Aspex Management (HK) Ltd 13F holdings, Q1 2025
Holdings as of March 31, 2025 · filings on SEC EDGAR · latest filing →
Aspex Management (HK) Ltd disclosed 29 US equity positions worth $3.9bn in its Q1 2025 13F filing. The largest position was SE at 19.7% of the reported book, followed by TSM and FUTU. Against the Q4 2024 filing, it opened 5 new positions, added to 4 and reduced 8 among the top 29 holdings.
What did Aspex Management (HK) Ltd own in Q1 2025? Top 29 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q4 2024 |
|---|---|---|---|---|---|---|---|
| 1 | SE SEA LTD | Consumer Cyclical | 19.7% | $763.1m | 5,848,206 | 19% | added |
| 2 | TSM TAIWAN SEMICONDUCTOR MFG LTD | Technology | 10.2% | $395.5m | 2,382,650 | 348% | added |
| 3 | FUTU FUTU HLDGS LTD | Financial Services | 7.4% | $286.8m | 2,802,225 | -3% | reduced |
| 4 | EDU NEW ORIENTAL ED & TECHNOLOGY | Consumer Defensive | 7.3% | $280.9m | 5,874,472 | -21% | reduced |
| 5 | QFIN QIFU TECHNOLOGY INC | Financial Services | 5.9% | $227.5m | 5,065,054 | -21% | reduced |
| 6 | YMM FULL TRUCK ALLIANCE CO LTD | Technology | 5.0% | $194.2m | 15,208,627 | 0% | held |
| 7 | TAL TAL EDUCATION GROUP | Consumer Defensive | 4.8% | $187.6m | 14,197,819 | 35% | added |
| 8 | DECK DECKERS OUTDOOR CORP | Consumer Cyclical | 4.7% | $181.8m | 1,625,641 | – | new |
| 9 | MU MICRON TECHNOLOGY INC | Technology | 4.5% | $175.5m | 2,020,350 | 34% | added |
| 10 | INTC INTEL CORP | Technology | 4.0% | $154.5m | 6,804,813 | – | new |
| 11 | CDNS CADENCE DESIGN SYSTEM INC | Technology | 3.7% | $144.8m | 569,333 | – | new |
| 12 | SNPS SYNOPSYS INC | Technology | 3.5% | $134.5m | 313,531 | – | new |
| 13 | DASH DOORDASH INC | Consumer Cyclical | 3.4% | $132.5m | 724,740 | -24% | reduced |
| 14 | ATAT ATOUR LIFESTYLE HLDGS LTD | Consumer Cyclical | 3.3% | $127.9m | 4,510,636 | 0% | held |
| 15 | BEKE KE HLDGS INC | Real Estate | 2.7% | $103.0m | 5,126,453 | -21% | reduced |
| 16 | TCOM TRIP COM GROUP LTD | Consumer Cyclical | 2.4% | $94.8m | 1,491,643 | -20% | reduced |
| 17 | GDS GDS HLDGS LTD | Technology | 2.0% | $76.2m | 3,009,876 | -39% | reduced |
| 18 | H WORLD GROUP LTD | 1.4% | $55.5m | 50,000,000 | 0% | held | |
| 19 | SE SEA LTD | 1.1% | $44.0m | 30,000,000 | 0% | held | |
| 20 | FLUTTER ENTMT PLC | 0.6% | $23.1m | 104,210 | – | new | |
| 21 | RLX RLX TECHNOLOGY INC | Consumer Defensive | 0.6% | $22.8m | 12,123,409 | 0% | held |
| 22 | PONY PONY AI INC | Technology | 0.5% | $21.0m | 2,375,666 | 0% | held |
| 23 | LI LI AUTO INC | Consumer Cyclical | 0.4% | $16.2m | 643,708 | -91% | reduced |
| 24 | NTES NETEASE INC | Communication Services | 0.4% | $15.2m | 147,655 | 0% | held |
| 25 | LANVIN GROUP HOLDINGS LIMITE | 0.3% | $10.8m | 4,500,000 | 0% | held | |
| 26 | PRENETICS GLOBAL LTD | 0.0% | $1.4m | 346,150 | 0% | held | |
| 27 | RBOT VICARIOUS SURGICAL INC | 0.0% | $569.0k | 86,666 | 0% | held | |
| 28 | LANVIN GROUP HOLDINGS LIMITE | 0.0% | $20.0k | 1,000,000 | 0% | held | |
| 29 | PRENETICS GLOBAL LTD | 0.0% | $12.0k | 1,166,666 | 0% | held |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.