding was Fiscalnote (NOTE) at 36.7% of the portfolio, followed by Sohu.com Ltd.-ADR (SOHU, 18.6% ) and Dada Nexus Ltd.-ADR (DADA, 15.3% ). Compared with Q4 2024, it opened 10 new positions, sold out of 10, added to 1 and reduced 2. The biggest buy was a new position in Dada Nexus Ltd.-ADR (DADA) and the biggest sale an exit from Vnet Group Inc.-ADR (VNET).
Location HONG KONG, K3
CIK 0001698093
Portfolio Value $64.2M (Q1 2025) Holdings 17 stocks · $64.2M 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 Q4 2024 NOTE Fiscalnote Holdings Inc. 29,178,150 $23.6M Add +0.0% SOHU Sohu.com Ltd.-ADR 906,256 $11.9M No change DADA Dada Nexus Ltd.-ADR 5,322,424 $9.8M New JOYY Joyy Inc.-ADR 228,200 $9.6M Reduce -29.2% EM Smart Share Global Ltd. - ADR 2,632,260 $2.9M New INTC Intel Corp. 50,000 $1.1M Reduce -18.4% X United States Steel Corp. 25,000 $1.1M No change BABA Alibaba Group Holding-SP ADR 7,000 $926K New AMD Advanced Micro Devices 8,800 $904K New NKE Nike Inc. Class B 14,000 $889K New SOUN Soundhound AI Inc. Class A 68,407 $555K New FUBO Fubotv Inc. 160,000 $467K New LAZRQ Luminar Technologies Inc. 50,000 $270K New IONQ Ionq Inc. 5,000 $110K New OCFT Oneconnect Financial Techno 3,100 $21K New ESLA Estrella Immunopharma Inc. 10,000 $9K No change CENN Cenntro Inc. 141 $123 No change
Other holdings (17): bonds, preferreds, convertibles and warrants · $1.9M (not counted above) Security Class Shares / Principal Value Change NOTEW Fiscalnote Holdings Inc.-CW25 *W EXP 07/29/202 9,000,000 $1.6M No change EQV VENTURES ACQUISITION *W EXP 07/01/203 266,666 $88K No change POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 375,000 $67K No change SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 500,000 $65K No change USA RARE EARTH INC *W EXP 03/13/203 41,700 $28K New TONT.WS Graf Global Corp.- 29 *W EXP 05/31/203 125,000 $23K No change MACIW Melar Acquisition Corp. I -29 *W EXP 06/01/203 162,500 $22K No change Colombier Acquisition - 29 *W EXP 11/24/202 23,333 $19K No change BSIIW Black Spade Acquisition -30 *W EXP 02/15/202 66,666 $15K No change LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 62,500 $12K No change EURKR Eureka Acquisition Corp.-RTS RIGHT 07/03/2026 40,000 $9K No change GBGWF Global Blue Group Holding AG *W EXP 08/28/202 407,812 $9K No change LPAAW Launch One Acquisition - 29 *W EXP 06/01/203 50,000 $7K No change CHEB.WS Chenghe Acquisition II - 29 *W EXP 05/30/203 100,000 $5K No change BSLKW Golden Arrow Merger A -CW26 *W EXP 08/13/202 65,048 $2K No change PITWF Heramba Electric PLC-28 *W EXP 07/26/202 59,368 $600 No change PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 49,015 $520 No change
Total filed on the 13F, all lines: $66.2M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ VNET Vnet Group Inc.-ADR Sold out 0.00% −10.59 IWM iShares Russell 2000 ETF Sold out 0.00% −3.88 JOYY Joyy Inc.-ADR Reduce -29.2% 14.91% −2.52 BEKE Ke Holdings Inc.-ADR Sold out 0.00% −2.38 ORCL Oracle Corp. Sold out 0.00% −1.72 HES Hess Corp. Sold out 0.00% −1.72 TCOM Trip.com Group Ltd.-ADR Sold out 0.00% −1.33 AVR Anteris Technologies Global Sold out 0.00% −1.26 LEGN Legend Biotech Corp.-ADR Sold out 0.00% −1.05 NIPG Nip Group Inc. Sold out 0.00% −0.14 FARADAY FUTURE INTLGT ELEC I Sold out 0.00% −0.00 INTC Intel Corp. Reduce -18.4% 1.77% +0.18
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ DADA Dada Nexus Ltd.-ADR New 15.33% +15.33 EM Smart Share Global Ltd. - ADR New 4.59% +4.59 BABA Alibaba Group Holding-SP ADR New 1.44% +1.44 AMD Advanced Micro Devices New 1.41% +1.41 NKE Nike Inc. Class B New 1.38% +1.38 SOUN Soundhound AI Inc. Class A New 0.86% +0.86 FUBO Fubotv Inc. New 0.73% +0.73 LAZRQ Luminar Technologies Inc. New 0.42% +0.42 IONQ Ionq Inc. New 0.17% +0.17 OCFT Oneconnect Financial Techno New 0.03% +0.03 NOTE Fiscalnote Holdings Inc. Add +0.0% 36.71% −3.63
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ USA RARE EARTH INC *W EXP 03/13/203 New 41,700 $28K USARW Inflection Point Acquis-C-28 *W EXP 08/31/202 Sold out 50,000 $25Kbefore 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