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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 $400,804,218 across 13 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-15. Its ten largest share positions make up 100% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001964631-26-000003

Period
2026-03-31
Reported value
$401M
Holdings
13
Top 10 weight
100%
New
5
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BABAadded+384,470$48.2M
YMMadded+3,605,200$29.9M
LUadded+4,297,500$8.04M
METAnew+6,420$3.67M
MUnew+7,700$2.6M

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
NVDAreduced-144,900-$25.3M
JOYYreduced-430,753-$25.2M
PDDreduced-211,862-$21.6M
WBexited-386,000-$3.94M

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.

Holdings, Q1 2026

Share positions as resolved from 13F-HR 0001964631-26-000003, largest first. % of portfolio is the value over $205,887,168, 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; 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; 2026Q1: 11,050,000 shares 11,050,000$91.7M44.55%+3,605,200Timeline
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 125,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 138,800 shares; 2026Q1: 523,270 shares 523,270$65.6M31.89%+384,470Timeline
LULUFAX HOLDING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,225,000 shares; 2025Q4: 8,106,500 shares; 2026Q1: 12,404,000 shares 12,404,000$23.2M11.27%+4,297,500Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 400,000 shares; 2025Q1: not reported; 2025Q2: 900,000 shares; 2025Q3: not reported; 2025Q4: 306,198 shares; 2026Q1: 94,336 shares 94,336$9.64M4.68%-211,862Timeline
JOYYJOYY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 65,547 shares 65,547$3.83M1.86%-430,753Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 6,420 shares 6,420$3.67M1.78%newTimeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 165,400 shares; 2026Q1: 20,500 shares 20,500$3.58M1.74%-144,900Timeline
MUMICRON TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 325,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 7,700 shares 7,700$2.6M1.26%newTimeline
MOMOHELLO GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 3,215,000 shares; 2024Q4: 2,500,000 shares; 2025Q1: 1,551,200 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 233,234 shares 233,234$1.34M0.65%newTimeline
LITELUMENTUM HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 950 shares 950$668K0.32%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 CALLcall7,500$76.6M-850
ALIBABA GROUP HLDG LTDALIBABA GROUP HLDG LTD PUTput5,250$65.9M+2,500
SANDISK CORPSANDISK CORP PUTput825$52.4Mnew

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
ADVANCED MICRO DEVICES INCADVANCED MICRO DEVICES INC1,250$26.8Mput
WBWEIBO CORP386,000$3.94Mshares

How Q1 2026 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 0001964631-26-000003 base2026-05-15acceptance time not in the bulk data set