Aspex Management (HK) Ltd Activity Q4 2019-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$459,749	-1.8%	5,300,316	-5.6%	14.15%	+4.0%
DASH	Sell	DOORDASH INCcl a	$312,670	-22.5%	3,934,446	-25.4%	9.62%	-18.0%
NVDA	Buy	NVIDIA CORPORATION	$295,503	+26.2%	679,334	+22.7%	9.09%	+33.5%
MU	Buy	MICRON TECHNOLOGY INC	$273,980	+57.4%	4,027,348	+46.1%	8.43%	+66.6%
SE	Buy	SEA LTDsponsord ads	$263,124	-22.5%	5,986,884	+2.4%	8.10%	-17.9%
AMD	Buy	ADVANCED MICRO DEVICES INC	$233,001	+55.2%	2,266,109	+71.9%	7.17%	+64.2%
LI	Sell	LI AUTO INCsponsored ads	$186,178	-10.5%	5,222,387	-11.9%	5.73%	-5.3%
LRCX	Sell	LAM RESEARCH CORP	$177,295	-46.0%	282,871	-44.6%	5.46%	-42.9%
FUTU	Sell	FUTU HLDGS LTDspon ads cl a	$153,034	-14.8%	2,647,181	-41.4%	4.71%	-9.9%
MRVL	Buy	MARVELL TECHNOLOGY INC	$151,762	+3.2%	2,803,652	+14.0%	4.67%	+9.2%
PDD	New	PDD HOLDINGS INCsponsored ads	$111,252	–	1,134,411	–	3.42%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$94,042	–	2,521,903	–	2.89%	–
BEKE	Sell	KE HLDGS INCsponsored ads	$71,547	-53.6%	4,610,000	-55.6%	2.20%	-50.9%
BZ	Sell	KANZHUN LIMITEDsponsored ads	$42,802	-41.0%	2,821,520	-41.5%	1.32%	-37.6%
	New	GRAB HOLDINGS LIMITEDclass a ord	$28,320	–	8,000,000	–	0.87%	–
RLX	Buy	RLX TECHNOLOGY INCsponsored ads	$18,306	+114.3%	12,123,409	+151.2%	0.56%	+127.0%
HTHT	Exit	H WORLD GROUP LTDsponsored ads	$0	–	-382,370	–	-0.43%	–
	Exit	NEW ORIENTAL ED & TECHNOLOGYspon adr	$0	–	-707,606	–	-0.81%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-3,644,818	–	-3.62%	–

