# Aspex Management

> Aspex Management is a VC fund in Hong Kong backing E-Commerce and Sales. See 22 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Hong Kong, Hong Kong
- Total investments: 22
- Last investment: May 2026
- Lead investor: 32%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/aspex-management/
- Website: https://www.aspexmanagement.com/

Aspex Management is a Hong Kong-based investment manager focused on pan-Asian equity investing using a fundamental, research-intensive approach with a long term horizon. The firm was founded in 2018.

## Contacts

5 contacts available for Aspex Management. Shizune tracks 2 team members at Aspex Management. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/aspex-management?utm_source=investor_profile

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| E-Commerce | 5 | 23% |
| Sales | 2 | 9% |
| Internet | 2 | 9% |
| Logistics | 2 | 9% |
| Communities | 2 | 9% |

53 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series D | 3 | 14% |
| Series E | 3 | 14% |
| Series F | 3 | 14% |
| Series C | 2 | 9% |
| Post-IPO Equity | 2 | 9% |

10 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| China | 5 | 23% |
| South Korea | 5 | 23% |
| Hong Kong | 3 | 14% |
| Japan | 1 | 5% |
| Germany | 1 | 5% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Bonnie Fong | Partner & COO | 0 | https://shizune.co/investors/profile/bonnie-fong-f19e |
| Hermes Li | Founder, CIO & Portfolio Manager | 8 | https://shizune.co/investors/profile/hermes-li |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Delivery Hero | Delivery Hero is a worldwide network of online food ordering sites, operating in 21 countries and with over 73,000 restaurant partners.Delivery Hero operates in Germany, UK, Austria, South Korea, Sweden, Finland, Poland, Australia, Switzerland, China, India, Colombia, Mexico, Argentina, Chile, Uruguay, Brazil, Peru, Venezuela, Panama, and PuertoRico. The Group has more than 1000 employees globally, with 400 working from its Berlin Headquarters.Delivery Hero has received $523 million in investment in 2014 alone with investors including Insight Venture Partners, Luxor Capital Group, Kite Ventures, Team Europe, ru-Net, Tengelmann Ventures, Point Nine Capital, Vostok Nafta, and Phenomen Ventures. | $394.6M | Post-IPO Secondary | May 11, 2026 |  |
| Market Kurly | Market Kurly is an online premium grocery service that compares quality and price when looking for good ingredients for foreign goodies.Market Kurly is a food delivery and logistics platform that enables users to order food via the website and receive it the following morning. The company delivers fresh high-end desserts, bread, milk, bottledwater, condiments such as flour & salt, processed foods, and more.The company was founded in 2015 and based in Seoul, South Korea. | $90.8M | Private Equity | May 04, 2023 |  |
| Toss | Toss is a South Korea-based mobile financial service platform operated by fintech startup Viva Republica.Its application offers peer-to-peer money transfers, manages credit scores and bank accounts, access loan and insurance plans, split bill options, QR payment and other similar services that enable users to manage their finance.Toss wasestablished in 2011 by Seunggun Lee in Seoul, Seoul-t'ukpyolsi. | $405M | Series G | Dec 19, 2022 |  |
| Lanvin Group | Lanvin group is a fashion industry that oversees the labels lanvin, caruso, wolford, sergio rossi, and st. John knits. It is offering this assistance along with in-depth information about and connection to the fashion markets. | $130M | Post-IPO Equity | Dec 14, 2022 |  |
| Prenetics | Prenetics is a health sciences company, that is dedicated to consumer and clinical health. Its consumer initiative is led by IM8, a new health and wellness brand, and Europa, one of the top sports distribution companies in the USA. The clinical division is led by Insighta, focused on multi-cancer early detection technologies. This is followed byACT Genomics, which has achieved FDA clearance for genomic profiling of solid tumors, and CircleDNA, which uses NGS to offer DNA tests. Each Prenetics unit impacts health by ‘enhancing life through science’. | $120M | Post-IPO Equity | May 18, 2022 |  |
| Karrot Market | Karrot is a hyperlocal community app which offers a secondhand marketplace. Karrot supports an eco-friendly lifestyle and local economy by promoting buying and selling secondhand goods locally. Since its launch in 2015, Karrot has become South Korea's largest second-hand marketplace and second-biggest e-commerce company. Karrot is currentlyavailable in select cities in four countries outside the home country, including the United Kingdom, Canada, the United States and Japan. As of March 2021, Karrot runs one of the largest and fastest growing consumer-to-consumer (C2C) mobile marketplace, receiving 14.5 million monthly unique visitors. | $162M | Series D | Aug 17, 2021 |  |
| Danggeun Market | Danggeun Market is the developer of an app-based marketplace that facilitates second-hand goods transactions online. Its platform provides an online GPS service where buyers and sellers of goods can connect directly through the portal. It enables users to locate and buy their desired product as per their location. | $162M | Series D | Aug 17, 2021 |  |
| Market Kurly | Market Kurly is an online premium grocery service that compares quality and price when looking for good ingredients for foreign goodies.Market Kurly is a food delivery and logistics platform that enables users to order food via the website and receive it the following morning. The company delivers fresh high-end desserts, bread, milk, bottledwater, condiments such as flour & salt, processed foods, and more.The company was founded in 2015 and based in Seoul, South Korea. | $200M | Series F | Jul 09, 2021 |  |
| Market Kurly | Market Kurly is an online premium grocery service that compares quality and price when looking for good ingredients for foreign goodies.Market Kurly is a food delivery and logistics platform that enables users to order food via the website and receive it the following morning. The company delivers fresh high-end desserts, bread, milk, bottledwater, condiments such as flour & salt, processed foods, and more.The company was founded in 2015 and based in Seoul, South Korea. | $196.8M | Series F | Jul 09, 2021 |  |
| Dingdong Maicai | Dingdong Maicai is a fresh vegetable e-commerce platform, adopting a big data-driven approach, predicting future orders through self-developed data models and multi-dimensional predictions based on historical sales data to reduce the slow-loss loss rate; the varieties are mainly concentrated in vegetables and fresh water. Fish, shrimp, fruit andsome organic products, | $700M | Series D | Apr 06, 2021 |  |

10 of 22 investments shown.

## Co-investors
- [Altos Ventures](https://shizune.co/investors/profile/altos-ventures) — VC Fund, 8 deals together
- [HSG](https://shizune.co/investors/profile/hsg-cap) — VC Fund, 7 deals together
- [HSG](https://shizune.co/investors/profile/sequoia-capital-china) — VC Fund, 7 deals together
- [DST Global](https://shizune.co/investors/profile/digital-sky-technologies-fo) — VC Fund, 6 deals together
- [Goodwater Capital](https://shizune.co/investors/profile/goodwater-capital) — VC Fund, 5 deals together
- [Hillhouse Investment](https://shizune.co/investors/profile/hillhouse-investment) — VC Fund, 5 deals together

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## FAQ

### What does Aspex Management invest in?

Aspex Management invests primarily in E-Commerce, Sales and Internet startups, most often at Series D and Series E stage. Most of the 22 investments tracked by Shizune back companies in China. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### How do I contact Aspex Management?

Public channels for Aspex Management include LinkedIn and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Aspex Management?

The team at Aspex Management includes Bonnie Fong (Partner & COO) and Hermes Li (Founder, CIO & Portfolio Manager). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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