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Aspex Management (HK) Ltd

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13F filer, CIK 1768375, CENTRAL, Hong Kong

Aspex Management (HK) Ltd reported $3,889,380,000 across 30 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-14. Its ten largest share positions make up 73.55% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001768375-25-000006

Period
2025-03-31
Reported value
$3.89B
Holdings
30
Top 10 weight
73.55%
New
6
Sold out
8

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TSMadded+1,851,302$307M
DECKnew+1,625,641$182M
INTCnew+6,804,813$155M
CDNSnew+569,333$145M
SNPSnew+313,531$134M

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
TERexited-3,234,842-$407M
LIreduced-6,837,163-$172M
JDexited-2,698,651-$93.6M
EDUreduced-1,580,434-$75.6M
ELFexited-586,028-$73.6M

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.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001768375-25-000006, largest first. % of portfolio is the value over $3,871,557,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SESEA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,956,482 shares; 2024Q4: 4,895,815 shares; 2025Q1: 5,848,206 shares 5,848,206$763M19.71%+952,391Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 531,348 shares; 2025Q1: 2,382,650 shares 2,382,650$396M10.22%+1,851,302Timeline
FUTUFUTU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,553,023 shares; 2024Q4: 2,885,929 shares; 2025Q1: 2,802,225 shares 2,802,225$287M7.41%-83,704Timeline
EDUNEW ORIENTAL ED & TECHNOLOGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,753,340 shares; 2024Q4: 7,454,906 shares; 2025Q1: 5,874,472 shares 5,874,472$281M7.25%-1,580,434Timeline
QFINQFIN HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,723,720 shares; 2024Q4: 6,371,808 shares; 2025Q1: 5,065,054 shares 5,065,054$227M5.88%-1,306,754Timeline
YMMFULL TRUCK ALLIANCE CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 15,208,627 shares; 2025Q1: 15,208,627 shares 15,208,627$194M5.02%0Timeline
TALTAL ED GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,555,730 shares; 2024Q4: 10,555,730 shares; 2025Q1: 14,197,819 shares 14,197,819$188M4.84%+3,642,089Timeline
DECKDECKERS OUTDOOR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,625,641 shares 1,625,641$182M4.69%newTimeline
MUMICRON TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,123,393 shares; 2024Q4: 1,504,939 shares; 2025Q1: 2,020,350 shares 2,020,350$176M4.53%+515,411Timeline
INTCINTEL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 6,804,813 shares 6,804,813$155M3.99%newTimeline
CDNSCADENCE DESIGN SYSTEM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 569,333 shares 569,333$145M3.74%newTimeline
SNPSSYNOPSYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 313,531 shares 313,531$134M3.47%newTimeline
DASHDOORDASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,436,230 shares; 2024Q4: 955,406 shares; 2025Q1: 724,740 shares 724,740$132M3.42%-230,666Timeline
ATATATOUR LIFESTYLE HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,510,636 shares; 2024Q4: 4,510,636 shares; 2025Q1: 4,510,636 shares 4,510,636$128M3.3%0Timeline
BEKEKE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 6,514,463 shares; 2025Q1: 5,126,453 shares 5,126,453$103M2.66%-1,388,010Timeline
TCOMTRIP COM GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,169,975 shares; 2024Q4: 1,872,533 shares; 2025Q1: 1,491,643 shares 1,491,643$94.8M2.45%-380,890Timeline
GDSGDS HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,004,018 shares; 2024Q4: 4,926,727 shares; 2025Q1: 3,009,876 shares 3,009,876$76.2M1.97%-1,916,851Timeline
H WORLD GROUP LTDH WORLD GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000,000 shares; 2024Q4: 50,000,000 shares; 2025Q1: 50,000,000 shares 50,000,000$55.5M1.43%0
SEA LTDSEA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,000,000 shares; 2024Q4: 30,000,000 shares; 2025Q1: 30,000,000 shares 30,000,000$44M1.14%0
FLUTFLUTTER ENTMT PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 104,210 shares 104,210$23.1M0.6%newTimeline
RLXRLX TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,123,409 shares; 2024Q4: 12,123,409 shares; 2025Q1: 12,123,409 shares 12,123,409$22.8M0.59%0Timeline
PONYPONY AI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,375,666 shares; 2025Q1: 2,375,666 shares 2,375,666$21M0.54%0Timeline
LILI AUTO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,643,926 shares; 2024Q4: 7,480,871 shares; 2025Q1: 643,708 shares 643,708$16.2M0.42%-6,837,163Timeline
NTESNETEASE COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 147,655 shares; 2025Q1: 147,655 shares 147,655$15.2M0.39%0Timeline
LANVLANVIN GROUP HOLDINGS LIMITEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,500,000 shares; 2024Q4: 4,500,000 shares; 2025Q1: 4,500,000 shares 4,500,000$10.8M0.28%0Timeline
PREPRENETICS GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 346,150 shares; 2024Q4: 346,150 shares; 2025Q1: 346,150 shares 346,150$1.36M0.04%0Timeline
RBOTVICARIOUS SURGICAL INC CL AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 86,666 shares; 2024Q4: 86,666 shares; 2025Q1: 86,666 shares 86,666$569K0.01%0Timeline
LANVIN GROUP HOLDINGS LIMITELANVIN GROUP HOLDINGS LIMITEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 1,000,000 shares; 2025Q1: 1,000,000 shares 1,000,000$20K<0.01%0
PRENWPRENETICS GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,166,666 shares; 2024Q4: 1,166,666 shares; 2025Q1: 1,166,666 shares 1,166,666$12K<0.01%0Timeline

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
INTEL CORPINTEL CORP CALLcall12,542,058$17.8Mnew

Sold out in Q1 2025

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

SecurityShares beforeValue beforeType
TERTERADYNE INC3,234,842$407Mshares
JDJD.COM INC2,698,651$93.6Mshares
ELFE L F BEAUTY INC586,028$73.6Mshares
HDBHDFC BANK LTD726,915$46.4Mshares
EPAMEPAM SYS INC130,904$30.6Mshares
ENPHENPHASE ENERGY INC428,615$29.4Mshares
IQIYI INCIQIYI INC28,000,000$26.9Mshares
VNETVNET GROUP INC2,964,552$14.1Mshares

How Q1 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 0001768375-25-000006 base2025-05-14acceptance time not in the bulk data set