Oasis Management Co Ltd.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Oasis Management Co Ltd. reported 54 stock positions worth $414.3 million. Its top holding was Vail Resorts (MTN) at 35.7% of the portfolio, followed by Vnet Group Inc.-ADR (VNET, 5.8%) and Stratus Properties (STRS, 5.2%). Compared with Q1 2025, it opened 15 new positions, sold out of 12, added to 7 and reduced 9. The biggest buy was a new position in Vail Resorts (MTN) and the biggest sale Applied Digital (APLD, shares −88%).
- Most Recent 13F
- Q2 2026
- Location
- GRAND CAYMAN, E9
- CIK
- 0001317904
- Portfolio Value
- $414.3M (Q2 2025)
- SEC Filing
- 0001140361-25-031122 ↗ filed Aug 14, 2025
Holdings Value
Holdings 54 stocks · $414.3M
| MTN Vail Resorts Inc. | 35.69% | 940,937 | $147.8M | New |
| VNET Vnet Group Inc.-ADR | 5.81% | 3,488,189 | $24.1M | Add +0.1% |
| STRS Stratus Properties Inc. | 5.18% | 1,136,876 | $21.5M | Reduce -0.0% |
| SQNS Sequans Communications S A | 5.01% | 14,113,159 | $20.7M | New |
| RBA RB Global Inc. | 4.70% | 183,244 | $19.5M | No change |
| RLX RLX Technology Inc.-ADR | 3.22% | 6,037,031 | $13.3M | Add +5.5% |
| TBPH Theravance Biopharma Inc. | 2.98% | 1,118,935 | $12.3M | No change |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 2.61% | 249,180 | $10.8M | No change |
| APLD Applied Digital Corp. | 2.51% | 1,032,817 | $10.4M | Reduce -88.2% |
| MSOS Advisorshares Pure US Cann | 2.38% | 4,087,116 | $9.8M | No change |
| ACMR Acm Research Inc. Class A | 2.36% | 376,761 | $9.8M | Add +6.5% |
| ATHM Autohome Inc.-ADR | 2.29% | 367,978 | $9.5M | No change |
| KT KT Corp.-SP ADR | 2.01% | 400,000 | $8.3M | New |
| EDU New Oriental Educatio-SP ADR | 1.96% | 150,424 | $8.1M | Add +1.7% |
| SY So-Young International-ADR | 1.87% | 2,505,807 | $7.8M | No change |
| HTHT H World Group Ltd.-ADR | 1.72% | 209,879 | $7.1M | No change |
| TAL Tal Education Group- ADR | 1.69% | 686,805 | $7.0M | Add +7.5% |
| GCT Gigacloud Technology Inc. Class A | 1.49% | 312,995 | $6.2M | Reduce -8.5% |
| SE Sea Ltd.-ADR | 1.43% | 37,000 | $5.9M | No change |
| HUT Hut 8 Corp. | 1.38% | 307,815 | $5.7M | New |
| JD Jd.com Inc.-ADR | 1.30% | 165,160 | $5.4M | No change |
| PERF Perfect Corp. | 1.15% | 2,076,252 | $4.8M | New |
| BZ Kanzhun Ltd. - ADR | 1.05% | 242,942 | $4.3M | Add +24.6% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 0.98% | 230,000 | $4.1M | Reduce -1.7% |
| CLS Celestica Inc. | 0.92% | 24,450 | $3.8M | New |
| IQ Iqiyi Inc.-ADR | 0.91% | 2,134,102 | $3.8M | No change |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.89% | 30,000 | $3.7M | Add +41.2% |
| GHG Greentree Hospitality GR-ADR | 0.54% | 1,099,362 | $2.2M | No change |
| NVDA Nvidia Corp. | 0.52% | 13,645 | $2.2M | New |
| ZK Zeekr Intelligent Techno-ADR | 0.46% | 75,000 | $1.9M | New |
| SOXX iShares Semiconductor ETF | 0.43% | 7,500 | $1.8M | New |
| VRT Vertiv Holdings Co. Class A | 0.28% | 9,000 | $1.2M | New |
| ALAB Astera Labs Inc. | 0.26% | 11,700 | $1.1M | New |
| XCAFX Morgan Stanley China A Share | 0.22% | 66,666 | $918K | No change |
| LESLIES INC | 0.22% | 2,149,414 | $903K | New |
| TSM Taiwan Semiconductor-SP ADR | 0.16% | 3,000 | $679K | No change |
| HERE Here Group Ltd. filed as QUANTASING GROUP LTD | 0.16% | 70,000 | $662K | New |
| API Agora Inc.-ADR | 0.14% | 153,885 | $586K | No change |
| GRAB Grab Holdings Ltd. Class A | 0.13% | 106,872 | $538K | New |
| YSG Yatsen Holding Ltd.-ADR | 0.13% | 55,000 | $530K | Reduce -53.5% |
| TUYA Tuya Inc. | 0.11% | 196,841 | $455K | Reduce -15.8% |
| AVR Anteris Technologies Global | 0.10% | 112,207 | $425K | Reduce -21.1% |
| NXDR Nextdoor Holdings Inc. | 0.10% | 250,000 | $415K | No change |
| HTT High Templar Tech Limited filed as QUDIAN INC | 0.10% | 127,875 | $402K | No change |
| MESO Mesoblast Ltd.- Spon ADR | 0.08% | 29,524 | $322K | Reduce -28.8% |
| CMPS Compass Pathways PLC | 0.07% | 107,911 | $302K | No change |
| OLPX Olaplex Holdings Inc. | 0.07% | 196,569 | $275K | No change |
| DECK Deckers Outdoor Corp. | 0.06% | 2,400 | $247K | Reduce -50.0% |
| WRD Weride Inc.-ADR | 0.06% | 30,576 | $241K | New |
| GRNT Granite Ridge Resources Inc. | 0.04% | 25,000 | $159K | No change |
| ZKH ZKH Group Ltd. | 0.04% | 50,000 | $154K | No change |
| ALTI Alti Global Inc. | 0.03% | 25,000 | $104K | No change |
| BOQII HLDG LTD | 0.01% | 20,000 | $42K | No change |
| NOTE Fiscalnote Holdings Inc. | 0.00% | 18,084 | $10K | No change |
Options reported separately and not counted above: IWM puts ($237.4M), MTN calls ($90.5M), QQQ puts ($55.2M), IBIT puts ($24.5M), USO calls ($21.9M), EWY puts ($12.4M), HIMS puts ($5.5M), SATLW calls ($362K).