Q2 2023

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$467,956	–	5,614,351	–	13.61%	–
DASH	New	DOORDASH INCcl a	$403,309	–	5,277,538	–	11.73%	–
SE	New	SEA LTDsponsord ads	$339,318	–	5,846,284	–	9.87%	–
LRCX	New	LAM RESEARCH CORP	$328,460	–	510,935	–	9.55%	–
NVDA	New	NVIDIA CORPORATION	$234,203	–	553,645	–	6.81%	–
LI	New	LI AUTO INCsponsored ads	$207,992	–	5,925,694	–	6.05%	–
FUTU	New	FUTU HLDGS LTDspon ads cl a	$179,636	–	4,520,281	–	5.22%	–
MU	New	MICRON TECHNOLOGY INC	$174,016	–	2,757,341	–	5.06%	–
BEKE	New	KE HLDGS INCsponsored ads	$154,195	–	10,383,492	–	4.48%	–
AMD	New	ADVANCED MICRO DEVICES INC	$150,163	–	1,318,263	–	4.37%	–
QFIN	New	QIFU TECHNOLOGY INCamerican dep	$149,140	–	8,630,765	–	4.34%	–
MRVL	New	MARVELL TECHNOLOGY INC	$147,031	–	2,459,543	–	4.28%	–
JD	New	JD.COM INCspon adr cl a	$124,398	–	3,644,818	–	3.62%	–
GDS	New	GDS HLDGS LTDsponsored ads	$96,416	–	8,773,031	–	2.80%	–
BZ	New	KANZHUN LIMITEDsponsored ads	$72,564	–	4,821,520	–	2.11%	–
	New	H WORLD GROUP LTDnote 3.000% 5/0	$56,871	–	50,000,000	–	1.65%	–
	New	SEA LTDnote 2.375%12/0	$30,440	–	30,000,000	–	0.88%	–
	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$27,943	–	707,606	–	0.81%	–
	New	LANVIN GROUP HOLDINGS LIMITE	$21,690	–	4,500,000	–	0.63%	–
HTHT	New	H WORLD GROUP LTDsponsored ads	$14,828	–	382,370	–	0.43%	–
YSG	New	YATSEN HLDG LTDads	$13,266	–	13,134,540	–	0.39%	–
	New	VNET GROUP INCnote 2/0	$11,539	–	15,000,000	–	0.34%	–
VNET	New	VNET GROUP INCsponsored ads a	$8,597	–	2,964,552	–	0.25%	–
RLX	New	RLX TECHNOLOGY INCsponsored ads	$8,542	–	4,825,765	–	0.25%	–
	New	VICARIOUS SURGICAL INC	$4,758	–	2,600,000	–	0.14%	–
	New	PRENETICS GLOBAL LTDclass a ord	$4,621	–	5,192,250	–	0.13%	–
EM	New	SMART SH GLOBAL LTDads	$4,388	–	4,500,000	–	0.13%	–
	New	HESAI GROUPsponsored ads	$2,106	–	200,000	–	0.06%	–
	New	LANVIN GROUP HOLDINGS LIMITE*w exp 01/14/202	$311	–	1,000,000	–	0.01%	–
	New	PRENETICS GLOBAL LTD*w exp 05/18/202	$95	–	1,166,666	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	PRENETICS GLOBAL LTD*w exp 05/18/202	$0	–	-1,166,666	–	-0.02%	–
EM	Exit	SMART SH GLOBAL LTDads	$0	–	-4,500,000	–	-0.09%	–
	Exit	VICARIOUS SURGICAL INC	$0	–	-2,600,000	–	-0.26%	–
TSP	Exit	TUSIMPLE HLDGS INCcl a	$0	–	-1,261,829	–	-0.28%	–
	Exit	HELLO GROUP INCnote 1.250% 7/0	$0	–	-12,000,000	–	-0.33%	–
	Exit	VNET GROUP INCnote 2/0	$0	–	-15,000,000	–	-0.38%	–
YSG	Exit	YATSEN HLDG LTDads	$0	–	-13,134,540	–	-0.42%	–
TSLA	Exit	TESLA INCput	$0	–	-335,111	–	-0.44%	–
	Exit	PRENETICS GLOBAL LTDclass a ord	$0	–	-5,192,250	–	-0.58%	–
BZ	Exit	KANZHUN LIMITEDsponsored ads	$0	–	-1,208,900	–	-0.60%	–
DQ	Exit	DAQO NEW ENERGY CORPspnsrd ads	$0	–	-500,000	–	-0.78%	–
	Exit	SEA LTDnote 2.375%12/0	$0	–	-30,000,000	–	-0.90%	–
	Exit	HUAZHU GROUP LTDnote 3.000% 5/0	$0	–	-50,000,000	–	-1.62%	–
PDD	Exit	PINDUODUO INCsponsored ads	$0	–	-1,000,000	–	-1.85%	–
	Exit	IQIYI INCnote 2.000% 4/0	$0	–	-80,700,000	–	-2.11%	–
XPEV	Exit	XPENG INCads	$0	–	-7,281,675	–	-2.57%	–
QFIN	Exit	360 DIGITECH INCamerican dep	$0	–	-10,956,676	–	-4.15%	–
GDS	Exit	GDS HLDGS LTDsponsored ads	$0	–	-8,092,216	–	-4.22%	–
FUTU	Exit	FUTU HLDGS LTDspon ads cl a	$0	–	-4,160,002	–	-4.58%	–
NIO	Exit	NIO INCspon ads	$0	–	-10,113,800	–	-4.71%	–
LI	Exit	LI AUTO INCsponsored ads	$0	–	-8,233,910	–	-5.59%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-5,652,595	–	-6.26%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-3,197,138	–	-6.47%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-600,000	–	-6.48%	–
BEKE	Exit	KE HLDGS INCsponsored ads	$0	–	-13,451,016	–	-6.96%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-5,069,592	–	-7.53%	–
DASH	Exit	DOORDASH INCcl a	$0	–	-5,466,465	–	-7.98%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-5,313,896	–	-8.79%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-5,533,893	–	-13.07%	–

