Aspex Management is a Hong Kong-based investment manager founded in 2018 by Hermes Li, focused on pan-Asian equity opportunities across both public and private markets. The firm uses a fundamental, research-intensive approach with a long-term horizon.
Their most common stage is series-d (46% of deals). Average disclosed round size is $237.0M (across 8 rounds with reported amounts).
Portfolio
10
Fund Size
—
Top Stage
Series D
Last 12 Mo
0
Team
BF
Bonnie Fong
Partner
WC
Wei Chen
Partner
AH
Andy HSU
Investment Analyst
EC
Elsie Cheng
Investor
HL
Hermes Li
Founder & Chief Investment Officer
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
13 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Toss | Series C | — | Dec 2022 |
| Toss | Series G | $405M | Dec 2022 |
| DDanggeun | Series D | $162M | Aug 2021 |
 Kurly | Series F | $200M | Jul 2021 |
| Kurly | Series D | $200M | Jan 2021 |
| DDanggeun | Series D | $162M | Jan 2021 |
| DDingdong | Series D | — | Jan 2021 |
 Dingdong Maicai | Series D | — | Jan 2021 |
 Xpeng | Series C | — | Jul 2020 |
| VViva Republica Inc. | Growth | — | Jan 2020 |
 toss | Series G | $405M | — |
 Danggeun Market (Karrot) | Series D | $162M | — |
| KKurly Inc | Series F | $200M | — |
Top Co-Investors
DST Global8 shared
Goodwater Capital7 shared
Sequoia China7 shared
Altos Ventures Management, Inc.6 shared
Sequoia Capital4 shared
Greyhound Capital4 shared
Coatue Management LLC3 shared
Hillhouse Capital3 shared
Strong Ventures3 shared
Korea Development Bank2 shared
BOND2 shared
Korea Investment Partners2 shared
G Squared2 shared
The Goldman Sachs Group, Inc.2 shared
General Atlantic2 shared
Ocean Link2 shared
Tiger Global Management, LLC2 shared
Hillhouse Investment1 shared
HongShan1 shared
Kleiner Perkins1 shared
Last updated: 27 September 2026