Other holdings (24): bonds, preferreds, convertibles and warrants · $11.8M (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 | $2.6M | No change |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | 20,000,000 | $1.8M | No change |
| DAVEW Dave Inc. -CW27 | *W EXP 01/05/202 | 6,368 | $1.7M | No change |
| PDYNW Sarcos Technology -CW27 | *W EXP 09/24/202 | 100,000 | $866K | No change |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | 1,000,000 | $719K | No change |
| BBAI.WS Bigbear.ai Holdings -CW28 | *W EXP 12/08/202 | 100,000 | $679K | No change |
| SKYH.WS Yellowstone Acquisit A -CW25 | *W EXP 01/25/202 | 64,359 | $629K | Reduce -66.2% |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | 100,000 | $589K | No change |
| ABLLW East Resources Acquis -CW27 | *W EXP 06/30/202 | 100,000 | $514K | No change |
| TMCWW TMC the Metals Co. Inc. -CW25I | *W EXP 09/09/202 | 37,700 | $249K | No change |
| NIOBW Niocorp Developments Ltd. -28 | *W EXP 03/17/202 | 100,000 | $233K | No change |
| DFNSW T3 Defense Inc.-CW28 | *W EXP 12/22/202 | 17,500 | $191K | No change |
| ARBEW Arbe Robotics Ltd. -CW26 | *W EXP 99/99/999 | 100,000 | $178K | No change |
| GDEV INC | *W EXP 99/99/999 | 10,000 | $151K | No change |
| VLNWF Valens Semiconductor -CW26 | *W EXP 09/30/202 | 50,000 | $132K | No change |
| RMCOW American Acq Class A -CW26 | *W EXP 10/31/202 | 100,000 | $130K | No change |
| ABVWF Above Food Ingredients- 29 | *W EXP 06/28/202 | 100,000 | $112K | No change |
| CXAIW Kins Tech Group Class A -CW25 | *W EXP 99/99/999 | 100,000 | $107K | No change |
| CCGWW Cheche Group Inc. - 28 | *W EXP 10/01/203 | 100,000 | $78K | No change |
| ILLRW Agba Acquisition Ltd. -CW24 | *W EXP 11/14/202 | 50,000 | $47K | No change |
| BNAIW Brand Engagement Netwo -CW27 | *W EXP 03/14/202 | 100,000 | $44K | No change |
| SPWRW Sunpower Inc.-CW27 | *W EXP 07/31/202 | 18,033 | $33K | New |
| GGROW Gogoro Inc. -CW27 | *W EXP 04/04/202 | 100,000 | $29K | No change |
| CGBWF Crown LNG Holdings Ltd.-28 | *W EXP 07/09/202 | 100,000 | $7K | No change |
Total filed on the 13F, all lines: $426.1M.
