Infini Capital Management Ltd

Key Holdings

The portfolio is dominated by a single massive position in VNET Group Inc (VNET), which comprises $88.85 million or 93.37% of the total assets. While the firm reduced this stake by 11.8% (selling $21.52 million worth of shares), VNET remains the singular focus of the fund. Outside of VNET, the holdings are nominal by comparison. The second and third largest positions, PDD Holdings and Kingsoft Cloud Holdings, represent roughly 2.6% each, valued at approximately $2.48 million. The remaining holdings are all less than 1% of the portfolio, with GDS Holdings at 0.53%, Zai Lab at 0.44%, and Chagee Holdings at 0.42%. Notably, the Alibaba Group (BABA) position was effectively liquidated, reduced by 100% to a residual value of just $3,220.