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HCEP Management Ltd

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13F filer, CIK 1822015, HONG KONG, Hong Kong

HCEP Management Ltd reported $124,419,288 across 9 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-13.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001822015-25-000009

Period
2025-06-30
Reported value
$124M
Holdings
9
Top 10 weight
100%
New
0
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BABAadded+131,229$14.9M
LXadded+681,633$4.91M

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
VNETreduced-1,490,476-$10.3M
ProShares Ultra VIX Short-T…reduced-450,701-$8.45M
TCOMreduced-113,155-$6.64M
MNSOreduced-299,799-$5.46M
TALreduced-413,976-$4.23M

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 0001822015-25-000009, largest first. % of portfolio is the value over $124,419,288, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
BABAALIBABA GROUP HLDG 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: not reported; 2025Q1: 433,147 shares; 2025Q2: 564,376 shares 564,376$64M51.44%+131,229Timeline
MNSOMINISO GROUP HLDG 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: 1,700,000 shares; 2025Q1: 1,274,750 shares; 2025Q2: 974,951 shares 974,951$17.8M14.28%-299,799Timeline
TALTAL ED GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,525,775 shares; 2024Q4: 2,400,000 shares; 2025Q1: 1,950,000 shares; 2025Q2: 1,536,024 shares 1,536,024$15.7M12.62%-413,976Timeline
QFINQFIN HOLDINGS 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: 175,581 shares; 2025Q2: 175,581 shares 175,581$7.61M6.12%0Timeline
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: not reported; 2024Q4: not reported; 2025Q1: 240,000 shares; 2025Q2: 126,845 shares 126,845$7.44M5.98%-113,155Timeline
LXLEXINFINTECH HLDGS 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: not reported; 2025Q1: 260,384 shares; 2025Q2: 942,017 shares 942,017$6.79M5.46%+681,633Timeline
ProShares Ultra VIX Short-T…ProShares Ultra VIX Short-Term Fu…Quarterly 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: 582,010 shares; 2025Q2: 131,309 shares 131,309$2.46M1.98%-450,701
APIAGORA 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: 500,000 shares; 2025Q1: 1,263,482 shares; 2025Q2: 530,370 shares 530,370$2.02M1.62%-733,112Timeline
VNETVNET GROUP 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: 525,527 shares; 2025Q1: 1,581,136 shares; 2025Q2: 90,660 shares 90,660$626K0.5%-1,490,476Timeline

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
TUYATUYA INC1,312,706$3.98Mshares
Cango Inc/KYCango Inc/KY480,906$1.82Mshares
INTCINTEL CORP77,080$1.75Mshares
ACMRACM RESH INC43,650$1.02Mshares

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 0001822015-25-000009 base2025-08-13acceptance time not in the bulk data set