Q3 2022

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$442,656,000	–	5,533,893	–	13.07%	–
SE	Buy	SEA LTDsponsord ads	$297,844,000	-2.5%	5,313,896	+16.4%	8.79%	+14.9%
DASH	Sell	DOORDASH INCcl a	$270,317,000	-25.0%	5,466,465	-2.7%	7.98%	-11.6%
JD	Sell	JD.COM INCspon adr cl a	$255,000,000	-40.2%	5,069,592	-23.7%	7.53%	-29.6%
BEKE	Sell	KE HLDGS INCsponsored ads	$235,662,000	-9.5%	13,451,016	-7.2%	6.96%	+6.7%
LRCX	Buy	LAM RESEARCH CORP	$219,600,000	-11.2%	600,000	+3.4%	6.48%	+4.7%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$219,196,000	-28.5%	3,197,138	-14.7%	6.47%	-15.8%
LVS	Buy	LAS VEGAS SANDS CORP	$212,085,000	+73.1%	5,652,595	+55.0%	6.26%	+103.9%
LI	Buy	LI AUTO INCsponsored ads	$189,462,000	-31.7%	8,233,910	+13.6%	5.59%	-19.6%
NIO	Buy	NIO INCspon ads	$159,495,000	+78.5%	10,113,800	+145.9%	4.71%	+110.3%
FUTU	Sell	FUTU HLDGS LTDspon ads cl a	$155,126,000	-35.2%	4,160,002	-9.3%	4.58%	-23.7%
GDS	Buy	GDS HLDGS LTDsponsored ads	$142,909,000	-46.8%	8,092,216	+0.5%	4.22%	-37.4%
XPEV	Sell	XPENG INCads	$87,016,000	-70.8%	7,281,675	-22.4%	2.57%	-65.6%
PDD	New	PINDUODUO INCsponsored ads	$62,580,000	–	1,000,000	–	1.85%	–
DQ	New	DAQO NEW ENERGY CORPspnsrd ads	$26,540,000	–	500,000	–	0.78%	–
TSLA	New	TESLA INCput	$14,721,000	–	335,111	–	0.44%	–
	Sell	HELLO GROUP INCnote 1.250% 7/0	$11,329,000	-12.4%	12,000,000	-14.3%	0.33%	+3.1%
TSP	Sell	TUSIMPLE HLDGS INCcl a	$9,590,000	-45.2%	1,261,829	-47.9%	0.28%	-35.5%
DDL	Exit	DINGDONG CAYMAN LTDads	$0	–	-763,120	–	-0.11%	–
AAPL	Exit	APPLE INCput	$0	–	-1,123,596	–	-0.71%	–
TSLA	Exit	TESLA INC	$0	–	-99,238	–	-1.67%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-1,442,713	–	-2.00%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-884,848	–	-3.36%	–

