Oasis Management Co Ltd.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Oasis Management Co Ltd. reported 46 stock positions worth $285.6 million. Its top holding was Applied Digital (APLD) at 17.6% of the portfolio, followed by Nebius (NBIS, 13.9%) and Landbridge Co. LLC-A (LB, 6.6%). Compared with Q3 2024, it opened 14 new positions, sold out of 6, added to 7 and reduced 7. The biggest buy was a new position in Nebius (NBIS) and the biggest sale Applied Digital (APLD, shares −36%).

Most Recent 13F
Q2 2026
Location
GRAND CAYMAN, E9
CIK
0001317904
Portfolio Value
$285.6M (Q4 2024)
SEC Filing
0001140361-25-004557 ↗ filed Feb 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $275.9M Q1 2024 Q2 2024: $294.6M Q2 2024 Q3 2024: $263.7M Q3 2024 Q4 2024: $285.6M $285.6M Q4 2024 Q1 2025: $291.5M Q1 2025 Q2 2025: $414.3M Q2 2025 Q3 2025: $451.6M Q3 2025 Q4 2025: $652.2M Q4 2025 Q1 2026: $727.4M Q1 2026 Q2 2026: $848.3M Q2 2026

Holdings 46 stocks · $285.6M
APLD Applied Digital Corp. 17.56% 6,563,147 $50.1M Reduce -35.6%
NBIS Nebius Group NV 13.89% 1,432,323 $39.7M New
LB Landbridge Co. LLC-A 6.59% 291,520 $18.8M New
RBA RB Global Inc. 5.79% 183,244 $16.5M No change
VNET Vnet Group Inc.-ADR 5.65% 3,404,400 $16.1M No change
MSOS Advisorshares Pure US Cann 5.45% 4,087,116 $15.6M New
RLX RLX Technology Inc.-ADR 4.23% 5,592,665 $12.1M Add +9.5%
QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 3.68% 274,180 $10.5M Reduce -22.5%
TBPH Theravance Biopharma Inc. 3.68% 1,115,765 $10.5M No change
ATHM Autohome Inc.-ADR 3.34% 367,978 $9.5M No change
GRFS Grifols SA-ADR 3.02% 1,157,607 $8.6M Add +19.8%
HTHT H World Group Ltd.-ADR 2.43% 209,879 $6.9M Add +8.1%
EDU New Oriental Educatio-SP ADR 2.22% 98,600 $6.3M Add +34.9%
JD Jd.com Inc.-ADR 2.00% 165,160 $5.7M Reduce -29.7%
ACMR Acm Research Inc. Class A 1.98% 373,709 $5.6M Add +29.8%
GCT Gigacloud Technology Inc. Class A 1.94% 299,680 $5.6M New
TAL Tal Education Group- ADR 1.93% 551,001 $5.5M Add +4.9%
ASHR Xtrackers Harvest Csi 300 CH 1.85% 200,000 $5.3M New
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 1.54% 238,040 $4.4M Reduce -52.6%
IQ Iqiyi Inc.-ADR 1.50% 2,134,102 $4.3M No change
PDD PDD Holdings Inc. 1.30% 38,355 $3.7M New
SE Sea Ltd.-ADR 1.30% 35,000 $3.7M Reduce -22.2%
GHG Greentree Hospitality GR-ADR 0.99% 1,099,362 $2.8M No change
AVGO Broadcom Inc. 0.74% 9,090 $2.1M No change
SY So-Young International-ADR 0.73% 2,505,807 $2.1M No change
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 0.60% 21,252 $1.7M New
TSM Taiwan Semiconductor-SP ADR 0.48% 7,000 $1.4M No change
AVR Anteris Technologies Global 0.48% 244,180 $1.4M New
INTC Intel Corp. 0.42% 60,000 $1.2M New
HSAI Hesai Group 0.34% 70,000 $967K Reduce -30.0%
BZ Kanzhun Ltd. - ADR 0.33% 68,039 $939K New
XCAFX Morgan Stanley China A Share 0.29% 66,666 $831K No change
YSG Yatsen Holding Ltd.-ADR 0.21% 150,000 $597K Reduce -16.9%
BABA Alibaba Group Holding-SP ADR 0.21% 7,000 $594K No change
NXDR Nextdoor Holdings Inc. 0.21% 250,000 $593K No change
HTT High Templar Tech Limited filed as QUDIAN INC 0.20% 197,875 $558K Add +609.9%
YMM Full Truck Alliance -SPN ADR 0.19% 50,000 $541K New
AS Amer Sports Inc. 0.15% 15,000 $419K New
CMPS Compass Pathways PLC 0.14% 107,911 $408K No change
XPEV Xpeng Inc. - ADR 0.12% 30,000 $355K New
OLPX Olaplex Holdings Inc. 0.12% 196,569 $340K No change
ZKH ZKH Group Ltd. 0.06% 50,000 $176K No change
GRNT Granite Ridge Resources Inc. 0.06% 25,000 $162K No change
ALTI Alti Global Inc. 0.04% 25,000 $110K No change
BOQII HLDG LTD 0.03% 200,000 $72K New
THCH TH International Ltd./Cayman 0.01% 32,100 $23K No change

Options reported separately and not counted above: QQQ puts ($102.2M), EWY puts ($56.0M), TIGR calls ($5.8M).

