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Alpine Investment Management Ltd

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13F filer, CIK 1964631, HONG KONG, Hong Kong

Alpine Investment Management Ltd reported $384,392,997 across 10 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001964631-26-000002

Period
2025-12-31
Reported value
$384M
Holdings
10
Top 10 weight
100%
New
6
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
YMMadded+3,444,800$37M
PDDnew+306,198$34.7M
NVDAnew+165,400$30.8M
BABAnew+138,800$20.3M
LUadded+3,881,500$9.94M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
AGXexited-60,000-$16.2M
JOYYreduced-78,700-$5.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001964631-26-000002, largest first. % of portfolio is the value over $222,632,847, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
YMMFULL TRUCK ALLIANCE CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,561,762 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,598,038 shares; 2025Q3: 4,000,000 shares; 2025Q4: 7,444,800 shares 7,444,800$79.9M35.88%+3,444,800Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 400,000 shares; 2025Q1: not reported; 2025Q2: 900,000 shares; 2025Q3: not reported; 2025Q4: 306,198 shares 306,198$34.7M15.6%newTimeline
JOYYJOYY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,000,000 shares; 2025Q2: 914,153 shares; 2025Q3: 575,000 shares; 2025Q4: 496,300 shares 496,300$32.1M14.44%-78,700Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 165,400 shares 165,400$30.8M13.86%newTimeline
LULUFAX HOLDING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,225,000 shares; 2025Q4: 8,106,500 shares 8,106,500$20.8M9.32%+3,881,500Timeline
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 125,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 138,800 shares 138,800$20.3M9.14%newTimeline
WBWEIBO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,675 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 386,000 shares 386,000$3.94M1.77%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
PDD HOLDINGS INCPDD HOLDINGS INC CALLcall8,350$94.7M-5,000
ALIBABA GROUP HLDG LTDALIBABA GROUP HLDG LTD PUTput2,750$40.3Mnew
ADVANCED MICRO DEVICES INCADVANCED MICRO DEVICES INC PUTput1,250$26.8Mnew

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
AGXARGAN INC60,000$16.2Mshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001964631-26-000002 base2026-02-13acceptance time not in the bulk data set