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Aspex Management (HK) Ltd

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13F filer, CIK 1768375, CENTRAL, Hong Kong

Aspex Management (HK) Ltd reported $4,601,166,000 across 28 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-13. Its ten largest share positions make up 81.06% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001768375-25-000007

Period
2025-06-30
Reported value
$4.6B
Holdings
28
Top 10 weight
81.06%
New
3
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MRVLnew+4,195,561$325M
SNPSadded+332,364$170M
INTCadded+5,594,106$125M
YMMadded+7,246,996$85.6M
TALadded+7,388,698$75.5M

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
MUexited-2,020,350-$176M
CDNSexited-569,333-$145M
TSMreduced-635,969-$144M
SEreduced-667,308-$107M
BEKEexited-5,126,453-$103M

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, Q2 2025

Share positions as resolved from 13F-HR 0001768375-25-000007, largest first. % of portfolio is the value over $4,596,899,000, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,956,482 shares; 2024Q4: 4,895,815 shares; 2025Q1: 5,848,206 shares; 2025Q2: 5,180,898 shares 5,180,898$829M18.03%-667,308Timeline
FUTUFUTU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,553,023 shares; 2024Q4: 2,885,929 shares; 2025Q1: 2,802,225 shares; 2025Q2: 3,393,307 shares 3,393,307$419M9.12%+591,082Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 531,348 shares; 2025Q1: 2,382,650 shares; 2025Q2: 1,746,681 shares 1,746,681$396M8.61%-635,969Timeline
EDUNEW ORIENTAL ED & TECHNOLOGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,753,340 shares; 2024Q4: 7,454,906 shares; 2025Q1: 5,874,472 shares; 2025Q2: 6,981,188 shares 6,981,188$377M8.19%+1,106,716Timeline
SNPSSYNOPSYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 313,531 shares; 2025Q2: 645,895 shares 645,895$331M7.2%+332,364Timeline
MRVLMARVELL TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,689,228 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,195,561 shares 4,195,561$325M7.06%newTimeline
QFINQFIN HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,723,720 shares; 2024Q4: 6,371,808 shares; 2025Q1: 5,065,054 shares; 2025Q2: 6,612,366 shares 6,612,366$287M6.24%+1,547,312Timeline
INTCINTEL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 6,804,813 shares; 2025Q2: 12,398,919 shares 12,398,919$278M6.04%+5,594,106Timeline
YMMFULL TRUCK ALLIANCE CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 15,208,627 shares; 2025Q1: 15,208,627 shares; 2025Q2: 22,455,623 shares 22,455,623$265M5.77%+7,246,996Timeline
TALTAL ED GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,555,730 shares; 2024Q4: 10,555,730 shares; 2025Q1: 14,197,819 shares; 2025Q2: 21,586,517 shares 21,586,517$221M4.8%+7,388,698Timeline
DASHDOORDASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,436,230 shares; 2024Q4: 955,406 shares; 2025Q1: 724,740 shares; 2025Q2: 724,740 shares 724,740$179M3.89%0Timeline
ATATATOUR LIFESTYLE HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,510,636 shares; 2024Q4: 4,510,636 shares; 2025Q1: 4,510,636 shares; 2025Q2: 5,314,881 shares 5,314,881$173M3.76%+804,245Timeline
GDSGDS HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,004,018 shares; 2024Q4: 4,926,727 shares; 2025Q1: 3,009,876 shares; 2025Q2: 4,406,949 shares 4,406,949$135M2.93%+1,397,073Timeline
DECKDECKERS OUTDOOR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,625,641 shares; 2025Q2: 1,198,917 shares 1,198,917$124M2.69%-426,724Timeline
TCOMTRIP COM GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,169,975 shares; 2024Q4: 1,872,533 shares; 2025Q1: 1,491,643 shares; 2025Q2: 1,491,643 shares 1,491,643$87.5M1.9%0Timeline
SEA LTDSEA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,000,000 shares; 2024Q4: 30,000,000 shares; 2025Q1: 30,000,000 shares; 2025Q2: 30,000,000 shares 30,000,000$53.4M1.16%0
H WORLD GROUP LTDH WORLD GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000,000 shares; 2024Q4: 50,000,000 shares; 2025Q1: 50,000,000 shares; 2025Q2: 50,000,000 shares 50,000,000$53.1M1.16%0
RLXRLX TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,123,409 shares; 2024Q4: 12,123,409 shares; 2025Q1: 12,123,409 shares; 2025Q2: 12,123,409 shares 12,123,409$26.8M0.58%0Timeline
NTESNETEASE COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 147,655 shares; 2025Q1: 147,655 shares; 2025Q2: 147,655 shares 147,655$19.9M0.43%0Timeline
LANVLANVIN GROUP HOLDINGS LIMITEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,500,000 shares; 2024Q4: 4,500,000 shares; 2025Q1: 4,500,000 shares; 2025Q2: 4,500,000 shares 4,500,000$9.86M0.21%0Timeline
PONYPONY AI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,375,666 shares; 2025Q1: 2,375,666 shares; 2025Q2: 500,000 shares 500,000$6.6M0.14%-1,875,666Timeline
PREPRENETICS GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 346,150 shares; 2024Q4: 346,150 shares; 2025Q1: 346,150 shares; 2025Q2: 346,150 shares 346,150$2.95M0.06%0Timeline
RBOTVICARIOUS SURGICAL INC CL AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 86,666 shares; 2024Q4: 86,666 shares; 2025Q1: 86,666 shares; 2025Q2: 86,666 shares 86,666$650K0.01%0Timeline
PRENWPRENETICS GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,166,666 shares; 2024Q4: 1,166,666 shares; 2025Q1: 1,166,666 shares; 2025Q2: 1,166,666 shares 1,166,666$46K<0.01%0Timeline
LANVIN GROUP HOLDINGS LIMITELANVIN GROUP HOLDINGS LIMITEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 1,000,000 shares; 2025Q1: 1,000,000 shares; 2025Q2: 1,000,000 shares 1,000,000$19K<0.01%0

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 CALLcall8,257,638$2.68M-4,284,420
APPLE INCAPPLE INC PUTput2,525,702$1.02Mnew
ISHARES TRISHARES TR PUTput2,968,782$561Knew

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
MUMICRON TECHNOLOGY INC2,020,350$176Mshares
CDNSCADENCE DESIGN SYSTEM INC569,333$145Mshares
BEKEKE HLDGS INC5,126,453$103Mshares
FLUTFLUTTER ENTMT PLC104,210$23.1Mshares
LILI AUTO INC643,708$16.2Mshares

How Q2 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 0001768375-25-000007 base2025-08-13acceptance time not in the bulk data set