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Aspex Management (HK) Ltd

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13F filer, CIK 1768375, CENTRAL, Hong Kong

Aspex Management (HK) Ltd reported $4,723,919,000 across 26 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 82.03% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001768375-25-000010

Period
2025-09-30
Reported value
$4.72B
Holdings
26
Top 10 weight
82.03%
New
8
Sold out
10

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SNPSadded+871,687$430M
PDDnew+3,172,333$419M
NIOnew+35,000,000$267M
ASnew+5,935,091$206M
GRABnew+28,384,511$171M

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
TSMexited-1,746,681-$396M
MRVLexited-4,195,561-$325M
INTCexited-12,398,919-$278M
TALexited-21,586,517-$221M
FUTUreduced-941,434-$164M

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, Q3 2025

Share positions as resolved from 13F-HR 0001768375-25-000010, largest first. % of portfolio is the value over $4,680,131,000, 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; 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; 2025Q3: 4,291,369 shares 4,291,369$767M16.39%-889,529Timeline
SNPSSYNOPSYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 313,531 shares; 2025Q2: 645,895 shares; 2025Q3: 1,517,582 shares 1,517,582$749M16%+871,687Timeline
FUTUFUTU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,451,873 shares 2,451,873$426M9.11%-941,434Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,172,333 shares 3,172,333$419M8.96%newTimeline
EDUNEW ORIENTAL ED & TECHNOLOGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 5,879,363 shares 5,879,363$312M6.67%-1,101,825Timeline
YMMFULL TRUCK ALLIANCE CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 15,208,627 shares; 2025Q1: 15,208,627 shares; 2025Q2: 22,455,623 shares; 2025Q3: 23,763,953 shares 23,763,953$308M6.59%+1,308,330Timeline
NIONIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 35,000,000 shares 35,000,000$267M5.7%newTimeline
ASAMER SPORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 5,935,091 shares 5,935,091$206M4.41%newTimeline
DASHDOORDASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,436,230 shares; 2024Q4: 955,406 shares; 2025Q1: 724,740 shares; 2025Q2: 724,740 shares; 2025Q3: 724,740 shares 724,740$197M4.21%0Timeline
QFINQFIN HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 6,516,734 shares 6,516,734$188M4.01%-95,632Timeline
GRABGRAB HOLDINGS LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 28,384,511 shares 28,384,511$171M3.65%newTimeline
ATATATOUR LIFESTYLE HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,428,783 shares 4,428,783$166M3.56%-886,098Timeline
CRSCARPENTER TECHNOLOGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 554,758 shares 554,758$136M2.91%newTimeline
PONYPONY AI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,375,666 shares; 2025Q1: 2,375,666 shares; 2025Q2: 500,000 shares; 2025Q3: 4,140,447 shares 4,140,447$93.1M1.99%+3,640,447Timeline
SEA LTDSEA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 30,000,000 shares 30,000,000$59.1M1.26%0
H WORLD GROUP LTDH WORLD GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 50,000,000 shares 50,000,000$55.3M1.18%0
LRCXLAM RESEARCH CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 399,641 shares 399,641$53.5M1.14%newTimeline
BIDUBAIDU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 368,351 shares 368,351$48.5M1.04%newTimeline
NTESNETEASE COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 147,655 shares; 2025Q1: 147,655 shares; 2025Q2: 147,655 shares; 2025Q3: 147,655 shares 147,655$22.4M0.48%0Timeline
RLXRLX TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 7,901,172 shares 7,901,172$20.8M0.44%-4,222,237Timeline
LANVLANVIN GROUP HOLDINGS LIMITEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,500,000 shares 4,500,000$9.36M0.2%0Timeline
PREPRENETICS GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 346,150 shares; 2024Q4: 346,150 shares; 2025Q1: 346,150 shares; 2025Q2: 346,150 shares; 2025Q3: 346,150 shares 346,150$4.6M0.1%0Timeline
RBOTVICARIOUS SURGICAL INC CL AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 86,666 shares; 2024Q4: 86,666 shares; 2025Q1: 86,666 shares; 2025Q2: 86,666 shares; 2025Q3: 86,666 shares 86,666$478K0.01%0Timeline
PRENWPRENETICS GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,166,666 shares 1,166,666$31K<0.01%0Timeline
LANVIN GROUP HOLDINGS LIMITELANVIN GROUP HOLDINGS LIMITEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 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
GRAB HOLDINGS LIMITEDGRAB HOLDINGS LIMITED CALLcall29,482,900$43.8Mnew

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
TSMTAIWAN SEMICONDUCTOR MANUFAC1,746,681$396Mshares
MRVLMARVELL TECHNOLOGY INC4,195,561$325Mshares
INTCINTEL CORP12,398,919$278Mshares
TALTAL ED GROUP21,586,517$221Mshares
GDSGDS HLDGS LTD4,406,949$135Mshares
DECKDECKERS OUTDOOR CORP1,198,917$124Mshares
TCOMTRIP COM GROUP LTD1,491,643$87.5Mshares
INTEL CORPINTEL CORP8,257,638$2.68Mcall
APPLE INCAPPLE INC2,525,702$1.02Mput
ISHARES TRISHARES TR2,968,782$561Kput

How Q3 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 0001768375-25-000010 base2025-11-14acceptance time not in the bulk data set