What Aspex Management does

Aspex Management (HK) Ltd. is a Hong Kong-based, privately held hedge fund founded in 2018 and led by founder, CIO, and portfolio manager Hermes Li, with partner and COO Bonnie Fong. The firm pursues pan-Asian equity investing using a fundamental, activist-oriented strategy, taking significant stakes in target companies and pressuring management for strategic changes, asset sales, and leadership turnover to unlock shareholder value. Aspex manages approximately $14 billion in assets and delivered a 26% return in 2025, outperforming peers such as Brevan Howard's MB Macro Fund (6.8%) and Astignes Capital Asia (-3.3%).

The firm's revenue model is the standard hedge fund construct: management fees on AUM plus performance fees on realized investment gains. Its go-to-market is institutional LP fundraising rather than product distribution, and its customer base is undisclosed limited partners. Aspex has become a recognizable actor in two distinct lanes: (1) high-conviction activist positions — most visibly at Delivery Hero SE, where it escalated demands for CEO Niklas Östberg's removal, triggered a CEO succession announcement, and ultimately monetized its stake via block sales to Uber at approximately €40 per share and to Prosus at €22 per share; and (2) cornerstone co-investor roles in marquee Hong Kong IPOs, committing US$295 million to Anker Innovations (49.9% of gross proceeds, June 2026) and signaling participation in Zhongji Innolight's potential $8 billion Hong Kong listing alongside BlackRock, Hillhouse, Temasek, and other institutional anchors.

The firm has 11–50 employees, holds positions across Asia (Hong Kong, Singapore, South Korea), EMEA (Germany via Delivery Hero), and North America (Carpenter Technology), and has increased select long positions such as TAL Education Group by 52%. Aspex does not publicly disclose proprietary technology, AI/ML infrastructure, or product offerings beyond its flagship fund.

Name

Aspex Management

Legal name

Aspex Management

Website

https://aspexmanagement.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Aspex Management is a Hong Kong-based activist hedge fund founded in 2018, managing approximately $14 billion in pan-Asian equities and delivering a 26% return in 2025 under founder Hermes Li. The firm takes significant stakes in underperforming companies and serves institutional limited partners.

Ownership category

akta.pro rank

Product category

Hedge Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

International/Ex-U.S. Developed Equity (Active) (FSAAAIAE)

akta.pro secondary industries

Global Equity (Active) (FSAAAIAD), Multi-Strategy — Equity L/S + Sector Specialists (FSAHAFAD)

Keywords

• Pan-Asian equity investing
• Hedge fund management
• Activist investing
• Fundamental equity research
• Asia-focused investment management

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Core offering

Aspex Management is a Hong Kong-based hedge fund that manages approximately $14 billion in assets and invests across pan-Asian equities using a fundamental, activist approach. The firm takes significant stakes in target companies and actively engages management and boards to pursue strategic changes, asset sales, leadership changes, and governance reforms intended to maximize shareholder value. It complements this activist strategy with concentrated public-equity positions and selective cornerstone participation in regional IPOs.

Differentiator

Problem solved

Functional benefit

Products and services

• Aspex Management Pan-Asian Equity Hedge Fund A fundamental, activist pan-Asian equity hedge fund managing approximately $14 billion for institutional and high-net-worth limited partners, delivered a 26% return in 2025.
• Activist Investment and Shareholder Engagement Program An activist investment service in which the fund takes significant stakes in target companies and directly pressures boards and management for strategic changes, asset sales, and leadership changes, as demonstrated by the campaign against Delivery Hero.

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Hillhouse Investment: Asia-focused investment manager with multi-strategy and long-only capabilities. Directly comparable to Aspex given overlapping pan-Asian mandate, large-cap focus, and co-investment alongside Aspex in cornerstone IPO deals such as Zhongji Innolight.
• Value Partners Group: Hong Kong-headquartered asset manager specializing in pan-Asian, particularly Greater China, equities. Highly comparable to Aspex on geography, client base, and product focus, and has co-invested with Aspex as a cornerstone investor in Anker Innovations' HK listing.
• Greenwoods Asset Management: Hong Kong-based asset manager focused on China and Asia equities. Comparable to Aspex on geographic mandate and fundamental, value-tilted investment approach, and overlaps as a cornerstone investor in Hong Kong IPOs such as Anker Innovations.
• Brevan Howard Asset Management: Global macro and equity hedge fund manager. Aspex is directly benchmarked against Brevan Howard's MB Macro Asia-focused fund (6.8% in 2025 vs. Aspex's 26%), making it a natural performance and mandate peer.

Broad incumbents

• Pershing Square Capital Management: Established concentrated, activist-oriented public-equity manager. Comparable to Aspex on activism-led, concentrated-equity strategy and the use of public campaigns to drive corporate change, though with a global rather than Asia-only mandate.
• Elliott Investment Management: Large global activist investor with a long track record of public campaigns targeting boards and management. Comparable to Aspex on activist tactics and concentrated public-equity approach, but operates at much larger scale and across multiple geographies.
• Lone Pine Capital: Long/short equity manager with significant Asia exposure. Comparable to Aspex on fundamental, long-biased equity investing and Asia-focused allocation, though less activist in posture.
• Coatue Management: Global technology-tilted long/short equity manager with Asia allocations. Comparable to Aspex on concentrated equity approach and willingness to take large, influential positions, though across a broader global mandate.
• Tiger Global Management: Large global investment firm with significant equity and venture exposure across Asia. Comparable to Aspex on scale, Asia equity allocation, and willingness to take concentrated positions in growth-stage companies.
• D1 Capital Partners: Concentrated long/short equity manager with global consumer and technology focus. Comparable to Aspex on concentrated public-equity approach and willingness to engage with management teams, though with a more global mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments20 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aspex Management