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HCEP Management Ltd

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

HCEP Management Ltd reported $176,117,576 across 10 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-13.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001822015-25-000011

Period
2025-09-30
Reported value
$176M
Holdings
10
Top 10 weight
100%
New
3
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SNPSnew+28,279$14M
BIDUnew+42,272$5.57M
QFINadded+176,432$5.08M
LXadded+769,522$4.1M
SYnew+490,702$1.9M

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
TCOMreduced-113,545-$8.54M
TALreduced-545,000-$6.1M
ProShares Ultra VIX Short-T…exited-131,309-$2.46M
BABAreduced-13,248-$2.37M
VNETexited-90,660-$626K

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 0001822015-25-000011, largest first. % of portfolio is the value over $176,117,576, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 433,147 shares; 2025Q2: 564,376 shares; 2025Q3: 551,128 shares 551,128$98.5M55.93%-13,248Timeline
MNSOMINISO GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,700,000 shares; 2025Q1: 1,274,750 shares; 2025Q2: 974,951 shares; 2025Q3: 998,251 shares 998,251$22.5M12.75%+23,300Timeline
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: not reported; 2025Q2: not reported; 2025Q3: 28,279 shares 28,279$14M7.92%newTimeline
TALTAL ED GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 991,024 shares 991,024$11.1M6.3%-545,000Timeline
QFINQFIN 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: 175,581 shares; 2025Q2: 175,581 shares; 2025Q3: 352,013 shares 352,013$10.1M5.75%+176,432Timeline
LXLEXINFINTECH HLDGS LTDQuarterly 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: 260,384 shares; 2025Q2: 942,017 shares; 2025Q3: 1,711,539 shares 1,711,539$9.12M5.18%+769,522Timeline
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: 42,272 shares 42,272$5.57M3.16%newTimeline
APIAGORA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 500,000 shares; 2025Q1: 1,263,482 shares; 2025Q2: 530,370 shares; 2025Q3: 622,770 shares 622,770$2.38M1.35%+92,400Timeline
SYSO YOUNG INTERNATIONAL 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: 490,702 shares 490,702$1.9M1.08%newTimeline
TCOMTRIP COM GROUP LTDQuarterly 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: 240,000 shares; 2025Q2: 126,845 shares; 2025Q3: 13,300 shares 13,300$1M0.57%-113,545Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
ProShares Ultra VIX Short-T…ProShares Ultra VIX Short-Term Fu…131,309$2.46Mshares
VNETVNET GROUP INC90,660$626Kshares

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 0001822015-25-000011 base2025-11-13acceptance time not in the bulk data set