Key Takeaways
- • Hong Kong-based Aspex Management, founded by Hermes Li in 2018, acquired 35 million shares of Chinese EV maker Nio in Q3 2025, becoming the company's largest institutional investor with a $215 million stake (5.6% of Aspex's $4.01 billion portfolio).
- • Nio's stock more than doubled during Q3, rising from $3.51 on July 1 to $7.62 on September 30, driving a sharp rebound in institutional ownership from just under 200 million shares at Q2-end to approximately 322.7 million shares held by 473 institutions by quarter-end—a 58% increase in a single quarter.
- • Aspex's investment represents a strategic re-entry after years of intermittent positioning: the firm first invested in Nio exactly five years prior with a 4 million-share purchase, exited entirely twice (early 2022 and early 2023), and has now established its seventh-largest holding position.
- • Institutional ownership has rebounded significantly from its nadir, recovering to 322.7 million shares as of late Q3 from a low of below 200 million shares in recent years, reversing years of shareholder erosion that had collapsed holdings from a historical peak of nearly 600 million shares.
Summary
Aspex Management, a Hong Kong-based hedge fund founded by Hermes Li in 2018, has emerged as Nio's largest institutional investor following a substantial Q3 investment that underscores renewed institutional confidence in the Chinese electric vehicle manufacturer. The firm disclosed a position of 35 million shares valued at approximately $215 million based on Nio's September 30 closing price of $7.62, representing the hedge fund's seventh-largest holding and constituting 5.6% of its $4.01 billion portfolio across 30 companies.
The timing of Aspex's aggressive accumulation coincided with a dramatic rally in Nio's equity. The stock more than doubled during the third quarter, climbing from $3.51 on July 1 to $7.62 on September 30—a catalyst that appears to have triggered broader institutional repositioning across the shareholder base. Aspex's investment marks a return to the name after years of tactical positioning: the firm initially invested in Nio exactly five years prior with a 4 million-share purchase, subsequently fluctuated holdings between 1 million and 10 million shares over the next two and a half years, and completely exited its position twice—in early 2022 and early 2023—before committing substantially in Q3 2025.
Aspex's re-entry reflects a dramatic institutional ownership rebound for Nio. Collective institutional holdings plunged below 200 million shares in recent years as the stock declined, but have since recovered to approximately 322.7 million shares held by 473 institutions as of the third quarter-end. The third quarter alone witnessed institutional holdings jump by more than 100 million shares—a 58% increase from just under 200 million shares at Q2-end, according to Fintel data. This represents a significant reversal from Nio's institutional shareholder erosion cycle, which saw holdings decline from a historical peak of nearly 600 million shares.
The timing of Aspex's aggressive accumulation coincided with a dramatic rally in Nio's equity. The stock more than doubled during the third quarter, climbing from $3.51 on July 1 to $7.62 on September 30—a catalyst that appears to have triggered broader institutional repositioning across the shareholder base. Aspex's investment marks a return to the name after years of tactical positioning: the firm initially invested in Nio exactly five years prior with a 4 million-share purchase, subsequently fluctuated holdings between 1 million and 10 million shares over the next two and a half years, and completely exited its position twice—in early 2022 and early 2023—before committing substantially in Q3 2025.
Aspex's re-entry reflects a dramatic institutional ownership rebound for Nio. Collective institutional holdings plunged below 200 million shares in recent years as the stock declined, but have since recovered to approximately 322.7 million shares held by 473 institutions as of the third quarter-end. The third quarter alone witnessed institutional holdings jump by more than 100 million shares—a 58% increase from just under 200 million shares at Q2-end, according to Fintel data. This represents a significant reversal from Nio's institutional shareholder erosion cycle, which saw holdings decline from a historical peak of nearly 600 million shares.
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