Other holdings (32): bonds, preferreds, convertibles and warrants · $24.3M (not counted above)
SecurityClassShares / PrincipalValueChange
DFNSW T3 Defense Inc.-CW28 *W EXP 12/22/202 140,000$5.1MNo change
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal 20,000,000$3.0MNo change
NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal 4,000,000$2.7MNo change
SKYH.WS Yellowstone Acquisit A -CW25 *W EXP 01/25/202 200,000$2.4MNo change
ADSEW ADS-Tec Energy PLC-WRNT *W EXP 99/99/999 100,000$1.6MNo change
GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 100,000$1.2MNo change
PDYNW Sarcos Technology -CW27 *W EXP 09/24/202 100,000$1.2MNo change
PITWF Heramba Electric PLC-28 *W EXP 07/26/202 850,000$1.1MNo change
ABLLW East Resources Acquis -CW27 *W EXP 06/30/202 100,000$783KNo change
NIO INC (NIO 3.875 10/15/29) NOTE 3.875%10/1 · principal 1,000,000$745KNo change
AISPW Airship AI Holdings Inc.-CW28 *W EXP 12/21/202 100,000$626KNo change
GBGWF Global Blue Group Holding AG *W EXP 08/28/202 86,505$599KNo change
DAVEW Dave Inc. -CW27 *W EXP 01/05/202 6,368$554KReduce -96.9%
BBAI.WS Bigbear.ai Holdings -CW28 *W EXP 12/08/202 100,000$445KNo change
SATLW Satellogic Inc.-A -23 *W EXP 01/25/202 100,000$285KNo change
GDEV INC *W EXP 99/99/999 10,000$193KNew
ARBEW Arbe Robotics Ltd. -CW26 *W EXP 99/99/999 100,000$186KNo change
CXAIW Kins Tech Group Class A -CW25 *W EXP 99/99/999 100,000$182KNo change
LFLYW Merida Merger Corp. I -CW26 *W EXP 02/04/202 100,000$157KNo change
NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 100,000$155KNo change
SSTPW SYSTEM1 Inc.-CW *W EXP 01/27/202 160,000$144KNo change
VLNWF Valens Semiconductor -CW26 *W EXP 09/30/202 50,000$130KNo change
ILLRW Agba Acquisition Ltd. -CW24 *W EXP 11/14/202 50,000$119KNew
RMCOW American Acq Class A -CW26 *W EXP 10/31/202 100,000$100KNo change
BNAIW Brand Engagement Netwo -CW27 *W EXP 03/14/202 100,000$97KNo change
CCGWW Cheche Group Inc. - 28 *W EXP 10/01/203 100,000$89KNo change
ABVWF Above Food Ingredients- 29 *W EXP 06/28/202 100,000$54KNo change
GGROW Gogoro Inc. -CW27 *W EXP 04/04/202 100,000$50KNo change
SCLXW Vickers Vantage Corp. I -CW27 *W EXP 11/10/202 100,000$43KNo change
TMCWW TMC the Metals Co. Inc. -CW25I *W EXP 09/09/202 37,700$42KNo change
CGBWF Crown LNG Holdings Ltd.-28 *W EXP 07/09/202 100,000$40KNo change
CEPTON INC *W EXP 06/01/202 10,000$33KNew

Total filed on the 13F, all lines: $309.8M.

Portfolio Sells Q3 2024 → Q4 2024
APLD Applied Digital Corp. Reduce -35.6% 17.56% −14.30
STRS Stratus Properties Inc. Sold out 0.00% −11.27
BEKE Ke Holdings Inc.-ADR Reduce -52.6% 1.54% −2.26
JD Jd.com Inc.-ADR Reduce -29.7% 2.00% −1.56
NAPA The Duckhorn Portfolio Inc. Sold out 0.00% −1.02
QFIN Qfin Holdings Inc.-ADR Reduce -22.5% 3.68% −0.32
SE Sea Ltd.-ADR Reduce -22.2% 1.30% −0.31
CRDO Credo Technology Group Holdi Sold out 0.00% −0.26
EAF Graftech International Ltd. Sold out 0.00% −0.11
MU Micron Technology Inc. Sold out 0.00% −0.08
YSG Yatsen Holding Ltd.-ADR Reduce -16.9% 0.21% −0.02
NOTE Fiscalnote Holdings Inc. Sold out 0.00% −0.01
HSAI Hesai Group Reduce -30.0% 0.34% +0.16