Q2 2022

			Value		Shares		↓ Weighting
JD	New	JD.COM INCspon adr cl a	$426,459,000	–	6,640,592	–	10.68%	–
DASH	New	DOORDASH INCcl a	$360,383,000	–	5,616,072	–	9.03%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$306,574,000	–	3,750,138	–	7.68%	–
SE	New	SEA LTDsponsord ads	$305,337,000	–	4,566,813	–	7.65%	–
XPEV	New	XPENG INCads	$297,774,000	–	9,381,675	–	7.46%	–
LI	New	LI AUTO INCsponsored ads	$277,572,000	–	7,245,410	–	6.96%	–
GDS	New	GDS HLDGS LTDsponsored ads	$268,863,000	–	8,052,216	–	6.74%	–
BEKE	New	KE HLDGS INCsponsored ads	$260,264,000	–	14,499,382	–	6.52%	–
LRCX	New	LAM RESEARCH CORP	$247,167,000	–	580,000	–	6.19%	–
FUTU	New	FUTU HLDGS LTDspon ads cl a	$239,390,000	–	4,585,145	–	6.00%	–
QFIN	New	360 DIGITECH INCamerican dep	$189,550,000	–	10,956,676	–	4.75%	–
NVDA	New	NVIDIA CORPORATION	$134,134,000	–	884,848	–	3.36%	–
LVS	New	LAS VEGAS SANDS CORP	$122,519,000	–	3,647,483	–	3.07%	–
NIO	New	NIO INCspon ads	$89,352,000	–	4,113,800	–	2.24%	–
MU	New	MICRON TECHNOLOGY INC	$79,753,000	–	1,442,713	–	2.00%	–
TSLA	New	TESLA INC	$66,829,000	–	99,238	–	1.67%	–
	New	IQIYI INCnote 2.000% 4/0	$65,312,000	–	80,700,000	–	1.64%	–
	New	HUAZHU GROUP LTDnote 3.000% 5/0	$59,223,000	–	50,000,000	–	1.48%	–
	New	SEA LTDnote 2.375%12/0	$33,193,000	–	30,000,000	–	0.83%	–
BZ	New	KANZHUN LIMITEDsponsored ads	$31,770,000	–	1,208,900	–	0.80%	–
AAPL	New	APPLE INCput	$28,500,000	–	1,123,596	–	0.71%	–
	New	PRENETICS GLOBAL LTDclass a ord	$20,976,000	–	5,192,250	–	0.53%	–
YSG	New	YATSEN HLDG LTDads	$20,359,000	–	13,134,540	–	0.51%	–
TSP	New	TUSIMPLE HLDGS INCcl a	$17,508,000	–	2,421,626	–	0.44%	–
	New	HELLO GROUP INCnote 1.250% 7/0	$12,940,000	–	14,000,000	–	0.32%	–
	New	VNET GROUP INCnote 2/0	$12,222,000	–	15,000,000	–	0.31%	–
	New	VICARIOUS SURGICAL INC	$7,644,000	–	2,600,000	–	0.19%	–
EM	New	SMART SH GLOBAL LTDads	$4,995,000	–	4,500,000	–	0.12%	–
DDL	New	DINGDONG CAYMAN LTDads	$4,220,000	–	763,120	–	0.11%	–
	New	PRENETICS GLOBAL LTD*w exp 05/18/202	$344,000	–	1,166,666	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
NFHWS	Exit	NEW FRONTIER HEALTH CORP Ww exp 11/30/202	$0	–	-162,500	–	-0.02%	–
OPAU	Exit	MAGNUM OPUS ACQUISITION LTDunit 06/03/2026	$0	–	-991,394	–	-0.35%	–
	Exit	HELLO GROUP INCnote 1.250% 7/0	$0	–	-14,000,000	–	-0.39%	–
ARTAU	Exit	ARTISAN ACQUISITION CORPunit 03/26/2026	$0	–	-1,250,000	–	-0.43%	–
EM	Exit	SMART SH GLOBAL LTDads	$0	–	-4,500,000	–	-0.50%	–
BZ	Exit	KANZHUN LIMITEDsponsored ads	$0	–	-525,000	–	-0.63%	–
API	Exit	AGORA INCads	$0	–	-783,455	–	-0.76%	–
NIO	Exit	NIO INCspon ads	$0	–	-1,079,000	–	-1.28%	–
	Exit	VICARIOUS SURGICAL INC	$0	–	-2,600,000	–	-1.30%	–
BEKE	Exit	KE HLDGS INCsponsored ads	$0	–	-2,500,000	–	-1.52%	–
NFH	Exit	NEW FRONTIER HEALTH CORP	$0	–	-4,081,250	–	-1.53%	–
YSG	Exit	YATSEN HLDG LTDads	$0	–	-13,134,540	–	-1.67%	–
DDL	Exit	DINGDONG CAYMAN LTDads	$0	–	-2,215,933	–	-1.75%	–
	Exit	HUAZHU GROUP LTDnote 3.000% 5/0	$0	–	-50,000,000	–	-2.18%	–
	Exit	IQIYI INCnote 2.000% 4/0	$0	–	-80,700,000	–	-2.37%	–
TSP	Exit	TUSIMPLE HLDGS INCcl a	$0	–	-2,121,626	–	-2.62%	–
	Exit	SEA LTDnote 2.375%12/0	$0	–	-30,000,000	–	-3.54%	–
LI	Exit	LI AUTO INCsponsored ads	$0	–	-4,800,000	–	-4.20%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-2,898,717	–	-4.43%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-2,011,217	–	-4.76%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-262,907	–	-4.98%	–
ZTO	Exit	ZTO EXPRESS CAYMAN INCsponsored ads a	$0	–	-5,863,750	–	-5.99%	–
QFIN	Exit	360 DIGITECH INCamerican dep	$0	–	-9,085,030	–	-6.15%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-2,917,757	–	-8.30%	–
XPEV	Exit	XPENG INCads	$0	–	-8,082,275	–	-9.57%	–
GDS	Exit	GDS HLDGS LTDsponsored ads	$0	–	-7,073,258	–	-13.34%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-6,420,592	–	-15.45%	–

