Oasis Management Co Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Oasis Management Co Ltd. reported 51 stock positions worth $291.5 million. Its top holding was Applied Digital (APLD) at 16.8% of the portfolio, followed by Vnet Group Inc.-ADR (VNET, 9.8%) and Stratus Properties (STRS, 6.9%). Compared with Q4 2024, it opened 14 new positions, sold out of 9, added to 10 and reduced 9. The biggest buy was a new position in Stratus Properties (STRS) and the biggest sale Nebius (NBIS, shares −50%).
- Most Recent 13F
- Q2 2026
- Location
- GRAND CAYMAN, E9
- CIK
- 0001317904
- Portfolio Value
- $291.5M (Q1 2025)
- SEC Filing
- 0001140361-25-019166 ↗ filed May 15, 2025
Holdings Value
Holdings 51 stocks · $291.5M
| APLD Applied Digital Corp. | 16.84% | 8,732,817 | $49.1M | Add +33.1% |
| VNET Vnet Group Inc.-ADR | 9.80% | 3,484,188 | $28.6M | Add +2.3% |
| STRS Stratus Properties Inc. | 6.92% | 1,136,956 | $20.2M | New |
| RBA RB Global Inc. | 6.31% | 183,244 | $18.4M | No change |
| NBIS Nebius Group NV | 5.18% | 714,623 | $15.1M | Reduce -50.1% |
| ALGM Allegro Microsystems Inc. | 4.57% | 530,210 | $13.3M | New |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 3.84% | 249,180 | $11.2M | Reduce -9.1% |
| RLX RLX Technology Inc.-ADR | 3.69% | 5,722,665 | $10.8M | Add +2.3% |
| MSOS Advisorshares Pure US Cann | 3.66% | 4,087,116 | $10.7M | No change |
| ATHM Autohome Inc.-ADR | 3.50% | 367,978 | $10.2M | No change |
| TBPH Theravance Biopharma Inc. | 3.43% | 1,118,935 | $10.0M | Add +0.3% |
| TAL Tal Education Group- ADR | 2.90% | 638,805 | $8.4M | Add +15.9% |
| ACMR Acm Research Inc. Class A | 2.83% | 353,709 | $8.3M | Reduce -5.3% |
| HTHT H World Group Ltd.-ADR | 2.67% | 209,879 | $7.8M | No change |
| EDU New Oriental Educatio-SP ADR | 2.43% | 147,874 | $7.1M | Add +50.0% |
| JD Jd.com Inc.-ADR | 2.33% | 165,160 | $6.8M | No change |
| ASHR Xtrackers Harvest Csi 300 CH | 1.82% | 200,000 | $5.3M | No change |
| NTGR Netgear Inc. | 1.79% | 213,461 | $5.2M | New |
| GCT Gigacloud Technology Inc. Class A | 1.67% | 342,180 | $4.9M | Add +14.2% |
| SE Sea Ltd.-ADR | 1.66% | 37,000 | $4.8M | Add +5.7% |
| IQ Iqiyi Inc.-ADR | 1.65% | 2,134,102 | $4.8M | No change |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 1.61% | 234,035 | $4.7M | Reduce -1.7% |
| BZ Kanzhun Ltd. - ADR | 1.28% | 194,905 | $3.7M | Add +186.5% |
| DADA Dada Nexus Ltd.-ADR | 1.05% | 1,650,000 | $3.1M | New |
| GHG Greentree Hospitality GR-ADR | 0.91% | 1,099,362 | $2.7M | No change |
| PDD PDD Holdings Inc. | 0.89% | 21,900 | $2.6M | Reduce -42.9% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.75% | 21,252 | $2.2M | No change |
| SY So-Young International-ADR | 0.71% | 2,505,807 | $2.1M | No change |
| BABA Alibaba Group Holding-SP ADR | 0.45% | 10,000 | $1.3M | Add +42.9% |
