Institutional Manager · CIK 0001822015

HCEP Management Ltd

HONG KONG, K3 · File #028-20896

Latest AUM

$122.6M

Positions

Top-10 Concentration

100.0%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
NEW	PROSHARES TR II	74347Y680	+555,426	+$20.0M	$0
EXITED	TAL EDUCATION GROUP	874080104	-991,024	-$11.1M	$0
EXITED	QFIN HOLDINGS INC	88557W101	-352,013	-$10.1M	$0
REDUCE	ALIBABA GROUP HLDG LTD	BBAAY	-68,425	-$10.0M	-$17.7M
EXITED	LEXINFINTECH HLDGS LTD	528877103	-1,711,539	-$9.1M	$0
EXITED	BAIDU INC	056752108	-42,272	-$5.6M	$0
EXITED	AGORA INC	00851L103	-622,770	-$2.4M	$0
EXITED	SO YOUNG INTERNATIONAL INC	83356Q108	-490,702	-$1.9M	$0
EXITED	TRIP COM GROUP LTD	89677Q107	-13,300	-$1.0M	$0
REDUCE	MINISO GROUP HLDG LTD	MSOGF	-6,954	-$130,388	-$3.7M

Sector Allocation

Technology

10.8%$13.3M

Filing History

Feb 13, 202613F HOLDINGS REPORTQ/E Dec 20254 pos · $122.6M
Nov 13, 202513F HOLDINGS REPORTQ/E Sep 202510 pos · $176.1M
Aug 13, 202513F HOLDINGS REPORTQ/E Jun 20259 pos · $124.4M
May 14, 202513F HOLDINGS REPORTQ/E Mar 202513 pos · $172.6M
Feb 13, 202513F HOLDINGS REPORTQ/E Dec 20249 pos · $125.0M
Nov 13, 202413F HOLDINGS REPORTQ/E Sep 20247 pos · $274.4M
Aug 13, 202413F HOLDINGS REPORTQ/E Jun 20249 pos · $372.9M
May 14, 202413F HOLDINGS REPORTQ/E Mar 202416 pos · $532.0M
Nov 14, 202313F HOLDINGS REPORTQ/E Dec 202315 pos · $385.7M

Top 4 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ALIBABA GROUP HLDG LTD	BBAAY	482,703	$70.8M	57.72%
2	PROSHARES TR II	74347Y680	555,426	$20.0M	16.28%
3	MINISO GROUP HLDG LTD	MSOGF	991,297	$18.6M	15.16%
4	SYNOPSYS INC	SNPS	28,279	$13.3M	10.84%