Q3 2021

			Value		Shares		↓ Weighting
JD	Sell	JD.COM INCspon adr cl a	$463,824,000	-10.7%	6,420,592	-1.3%	15.45%	-9.1%
GDS	Buy	GDS HLDGS LTDsponsored ads	$400,417,000	-4.3%	7,073,258	+32.7%	13.34%	-2.6%
XPEV	Buy	XPENG INCads	$287,244,000	-19.2%	8,082,275	+1.0%	9.57%	-17.8%
NTES	New	NETEASE INCsponsored ads	$249,176,000	–	2,917,757	–	8.30%	–
QFIN	Buy	360 DIGITECH INCamerican dep	$184,608,000	-47.4%	9,085,030	+8.3%	6.15%	-46.5%
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored ads a	$179,783,000	–	5,863,750	–	5.99%	–
HTHT	Buy	HUAZHU GROUP LTDsponsored ads	$132,935,000	+38.0%	2,898,717	+59.0%	4.43%	+40.4%
LI	Buy	LI AUTO INCsponsored ads	$126,192,000	-9.7%	4,800,000	+20.0%	4.20%	-8.1%
	New	SEA LTDnote 2.375%12/0	$106,402,000	–	30,000,000	–	3.54%	–
	New	HUAZHU GROUP LTDnote 3.000% 5/0	$65,391,000	–	50,000,000	–	2.18%	–
YSG	Buy	YATSEN HLDG LTDads	$50,043,000	-52.0%	13,134,540	+18.0%	1.67%	-51.2%
	New	VICARIOUS SURGICAL INC	$38,896,000	–	2,600,000	–	1.30%	–
API	New	AGORA INCads	$22,720,000	–	783,455	–	0.76%	–
OTLY	Exit	OATLY GROUP ABsponsored ads	$0	–	-400,000	–	-0.32%	–
DIDI	Exit	DIDI GLOBAL INCsponsored ads	$0	–	-2,000,000	–	-0.93%	–
	Exit	HUAZHU GROUP LTDdebt 3.000% 5/0	$0	–	-50,000,000	–	-2.36%	–

