Aspex Management (HK) Ltd 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
Aspex Management (HK) Ltd disclosed 25 US equity positions worth $4.7bn in its Q3 2025 13F filing. The largest position was SE at 16.4% of the reported book, followed by SNPS and FUTU. Against the Q2 2025 filing, it opened 7 new positions, added to 3 and reduced 6 among the top 25 holdings.
What did Aspex Management (HK) Ltd own in Q3 2025? Top 25 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | SE SEA LTD | Consumer Cyclical | 16.4% | $767.0m | 4,291,369 | -17% | reduced |
| 2 | SNPS SYNOPSYS INC | Technology | 16.0% | $748.8m | 1,517,582 | 135% | added |
| 3 | FUTU FUTU HLDGS LTD | Financial Services | 9.1% | $426.4m | 2,451,873 | -28% | reduced |
| 4 | PDD PDD HOLDINGS INC | Consumer Cyclical | 9.0% | $419.3m | 3,172,333 | – | new |
| 5 | EDU NEW ORIENTAL ED & TECHNOLOGY | Consumer Defensive | 6.7% | $312.0m | 5,879,363 | -16% | reduced |
| 6 | YMM FULL TRUCK ALLIANCE CO LTD | Technology | 6.6% | $308.2m | 23,763,953 | 6% | added |
| 7 | NIO NIO INC | Consumer Cyclical | 5.7% | $266.7m | 35,000,000 | – | new |
| 8 | AS AMER SPORTS INC | Consumer Cyclical | 4.4% | $206.2m | 5,935,091 | – | new |
| 9 | DASH DOORDASH INC | Consumer Cyclical | 4.2% | $197.1m | 724,740 | 0% | held |
| 10 | QFIN QIFU TECHNOLOGY INC | Financial Services | 4.0% | $187.6m | 6,516,734 | -1% | reduced |
| 11 | GRAB HOLDINGS LIMITED | 3.7% | $170.9m | 28,384,511 | – | new | |
| 12 | ATAT ATOUR LIFESTYLE HLDGS LTD | Consumer Cyclical | 3.6% | $166.5m | 4,428,783 | -17% | reduced |
| 13 | CRS CARPENTER TECHNOLOGY CORP | Industrials | 2.9% | $136.2m | 554,758 | – | new |
| 14 | PONY PONY AI INC | Technology | 2.0% | $93.1m | 4,140,447 | 728% | added |
| 15 | SE SEA LTD | 1.3% | $59.1m | 30,000,000 | 0% | held | |
| 16 | H WORLD GROUP LTD | 1.2% | $55.3m | 50,000,000 | 0% | held | |
| 17 | LRCX LAM RESEARCH CORP | Technology | 1.1% | $53.5m | 399,641 | – | new |
| 18 | BIDU BAIDU INC | Communication Services | 1.0% | $48.5m | 368,351 | – | new |
| 19 | NTES NETEASE INC | Communication Services | 0.5% | $22.4m | 147,655 | 0% | held |
| 20 | RLX RLX TECHNOLOGY INC | Consumer Defensive | 0.4% | $20.8m | 7,901,172 | -35% | reduced |
| 21 | LANVIN GROUP HOLDINGS LIMITE | 0.2% | $9.4m | 4,500,000 | 0% | held | |
| 22 | PRENETICS GLOBAL LTD | 0.1% | $4.6m | 346,150 | 0% | held | |
| 23 | RBOT VICARIOUS SURGICAL INC | 0.0% | $478.0k | 86,666 | 0% | held | |
| 24 | PRENETICS GLOBAL LTD | 0.0% | $31.0k | 1,166,666 | 0% | held | |
| 25 | LANVIN GROUP HOLDINGS LIMITE | 0.0% | $19.0k | 1,000,000 | 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.