| XCAFX Morgan Stanley China A Share | 0.30% | 66,666 | $872K | No change |
| TUYA Tuya Inc. | 0.24% | 233,744 | $708K | New |
| XPEV Xpeng Inc. - ADR | 0.21% | 30,000 | $622K | No change |
| API Agora Inc.-ADR | 0.21% | 153,885 | $619K | New |
| YSG Yatsen Holding Ltd.-ADR | 0.20% | 118,371 | $569K | Reduce -21.1% |
| DECK Deckers Outdoor Corp. | 0.18% | 4,800 | $537K | New |
| AVR Anteris Technologies Global | 0.18% | 142,207 | $518K | Reduce -41.8% |
| MESO Mesoblast Ltd.- Spon ADR | 0.18% | 41,450 | $517K | New |
| TSM Taiwan Semiconductor-SP ADR | 0.17% | 3,000 | $498K | Reduce -57.1% |
| NXDR Nextdoor Holdings Inc. | 0.13% | 250,000 | $383K | No change |
| HTT High Templar Tech Limited filed as QUDIAN INC | 0.12% | 127,875 | $344K | Reduce -35.4% |
| TIGR Up Fintech Holding Ltd. - ADR | 0.12% | 39,100 | $336K | New |
| CMPS Compass Pathways PLC | 0.11% | 107,911 | $309K | No change |
| PONY Pony AI Inc. | 0.10% | 33,200 | $293K | New |
| AMAT Applied Materials Inc. | 0.09% | 1,800 | $261K | New |
| ECX Ecarx Holdings Inc. Class A | 0.09% | 200,000 | $252K | New |
| OLPX Olaplex Holdings Inc. | 0.09% | 196,569 | $250K | No change |
| ZKH ZKH Group Ltd. | 0.06% | 50,000 | $168K | No change |
| GRNT Granite Ridge Resources Inc. | 0.05% | 25,000 | $152K | No change |
| ALTI Alti Global Inc. | 0.03% | 25,000 | $76K | No change |
| BOQII HLDG LTD | 0.01% | 20,000 | $42K | New |
| NOTE Fiscalnote Holdings Inc. | 0.01% | 18,084 | $15K | New |
Options reported separately and not counted above: QQQ puts ($117.2M), NVDA puts ($54.2M), FXI calls ($35.8M), EWQ puts ($11.9M), NTGR calls ($2.4M).
Other holdings (28): bonds, preferreds, convertibles and warrants · $13.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | 4,000,000 | $2.8M | No change |
| SKYH.WS Yellowstone Acquisit A -CW25 | *W EXP 01/25/202 | 190,218 | $2.5M | Reduce -4.9% |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | 20,000,000 | $2.2M | No change |
| GCMGW GCM Grosvenor Inc. A -CW25 | *W EXP 11/17/202 | 76,070 | $1.0M | Reduce -23.9% |
| ABLLW East Resources Acquis -CW27 | *W EXP 06/30/202 | 100,000 | $749K | No change |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | 1,000,000 | $740K | No change |
| GBGWF Global Blue Group Holding AG | *W EXP 08/28/202 | 86,505 | $637K | No change |
| PDYNW Sarcos Technology -CW27 | *W EXP 09/24/202 | 100,000 | $588K | No change |
| DAVEW Dave Inc. -CW27 | *W EXP 01/05/202 | 6,368 | $526K | No change |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | 100,000 | $386K | No change |
| BBAI.WS Bigbear.ai Holdings -CW28 | *W EXP 12/08/202 | 100,000 | $286K | No change |
| DFNSW T3 Defense Inc.-CW28 | *W EXP 12/22/202 | 17,500 | $208K | Reduce -87.5% |
| PITWF Heramba Electric PLC-28 | *W EXP 07/26/202 | 850,000 | $205K | No change |