Q2 2021

			Value		Shares		↓ Weighting
JD	New	JD.COM INCspon adr cl a	$519,219,000	–	6,505,692	–	17.00%	–
GDS	New	GDS HLDGS LTDsponsored ads	$418,317,000	–	5,329,558	–	13.70%	–
XPEV	New	XPENG INCads	$355,360,000	–	8,000,000	–	11.64%	–
QFIN	New	360 DIGITECH INCamerican dep	$350,830,000	–	8,385,030	–	11.49%	–
LRCX	New	LAM RESEARCH CORP	$171,074,000	–	262,907	–	5.60%	–
MU	New	MICRON TECHNOLOGY INC	$170,913,000	–	2,011,217	–	5.60%	–
TSP	New	TUSIMPLE HLDGS INCcl a	$151,145,000	–	2,121,626	–	4.95%	–
LI	New	LI AUTO INCsponsored ads	$139,760,000	–	4,000,000	–	4.58%	–
BEKE	New	KE HLDGS INCsponsored ads	$119,200,000	–	2,500,000	–	3.90%	–
YSG	New	YATSEN HLDG LTDads	$104,331,000	–	11,134,540	–	3.42%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$96,300,000	–	1,823,523	–	3.15%	–
DDL	New	DINGDONG CAYMAN LTDads	$84,870,000	–	2,215,933	–	2.78%	–
	New	IQIYI INCnote 2.000% 4/0	$75,754,000	–	80,700,000	–	2.48%	–
	New	HUAZHU GROUP LTDdebt 3.000% 5/0	$71,933,000	–	50,000,000	–	2.36%	–
NIO	New	NIO INCspon ads	$57,403,000	–	1,079,000	–	1.88%	–
NFH	New	NEW FRONTIER HEALTH CORP	$45,588,000	–	4,081,250	–	1.49%	–
DIDI	New	DIDI GLOBAL INCsponsored ads	$28,280,000	–	2,000,000	–	0.93%	–
EM	New	SMART SH GLOBAL LTDads	$27,315,000	–	4,500,000	–	0.90%	–
BZ	New	KANZHUN LIMITEDsponsored ads	$20,816,000	–	525,000	–	0.68%	–
	New	MOMO INCnote 1.250% 7/0	$12,477,000	–	14,000,000	–	0.41%	–
ARTAU	New	ARTISAN ACQUISITION CORPunit 03/26/2026	$12,450,000	–	1,250,000	–	0.41%	–
OPAU	New	MAGNUM OPUS ACQUISITION LTDunit 06/03/2026	$9,944,000	–	991,394	–	0.33%	–
OTLY	New	OATLY GROUP ABsponsored ads	$9,784,000	–	400,000	–	0.32%	–
NFHWS	New	NEW FRONTIER HEALTH CORP Ww exp 11/30/202	$427,000	–	162,500	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
NFHWS	Exit	NEW FRONTIER HEALTH CORP Ww exp 11/30/202	$0	–	-162,500	–	-0.02%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-89,896	–	-0.19%	–
BNR	Exit	BURNING ROCK BIOTECH LTDsponsored ads	$0	–	-292,418	–	-0.47%	–
	Exit	MOMO INCnote 1.250% 7/0	$0	–	-14,000,000	–	-0.71%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-650,000	–	-1.80%	–
ZTO	Exit	ZTO EXPRESS CAYMAN INCsponsored ads a	$0	–	-942,959	–	-1.81%	–
NFH	Exit	NEW FRONTIER HEALTH CORP	$0	–	-4,081,250	–	-2.00%	–
VNET	Exit	21VIANET GROUP INCsponsored ads a	$0	–	-1,447,191	–	-2.15%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-1,476,725	–	-4.45%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-250,107	–	-5.33%	–
NIO	Exit	NIO INCspon ads	$0	–	-4,000,000	–	-5.45%	–
QFIN	Exit	360 DIGITECH INCamerican dep	$0	–	-7,975,358	–	-6.11%	–
	Exit	IQIYI INCnote 2.000% 4/0	$0	–	-120,700,000	–	-7.46%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-2,526,568	–	-7.57%	–
BEKE	Exit	KE HLDGS INCsponsored ads	$0	–	-2,112,941	–	-8.31%	–
GDS	Exit	GDS HLDGS LTDsponsored ads	$0	–	-2,400,494	–	-12.61%	–
XPEV	Exit	XPENG INCads	$0	–	-10,379,425	–	-13.37%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-4,052,006	–	-20.18%	–

