HCEP Management Ltd

Key Holdings

The portfolio is dominated by a few large-cap Chinese technology and consumer names, with Alibaba Group (BABA) serving as the singular anchor position. Despite a reduction of $34.50 million (-2.4% share count) during the quarter, BABA remains the overwhelming core holding, comprising 72.23% of the portfolio at a value of $98.50 million.

The second-largest holding, Miniso Group Hldg Ltd, accounts for 16.47% ($22.46M). The firm increased this stake by 2.4% (adding $4.70M), signaling sustained confidence in the consumer discretionary sector. QFIN Holdings (QFIN) represents the primary financial services exposure at 7.43% ($10.13M). Notably, this position was aggressively doubled during the quarter, with a 100.5% increase in stake value (+$2.52M), suggesting a strong bullish outlook on the fintech/lending sector in China. The remaining three positions—Agora Inc, So Young International Inc, and Trip.com Group Ltd—are marginal, collectively comprising less than 4% of the portfolio.