Aspex Management (HK) Ltd — 13F Holdings & Portfolio
CIK 1768375 · latest 13F-HR filed 2026-08-14
Aspex Management (HK) Ltd manages $8.89B in 13F-reported U.S. long-equity assets across 28 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are SNPS (15.62%), QCOM (13.22%), MKSI (9.11%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 4 new positions and exited 7; 10 existing positions rose in reported value and 9 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-08-14
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 80.3%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Mar 26, 2026.
2 ICE HOUSE STREET, CENTRAL
HONG KONG 00000
Hong Kong
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| ASPEX HOLDINGS (HK) LIMITED Control | SHAREHOLDER since Sep 2025 | 75% or more | Foreign Entity |
| FONG, SHIN TSING, BONNIE Control | PARTNER / CHIEF OPERATING OFFICER since Aug 2018 | Less than 5% | Individual |
| LI, HERMES HO KEI Control | DIRECTOR / CHIEF INVESTMENT OFFICER since Apr 2018 | Less than 5% | Individual |
| LI, HERMES HO KEI Control Indirect owner via ASPEX HOLDINGS (HK) LIMITED | SHAREHOLDER since Sep 2025 | 75% or more | Individual |
Ownership & leadership changes · 1 filing with changes since Apr 11, 2019
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- No longer listedASPEX MANAGEMENT (CAYMAN) LIMITED · SHAREHOLDER · 75% or more · control person · listed since May 2018
- No longer listedLI, HO KEI · DIRECTOR / CHIEF INVESTMENT OFFICER · Less than 5% · control person · listed since Apr 2018
- No longer listedLI, HO KEI · SHAREHOLDER · 75% or more · indirect via ASPEX MANAGEMENT (CAYMAN) LIMITED · control person · listed since May 2018
- AddedASPEX HOLDINGS (HK) LIMITED · SHAREHOLDER · 75% or more · control person
- AddedLI, HERMES HO KEI · DIRECTOR / CHIEF INVESTMENT OFFICER · Less than 5% · control person
- AddedLI, HERMES HO KEI · SHAREHOLDER · 75% or more · indirect via ASPEX HOLDINGS (HK) LIMITED · control person
- ListedASPEX MANAGEMENT (CAYMAN) LIMITED · SHAREHOLDER · 75% or more · control person
- ListedFONG, SHIN TSING, BONNIE · PARTNER / CHIEF OPERATING OFFICER · Less than 5% · control person
- ListedLI, HO KEI · DIRECTOR / CHIEF INVESTMENT OFFICER · Less than 5% · control person
- ListedLI, HO KEI · SHAREHOLDER · 75% or more · indirect via ASPEX MANAGEMENT (CAYMAN) LIMITED · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- MKS INC.$456.1M +129.0%
- COUPANG INC$357.8M +118.2%
- SYNOPSYS INC$329.6M +31.1%
- COREWEAVE INC$242.5M +44.1%
- TERADYNE INC$155.7M +103.8%
Top Trims
- FUTU HLDGS LTD-$196.7M -31.5%
- LUMENTUM HLDGS INC-$68.5M -47.8%
- NEW ORIENTAL ED & TECHNOLOGY-$49.0M -19.1%
- TRIP COM GROUP LTD-$23.2M -20.0%
- NIO INC-$12.7M -16.1%
Exited Positions
- NVIDIA CORPORATION$902.4M
- FULL TRUCK ALLIANCE CO LTD$180.9M
- ATOUR LIFESTYLE HLDGS LTD$130.8M
- H WORLD GROUP LTD$67.4M
- PRENETICS GLOBAL LTD$6.7M
Aspex Management (HK) Ltd Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | SYNOPSYS INC | SNPS | 871607107 | $1.39B | 15.62% | 3,112,646 | SH |
| 2 | QUALCOMM INC | QCOM | 747525103 | $1.18B | 13.22% | 6,360,236 | SH |
| 3 | MKS INC. | MKSI | 55306N104 | $809.7M | 9.11% | 1,820,441 | SH |
| 4 | COREWEAVE INC | CRWV | 21873S108 | $792.4M | 8.91% | 7,960,201 | SH |
| 5 | CARVANA CO | CVNA | 146869102 | $716.9M | 8.06% | 10,891,999 | SH |
| 6 | COUPANG INC | CPNG | 22266T109 | $660.6M | 7.43% | 38,028,965 | SH |
| 7 | SEA LTD | SE | 81141R100 | $466.7M | 5.25% | 4,870,097 | SH |
| 8 | FUTU HLDGS LTD | FUTU | 36118L106 | $428.6M | 4.82% | 4,572,746 | SH |
| 9 | CORNING INC | GLW | 219350105 | $377.4M | 4.24% | 1,477,410 | SH |
| 10 | TERADYNE INC | TER | 880770102 | $305.8M | 3.44% | 631,941 | SH |
| 11 | AMER SPORTS INC | AS | G0260P102 | $279.8M | 3.15% | 8,268,605 | SH |
| 12 | INNIO NV | INIO | N52A8C105 | $271.0M | 3.05% | 6,851,716 | SH |
| 13 | NU HLDGS LTD | NU | G6683N103 | $217.6M | 2.45% | 16,289,511 | SH |
| 14 | NEW ORIENTAL ED & TECHNOLOGY | EDU | 647581206 | $207.7M | 2.34% | 4,523,574 | SH |
| 15 | GRAB HOLDINGS LIMITED | GRAB | G4124C109 | $204.8M | 2.30% | 54,334,024 | SH |
| 16 | FORD MTR CO | F | 345370860 | $165.3M | 1.86% | 11,888,605 | SH |
| 17 | QFIN HOLDINGS INC | QFIN | 88557W101 | $101.5M | 1.14% | 6,422,510 | SH |
| 18 | TRIP COM GROUP LTD | TCOM | 89677Q107 | $92.8M | 1.04% | 2,329,290 | SH |
| 19 | LUMENTUM HLDGS INC | LITE | 55024U109 | $74.9M | 0.84% | 87,237 | SH |
| 20 | NIO INC | NIO | 62914V106 | $66.5M | 0.75% | 13,141,609 | SH |
| 21 | PONY AI INC | PONY | 732908108 | $28.8M | 0.32% | 4,140,447 | SH |
| 22 | NETEASE INC | NTES | 64110W102 | $18.9M | 0.21% | 147,655 | SH |
| 23 | QUALCOMM INC Call | QCOM | 747525903 | $18.0M | 0.20% | 1,600,000 | SH |
| 24 | RLX TECHNOLOGY INC | RLX | 74969N103 | $15.0M | 0.17% | 7,901,172 | SH |
| 25 | LANVIN GROUP HOLDINGS LIMITE | LANV | G5380J100 | $6.6M | 0.07% | 4,491,686 | SH |
| 26 | GRAB HOLDINGS LIMITED Call | GRAB | G4124C909 | $285.0K | 0.00% | 9,430,000 | SH |
| 27 | GRAB HOLDINGS LIMITED Call | GRAB | G4124C909 | $20.0K | 0.00% | 20,052,900 | SH |
| 28 | PRENETICS GLOBAL LTD | PRENW | G72245114 | $15.0K | 0.00% | 1,166,666 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | $8.89B | 28 | 0001768375-26-000005 |
| 2026-03-31 | 2026-05-15 | $6.90B | 30 | 0001768375-26-000004 |
| 2025-12-31 | 2026-02-13 | $4.94B | 25 | 0001768375-26-000002 |
| 2025-09-30 | 2025-11-14 | $4.72B | 27 | 0001768375-25-000010 |
2 ICE HOUSE STREET
CENTRAL, K3 NA