Q3 2020

			Value		Shares		↓ Weighting
JD	Buy	JD.COM INCspon adr cl a	$314,476,000	+39.5%	4,052,006	+8.2%	20.18%	-27.0%
XPEV	New	XPENG INCads	$208,315,000	–	10,379,425	–	13.37%	–
GDS	Sell	GDS HLDGS LTDsponsored ads	$196,432,000	-7.6%	2,400,494	-10.0%	12.61%	-51.7%
BEKE	New	KE HLDGS INCsponsored ads	$129,523,000	–	2,112,941	–	8.31%	–
LVS	New	LAS VEGAS SANDS CORP	$117,890,000	–	2,526,568	–	7.57%	–
	New	IQIYI INCnote 2.000% 4/0	$116,294,000	–	120,700,000	–	7.46%	–
QFIN	Buy	360 DIGITECH INCamerican dep	$95,226,000	+49.9%	7,975,358	+34.5%	6.11%	-21.6%
NIO	New	NIO INCspon ads	$84,880,000	–	4,000,000	–	5.45%	–
LRCX	Sell	LAM RESEARCH CORP	$82,973,000	-23.1%	250,107	-25.0%	5.33%	-59.8%
MU	New	MICRON TECHNOLOGY INC	$69,347,000	–	1,476,725	–	4.45%	–
VNET	Sell	21VIANET GROUP INCsponsored ads a	$33,517,000	-16.4%	1,447,191	-13.8%	2.15%	-56.2%
ZTO	Sell	ZTO EXPRESS CAYMAN INCsponsored ads a	$28,213,000	-28.2%	942,959	-11.9%	1.81%	-62.4%
HTHT	Buy	HUAZHU GROUP LTDsponsored ads	$28,106,000	+107.8%	650,000	+68.5%	1.80%	+8.7%
	New	MOMO INCnote 1.250% 7/0	$11,067,000	–	14,000,000	–	0.71%	–
BZUN	New	BAOZUN INCsponsored adr	$2,921,000	–	89,896	–	0.19%	–
MLCO	Exit	MELCO RESORTS AND ENTMNT LTDadr	$0	–	-906,029	–	-1.72%	–
SE	Exit	SEA LTDsponsored ads	$0	–	-187,413	–	-2.47%	–
GOOS	Exit	CANADA GOOSE HOLDINGS INC	$0	–	-1,590,251	–	-4.52%	–

Q2 2020

			Value		Shares		↓ Weighting
JD	New	JD COM INCspon adr cl a	$225,356,000	–	3,744,701	–	27.65%	–
GDS	New	GDS HLDGS LTDsponsored ads	$212,565,000	–	2,668,401	–	26.08%	–
LRCX	New	LAM RESEARCH CORP	$107,866,000	–	333,476	–	13.23%	–
QFIN	New	360 FINANCE INCads	$63,529,000	–	5,931,777	–	7.79%	–
VNET	New	21VIANET GROUP INCsponsored ads a	$40,073,000	–	1,679,516	–	4.92%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored ads a	$39,297,000	–	1,070,478	–	4.82%	–
GOOS	New	CANADA GOOSE HOLDINGS INC	$36,846,000	–	1,590,251	–	4.52%	–
NFH	New	NEW FRONTIER HEALTH CORP	$33,793,000	–	4,081,250	–	4.15%	–
SE	New	SEA LTDsponsored ads	$20,098,000	–	187,413	–	2.47%	–
MLCO	New	MELCO RESORTS AND ENTMNT LTDadr	$14,062,000	–	906,029	–	1.72%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$13,523,000	–	385,832	–	1.66%	–
BNR	New	BURNING ROCK BIOTECH LTDsponsored ads	$7,898,000	–	292,418	–	0.97%	–
NFHWS	New	NEW FRONTIER HEALTH CORP Ww exp 11/30/202	$221,000	–	162,500	–	0.03%	–

Aspex Management (HK) Ltd is a registered-investment adviser.

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