Aspex Management (HK) Ltd 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Aspex Management (HK) Ltd disclosed 23 US equity positions worth $4.9bn in its Q4 2025 13F filing. The largest position was SNPS at 20.3% of the reported book, followed by FUTU and NVDA. Against the Q3 2025 filing, it opened 3 new positions, added to 4 and reduced 6 among the top 23 holdings.
What did Aspex Management (HK) Ltd own in Q4 2025? Top 23 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | SNPS SYNOPSYS INC | Technology | 20.3% | $998.7m | 2,126,089 | 40% | added |
| 2 | FUTU FUTU HLDGS LTD | Financial Services | 11.2% | $553.6m | 3,371,597 | 38% | added |
| 3 | NVDA NVIDIA CORPORATION | Technology | 10.9% | $536.0m | 2,873,869 | – | new |
| 4 | SE SEA LTD | Consumer Cyclical | 8.7% | $430.3m | 3,373,016 | -21% | reduced |
| 5 | PDD PDD HOLDINGS INC | Consumer Cyclical | 7.2% | $352.6m | 3,109,525 | -2% | reduced |
| 6 | AS AMER SPORTS INC | Consumer Cyclical | 5.8% | $283.6m | 7,593,627 | 28% | added |
| 7 | GRAB HOLDINGS LIMITED | 5.7% | $278.8m | 55,864,875 | 97% | added | |
| 8 | EDU NEW ORIENTAL ED & TECHNOLOGY | Consumer Defensive | 5.6% | $276.5m | 5,024,985 | -15% | reduced |
| 9 | YMM FULL TRUCK ALLIANCE CO LTD | Technology | 5.2% | $255.0m | 23,763,953 | 0% | held |
| 10 | LITE LUMENTUM HLDGS INC | Technology | 5.1% | $251.4m | 681,959 | – | new |
| 11 | TER TERADYNE INC | Technology | 4.1% | $199.7m | 1,031,838 | – | new |
| 12 | ATAT ATOUR LIFESTYLE HLDGS LTD | Consumer Cyclical | 2.8% | $140.2m | 3,557,795 | -20% | reduced |
| 13 | QFIN QIFU TECHNOLOGY INC | Financial Services | 2.5% | $123.8m | 6,422,510 | -1% | reduced |
| 14 | NIO NIO INC | Consumer Cyclical | 1.4% | $67.0m | 13,141,609 | -62% | reduced |
| 15 | H WORLD GROUP LTD | 1.3% | $63.9m | 50,000,000 | 0% | held | |
| 16 | PONY PONY AI INC | Technology | 1.2% | $60.0m | 4,140,447 | 0% | held |
| 17 | NTES NETEASE INC | Communication Services | 0.4% | $20.3m | 147,655 | 0% | held |
| 18 | RLX RLX TECHNOLOGY INC | Consumer Defensive | 0.4% | $18.4m | 7,901,172 | 0% | held |
| 19 | LANVIN GROUP HOLDINGS LIMITE | 0.2% | $9.0m | 4,500,000 | 0% | held | |
| 20 | PRENETICS GLOBAL LTD | 0.1% | $5.5m | 346,150 | 0% | held | |
| 21 | RBOT VICARIOUS SURGICAL INC | 0.0% | $188.0k | 86,666 | 0% | held | |
| 22 | PRENETICS GLOBAL LTD | 0.0% | $35.0k | 1,166,666 | 0% | held | |
| 23 | LANVIN GROUP HOLDINGS LIMITE | 0.0% | $16.0k | 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.