| NIOBW Niocorp Developments Ltd. -28 | *W EXP 03/17/202 | 100,000 | $197K | No change |
| GDEV INC | *W EXP 99/99/999 | 10,000 | $116K | No change |
| RMCOW American Acq Class A -CW26 | *W EXP 10/31/202 | 100,000 | $111K | No change |
| ARBEW Arbe Robotics Ltd. -CW26 | *W EXP 99/99/999 | 100,000 | $103K | No change |
| VLNWF Valens Semiconductor -CW26 | *W EXP 09/30/202 | 50,000 | $102K | No change |
| CXAIW Kins Tech Group Class A -CW25 | *W EXP 99/99/999 | 100,000 | $90K | No change |
| CCGWW Cheche Group Inc. - 28 | *W EXP 10/01/203 | 100,000 | $85K | No change |
| TMCWW TMC the Metals Co. Inc. -CW25I | *W EXP 09/09/202 | 37,700 | $65K | No change |
| SSTPW SYSTEM1 Inc.-CW | *W EXP 01/27/202 | 160,000 | $61K | No change |
| ABVWF Above Food Ingredients- 29 | *W EXP 06/28/202 | 100,000 | $59K | No change |
| ILLRW Agba Acquisition Ltd. -CW24 | *W EXP 11/14/202 | 50,000 | $39K | No change |
| BNAIW Brand Engagement Netwo -CW27 | *W EXP 03/14/202 | 100,000 | $34K | No change |
| GGROW Gogoro Inc. -CW27 | *W EXP 04/04/202 | 100,000 | $27K | No change |
| SCLXW Vickers Vantage Corp. I -CW27 | *W EXP 11/10/202 | 100,000 | $25K | No change |
| CGBWF Crown LNG Holdings Ltd.-28 | *W EXP 07/09/202 | 100,000 | $19K | No change |
Total filed on the 13F, all lines: $305.4M.
Portfolio Sells Q4 2024 → Q1 2025
| NBIS Nebius Group NV | Reduce -50.1% | 5.18% | −8.72 |
| LB Landbridge Co. LLC-A | Sold out | 0.00% | −6.59 |
| GRFS Grifols SA-ADR | Sold out | 0.00% | −3.02 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −0.74 |
| INTC Intel Corp. | Sold out | 0.00% | −0.42 |
| PDD PDD Holdings Inc. | Reduce -42.9% | 0.89% | −0.41 |
| HSAI Hesai Group | Sold out | 0.00% | −0.34 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -57.1% | 0.17% | −0.31 |
| AVR Anteris Technologies Global | Reduce -41.8% | 0.18% | −0.30 |
| YMM Full Truck Alliance -SPN ADR | Sold out | 0.00% | −0.19 |
| AS Amer Sports Inc. | Sold out | 0.00% | −0.15 |
| HTT High Templar Tech Limited | Reduce -35.4% | 0.12% | −0.08 |
| BOQII HLDG LTD | Sold out | 0.00% | −0.03 |
| YSG Yatsen Holding Ltd.-ADR | Reduce -21.1% | 0.20% | −0.01 |
| THCH TH International Ltd./Cayman | Sold out | 0.00% | −0.01 |
| BEKE Ke Holdings Inc.-ADR | Reduce -1.7% | 1.61% | +0.08 |
| QFIN Qfin Holdings Inc.-ADR | Reduce -9.1% | 3.84% | +0.15 |
| ACMR Acm Research Inc. Class A | Reduce -5.3% | 2.83% | +0.86 |
Portfolio Buys Q4 2024 → Q1 2025
| STRS Stratus Properties Inc. | New | 6.92% | +6.92 |
| ALGM Allegro Microsystems Inc. | New | 4.57% | +4.57 |
| VNET Vnet Group Inc.-ADR | Add +2.3% | 9.80% | +4.15 |
| NTGR Netgear Inc. | New | 1.79% | +1.79 |
| DADA Dada Nexus Ltd.-ADR | New | 1.05% | +1.05 |
| TAL Tal Education Group- ADR | Add +15.9% | 2.90% | +0.96 |