Portfolio Buys Q3 2024 → Q4 2024
NBIS Nebius Group NV New 13.89% +13.89
LB Landbridge Co. LLC-A New 6.59% +6.59
MSOS Advisorshares Pure US Cann New 5.45% +5.45
GCT Gigacloud Technology Inc. Class A New 1.94% +1.94
ASHR Xtrackers Harvest Csi 300 CH New 1.85% +1.85
PDD PDD Holdings Inc. New 1.30% +1.30
RLX RLX Technology Inc.-ADR Add +9.5% 4.23% +0.72
FUTU Futu Holdings Ltd.-ADR New 0.60% +0.60
AVR Anteris Technologies Global New 0.48% +0.48
INTC Intel Corp. New 0.42% +0.42
BZ Kanzhun Ltd. - ADR New 0.33% +0.33
YMM Full Truck Alliance -SPN ADR New 0.19% +0.19
HTT High Templar Tech Limited Add +609.9% 0.20% +0.17
AS Amer Sports Inc. New 0.15% +0.15
XPEV Xpeng Inc. - ADR New 0.12% +0.12
EDU New Oriental Educatio-SP ADR Add +34.9% 2.22% +0.11
BOQII HLDG LTD New 0.03% +0.03
GRFS Grifols SA-ADR Add +19.8% 3.02% −0.24
ACMR Acm Research Inc. Class A Add +29.8% 1.98% −0.24
HTHT H World Group Ltd.-ADR Add +8.1% 2.43% −0.31
TAL Tal Education Group- ADR Add +4.9% 1.93% −0.42

Options Activity Q3 2024 → Q4 2024
QQQ Invesco QQQ Trust Series 1 put Add +40.5% 200,000 $102.2M
EWY iShares MSCI South Korea ETF put New 1,100,000 $56.0M
BIDU Baidu Inc. - Spon ADR call Sold out 474,800 $50.0Mbefore exit
NVDA Nvidia Corp. put Sold out 200,000 $24.3Mbefore exit
USO United States Oil Fund LP call Sold out 200,000 $14.0Mbefore exit
ASHR Xtrackers Harvest Csi 300 CH call Sold out 300,000 $8.6Mbefore exit
TIGR Up Fintech Holding Ltd. - ADR call Reduce -10.0% 900,000 $5.8M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2024 → Q4 2024
PGYWW Pagaya Technologies Ltd. -27 *W EXP 99/99/999 Sold out 100,000 $1.1Mbefore exit
EVTWF Vertical Aerospace Ltd. -CW26 *W EXP 12/16/202 Sold out 100,000 $693Kbefore exit
DAVEW Dave Inc. -CW27 *W EXP 01/05/202 Reduce -96.9% 6,368 $554K
SONWQ Gores Metropoulos II -CW28 *W EXP 01/18/202 Sold out 100,000 $468Kbefore exit
ISPOW Inspirato -CW30 *W EXP 02/11/202 Sold out 99,961 $405Kbefore exit
SWVLW Pivotal Holdings Corp. -CW27 *W EXP 99/99/999 Sold out 100,000 $290Kbefore exit
GDEV INC *W EXP 99/99/999 New 10,000 $193K
ILLRW Agba Acquisition Ltd. -CW24 *W EXP 11/14/202 New 50,000 $119K
COOTW Australian Oilseeds Holdi-29 *W EXP 03/22/202 Sold out 100,000 $88Kbefore exit
GRDIW Griid Infrastructure Inc.-28 *W EXP 12/29/202 Sold out 100,000 $77Kbefore exit
CEPTON INC *W EXP 06/01/202 New 10,000 $33K

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 65$848.3MMTN, APLD, ACMR, HUT, CORZ
Q1 2026 63$727.4MMTN, HUT, VNET, CORZ, STRS
Q4 2025 58$652.2MMTN, HUT, CORZ, VNET, STRS
Q3 2025 63$451.6MMTN, VNET, STRS, APLD, RBA
Q2 2025 54$414.3MMTN, VNET, STRS, SQNS, RBA
Q1 2025 51$291.5MAPLD, VNET, STRS, RBA, NBIS
Q4 2024 46$285.6MAPLD, NBIS, LB, RBA, VNET
Q3 2024 38$263.7MAPLD, STRS, RBA, VNET, ATHM
Q2 2024 35$294.6MHOLI, APLD, STRS, RBA, DOYU
Q1 2024Amended 31$275.9MHOLI, STRS, APLD, RBA, IQ