Portfolio Sells Q1 2025 → Q2 2025
| APLD Applied Digital Corp. | Reduce -88.2% | 2.51% | −14.33 |
| NBIS Nebius Group NV | Sold out | 0.00% | −5.18 |
| ALGM Allegro Microsystems Inc. | Sold out | 0.00% | −4.57 |
| ASHR Xtrackers Harvest Csi 300 CH | Sold out | 0.00% | −1.82 |
| NTGR Netgear Inc. | Sold out | 0.00% | −1.79 |
| STRS Stratus Properties Inc. | Reduce -0.0% | 5.18% | −1.74 |
| DADA Dada Nexus Ltd.-ADR | Sold out | 0.00% | −1.05 |
| PDD PDD Holdings Inc. | Sold out | 0.00% | −0.89 |
| BEKE Ke Holdings Inc.-ADR | Reduce -1.7% | 0.98% | −0.63 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.45 |
| XPEV Xpeng Inc. - ADR | Sold out | 0.00% | −0.21 |
| GCT Gigacloud Technology Inc. Class A | Reduce -8.5% | 1.49% | −0.17 |
| TUYA Tuya Inc. | Reduce -15.8% | 0.11% | −0.13 |
| DECK Deckers Outdoor Corp. | Reduce -50.0% | 0.06% | −0.12 |
| TIGR Up Fintech Holding Ltd. - ADR | Sold out | 0.00% | −0.12 |
| PONY Pony AI Inc. | Sold out | 0.00% | −0.10 |
| MESO Mesoblast Ltd.- Spon ADR | Reduce -28.8% | 0.08% | −0.10 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.09 |
| ECX Ecarx Holdings Inc. Class A | Sold out | 0.00% | −0.09 |
| AVR Anteris Technologies Global | Reduce -21.1% | 0.10% | −0.07 |
| YSG Yatsen Holding Ltd.-ADR | Reduce -53.5% | 0.13% | −0.07 |
Portfolio Buys Q1 2025 → Q2 2025
| MTN Vail Resorts Inc. | New | 35.69% | +35.69 |
| SQNS Sequans Communications S A | New | 5.01% | +5.01 |
| KT KT Corp.-SP ADR | New | 2.01% | +2.01 |
| HUT Hut 8 Corp. | New | 1.38% | +1.38 |
| PERF Perfect Corp. | New | 1.15% | +1.15 |
| CLS Celestica Inc. | New | 0.92% | +0.92 |
| NVDA Nvidia Corp. | New | 0.52% | +0.52 |
| ZK Zeekr Intelligent Techno-ADR | New | 0.46% | +0.46 |
| SOXX iShares Semiconductor ETF | New | 0.43% | +0.43 |
| VRT Vertiv Holdings Co. Class A | New | 0.28% | +0.28 |
| ALAB Astera Labs Inc. | New | 0.26% | +0.26 |
| LESLIES INC | New | 0.22% | +0.22 |
| HERE Here Group Ltd. | New | 0.16% | +0.16 |
| FUTU Futu Holdings Ltd.-ADR | Add +41.2% | 0.89% | +0.15 |
| GRAB Grab Holdings Ltd. Class A | New | 0.13% | +0.13 |
| WRD Weride Inc.-ADR | New | 0.06% | +0.06 |
| BZ Kanzhun Ltd. - ADR | Add +24.6% | 1.05% | −0.24 |
| EDU New Oriental Educatio-SP ADR | Add +1.7% | 1.96% | −0.47 |
| RLX RLX Technology Inc.-ADR | Add +5.5% | 3.22% | −0.47 |
| ACMR Acm Research Inc. Class A | Add +6.5% | 2.36% | −0.48 |
| TAL Tal Education Group- ADR | Add +7.5% | 1.69% | −1.20 |
| VNET Vnet Group Inc.-ADR | Add +0.1% | 5.81% | −3.99 |
Options Activity Q1 2025 → Q2 2025
| IWM iShares Russell 2000 ETF | put | New | 1,100,000 | $237.4M |
| MTN Vail Resorts Inc. | call | New | 576,200 | $90.5M |
| QQQ Invesco QQQ Trust Series 1 | put | Reduce -60.0% | 100,000 | $55.2M |
| NVDA Nvidia Corp. | put | Sold out | 500,000 | $54.2Mbefore exit |
| FXI iShares China Large-Cap ETF | call | Sold out | 1,000,000 | $35.8Mbefore exit |
| IBIT iShares Bitcoin Trust ETF | put | New | 400,000 | $24.5M |
| USO United States Oil Fund LP | call | New | 300,000 | $21.9M |
| EWY iShares MSCI South Korea ETF | put | New | 172,500 | $12.4M |
| EWQ iShares MSCI France ETF | put | Sold out | 300,000 | $11.9Mbefore exit |
| HIMS Hims & Hers Health Inc. | put | New | 110,100 | $5.5M |
| NTGR Netgear Inc. | call | Sold out | 96,200 | $2.4Mbefore exit |
| SATLW Satellogic Inc.-A -23 | call | New | 100,000 | $362K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| GCMGW GCM Grosvenor Inc. A -CW25 | *W EXP 11/17/202 | Sold out | 76,070 | $1.0Mbefore exit |
| GBGWF Global Blue Group Holding AG | *W EXP 08/28/202 | Sold out | 86,505 | $637Kbefore exit |
| SKYH.WS Yellowstone Acquisit A -CW25 | *W EXP 01/25/202 | Reduce -66.2% | 64,359 | $629K |
| PITWF Heramba Electric PLC-28 | *W EXP 07/26/202 | Sold out | 850,000 | $205Kbefore exit |
| SSTPW SYSTEM1 Inc.-CW | *W EXP 01/27/202 | Sold out | 160,000 | $61Kbefore exit |
| SPWRW Sunpower Inc.-CW27 | *W EXP 07/31/202 | New | 18,033 | $33K |
| SCLXW Vickers Vantage Corp. I -CW27 | *W EXP 11/10/202 | Sold out | 100,000 | $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 |
|---|---|---|---|
| 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 |