| BZ Kanzhun Ltd. - ADR | Add +186.5% | 1.28% | +0.95 |
| SE Sea Ltd.-ADR | Add +5.7% | 1.66% | +0.36 |
| BABA Alibaba Group Holding-SP ADR | Add +42.9% | 0.45% | +0.25 |
| TUYA Tuya Inc. | New | 0.24% | +0.24 |
| API Agora Inc.-ADR | New | 0.21% | +0.21 |
| EDU New Oriental Educatio-SP ADR | Add +50.0% | 2.43% | +0.21 |
| DECK Deckers Outdoor Corp. | New | 0.18% | +0.18 |
| MESO Mesoblast Ltd.- Spon ADR | New | 0.18% | +0.18 |
| TIGR Up Fintech Holding Ltd. - ADR | New | 0.12% | +0.12 |
| PONY Pony AI Inc. | New | 0.10% | +0.10 |
| AMAT Applied Materials Inc. | New | 0.09% | +0.09 |
| ECX Ecarx Holdings Inc. Class A | New | 0.09% | +0.09 |
| BOQII HLDG LTD | New | 0.01% | +0.01 |
| NOTE Fiscalnote Holdings Inc. | New | 0.01% | +0.01 |
| TBPH Theravance Biopharma Inc. | Add +0.3% | 3.43% | −0.25 |
| GCT Gigacloud Technology Inc. Class A | Add +14.2% | 1.67% | −0.28 |
| RLX RLX Technology Inc.-ADR | Add +2.3% | 3.69% | −0.54 |
| APLD Applied Digital Corp. | Add +33.1% | 16.84% | −0.72 |
Options Activity Q4 2024 → Q1 2025
| QQQ Invesco QQQ Trust Series 1 | put | Add +25.0% | 250,000 | $117.2M |
| EWY iShares MSCI South Korea ETF | put | Sold out | 1,100,000 | $56.0Mbefore exit |
| NVDA Nvidia Corp. | put | New | 500,000 | $54.2M |
| FXI iShares China Large-Cap ETF | call | New | 1,000,000 | $35.8M |
| EWQ iShares MSCI France ETF | put | New | 300,000 | $11.9M |
| TIGR Up Fintech Holding Ltd. - ADR | call | Sold out | 900,000 | $5.8Mbefore exit |
| NTGR Netgear Inc. | call | New | 96,200 | $2.4M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| SKYH.WS Yellowstone Acquisit A -CW25 | *W EXP 01/25/202 | Reduce -4.9% | 190,218 | $2.5M |
| ADSEW ADS-Tec Energy PLC-WRNT | *W EXP 99/99/999 | Sold out | 100,000 | $1.6Mbefore exit |
| GCMGW GCM Grosvenor Inc. A -CW25 | *W EXP 11/17/202 | Reduce -23.9% | 76,070 | $1.0M |
| SATLW Satellogic Inc.-A -23 | *W EXP 01/25/202 | Sold out | 100,000 | $285Kbefore exit |
| DFNSW T3 Defense Inc.-CW28 | *W EXP 12/22/202 | Reduce -87.5% | 17,500 | $208K |
| LFLYW Merida Merger Corp. I -CW26 | *W EXP 02/04/202 | Sold out | 100,000 | $157Kbefore exit |
| CEPTON INC | *W EXP 06/01/202 | Sold out | 10,000 | $33Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 65 | $848.3M | MTN, APLD, ACMR, HUT, CORZ |
| Q1 2026 | 63 | $727.4M | MTN, HUT, VNET, CORZ, STRS |
| Q4 2025 | 58 | $652.2M | MTN, HUT, CORZ, VNET, STRS |
| Q3 2025 | 63 | $451.6M | MTN, VNET, STRS, APLD, RBA |
| Q2 2025 | 54 | $414.3M | MTN, VNET, STRS, SQNS, RBA |
| Q1 2025 | 51 | $291.5M | APLD, VNET, STRS, RBA, NBIS |
| Q4 2024 | 46 | $285.6M | APLD, NBIS, LB, RBA, VNET |
| Q3 2024 | 38 | $263.7M | APLD, STRS, RBA, VNET, ATHM |
| Q2 2024 | 35 | $294.6M | HOLI, APLD, STRS, RBA, DOYU |
| Q1 2024Amended | 31 | $275.9M | HOLI, STRS, APLD, RBA, IQ |