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Aspex Management (HK) Ltd

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13F filer, CIK 1768375, CENTRAL, Hong Kong

Aspex Management (HK) Ltd reported $4,943,222,000 across 24 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 85.62% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001768375-26-000002

Period
2025-12-31
Reported value
$4.94B
Holdings
24
Top 10 weight
85.62%
New
3
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NVDAnew+2,873,869$536M
SNPSadded+608,507$286M
LITEnew+681,959$251M
TERnew+1,031,838$200M
FUTUadded+919,724$151M

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
DASHexited-724,740-$197M
CRSexited-554,758-$136M
SEreduced-918,353-$117M
NIOreduced-21,858,391-$111M
SEA LTDexited-30,000,000-$59.1M

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 0001768375-26-000002, largest first. % of portfolio is the value over $4,924,526,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SNPSSYNOPSYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 313,531 shares; 2025Q2: 645,895 shares; 2025Q3: 1,517,582 shares; 2025Q4: 2,126,089 shares 2,126,089$999M20.28%+608,507Timeline
FUTUFUTU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,371,597 shares 3,371,597$554M11.24%+919,724Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,537,119 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,873,869 shares 2,873,869$536M10.88%newTimeline
SESEA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,373,016 shares 3,373,016$430M8.74%-918,353Timeline
PDDPDD HOLDINGS INCQuarterly 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: 3,172,333 shares; 2025Q4: 3,109,525 shares 3,109,525$353M7.16%-62,808Timeline
ASAMER SPORTS INCQuarterly 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: 5,935,091 shares; 2025Q4: 7,593,627 shares 7,593,627$284M5.76%+1,658,536Timeline
GRABGRAB HOLDINGS LIMITEDQuarterly 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: 28,384,511 shares; 2025Q4: 55,864,875 shares 55,864,875$279M5.66%+27,480,364Timeline
EDUNEW ORIENTAL ED & TECHNOLOGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,024,985 shares 5,024,985$277M5.62%-854,378Timeline
YMMFULL TRUCK ALLIANCE CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 23,763,953 shares 23,763,953$255M5.18%0Timeline
LITELUMENTUM HLDGS INCQuarterly 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: 681,959 shares 681,959$251M5.1%newTimeline
TERTERADYNE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,387,433 shares; 2024Q4: 3,234,842 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,031,838 shares 1,031,838$200M4.06%newTimeline
ATATATOUR LIFESTYLE HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,557,795 shares 3,557,795$140M2.85%-870,988Timeline
QFINQFIN HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 6,422,510 shares 6,422,510$124M2.51%-94,224Timeline
NIONIO INCQuarterly 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: 35,000,000 shares; 2025Q4: 13,141,609 shares 13,141,609$67M1.36%-21,858,391Timeline
H WORLD GROUP LTDH WORLD GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 50,000,000 shares 50,000,000$63.9M1.3%0
PONYPONY AI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,140,447 shares 4,140,447$60M1.22%0Timeline
NTESNETEASE COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 147,655 shares; 2025Q1: 147,655 shares; 2025Q2: 147,655 shares; 2025Q3: 147,655 shares; 2025Q4: 147,655 shares 147,655$20.3M0.41%0Timeline
RLXRLX TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 7,901,172 shares 7,901,172$18.4M0.37%0Timeline
LANVLANVIN GROUP HOLDINGS LIMITEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,500,000 shares 4,500,000$9.04M0.18%0Timeline
PREPRENETICS GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 346,150 shares; 2024Q4: 346,150 shares; 2025Q1: 346,150 shares; 2025Q2: 346,150 shares; 2025Q3: 346,150 shares; 2025Q4: 346,150 shares 346,150$5.45M0.11%0Timeline
RBOTVICARIOUS SURGICAL INC CL AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 86,666 shares; 2024Q4: 86,666 shares; 2025Q1: 86,666 shares; 2025Q2: 86,666 shares; 2025Q3: 86,666 shares; 2025Q4: 86,666 shares 86,666$188K<0.01%0Timeline
PRENWPRENETICS GLOBAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,166,666 shares 1,166,666$35K<0.01%0Timeline
LANVIN GROUP HOLDINGS LIMITELANVIN GROUP HOLDINGS LIMITEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,000,000 shares 1,000,000$16K<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$18.7M0

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
DASHDOORDASH INC724,740$197Mshares
CRSCARPENTER TECHNOLOGY CORP554,758$136Mshares
SEA LTDSEA LTD30,000,000$59.1Mshares
LRCXLAM RESEARCH CORP399,641$53.5Mshares
BIDUBAIDU INC368,351$48.5Mshares

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 0001768375-26-000002 base2026-02-13acceptance time not in the bulk data set