# EDGAR Filing Document

**Accession Number:** 0001569356
**File Stem:** 0001085146-25-004961
**Filing Date:** 2025-8
**Character Count:** 14159
**Document Hash:** 215e41cd8c0bf587d56b9dc2a2d16b3b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-004961.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001085146-25-004961

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NINE MASTS CAPITAL Ltd
- **CENTRAL INDEX KEY:** 0001569356

**ORGANIZATION NAME:**
- **EIN:** 980691159

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16783
- **FILM NUMBER:** 251209136

**BUSINESS ADDRESS:**
- **STREET 1:** LEVEL 20, ONE IFC
- **STREET 2:** 1 HARBOUR VIEW STREET
- **CITY:** CENTRAL
- **STATE:** K3
- **ZIP:** HONG KONG
- **BUSINESS PHONE:** 852 2105 5800

**MAIL ADDRESS:**
- **STREET 1:** LEVEL 20, ONE IFC
- **STREET 2:** 1 HARBOUR VIEW STREET
- **CITY:** CENTRAL
- **STATE:** K3
- **ZIP:** HONG KONG

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** NINE MASTS CAPITAL Ltd<br>**Address:** LEVEL 20 ONE IFC<br>1 HARBOUR VIEW STREET<br>CENTRAL, K3 HONG KONG

**Form 13F File Number:** 028-16783

**CRD Number (if applicable):** 000162024

**SEC File Number (if applicable):** 802-75667

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Irene Backenhorn<br>**Title:** Chief Compliance Officer<br>**Phone:** 8-522-105-5803

**Signature, Place, and Date of Signing:**

/s/  Irene Backenhorn  Hong Kong, K3  08-13-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 94

**Form 13F Information Table Value Total:** $273989582

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG001S5NN36 | 400442 | 2822 | SH |  | SOLE |  | 2822 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG001S5NN36 | 547965 | 32800 | SH | Call | SOLE |  | 32800 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG001S5NN36 | 814635 | 54700 | SH | Put | SOLE |  | 54700 | 0 | 0 |
| ALLETE INC | COM NEW | 018522300 | BBG001S77110 | 550233 | 8588 | SH |  | SOLE |  | 8588 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 30322337 | 170936 | SH |  | SOLE |  | 170936 | 0 | 0 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 | BBG001TBMNT5 | 493486 | 10100 | SH |  | SOLE |  | 10100 | 0 | 0 |
| AMCOR PLC | ORD | G0250X107 | BBG00LNJRQ18 | 303270 | 33000 | SH |  | SOLE |  | 33000 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG001S5P034 | 728550 | 2284 | SH |  | SOLE |  | 2284 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG001S5P034 | 90360 | 7200 | SH | Put | SOLE |  | 7200 | 0 | 0 |
| ANSYS INC | COM | 03662Q105 | BBG001S926L8 | 2481369 | 7065 | SH |  | SOLE |  | 7065 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 3229786 | 15742 | SH |  | SOLE |  | 15742 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 91600 | 16000 | SH | Call | SOLE |  | 16000 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 721860 | 31800 | SH | Put | SOLE |  | 31800 | 0 | 0 |
| ASE TECHNOLOGY HLDG CO LTD | SPONSORED ADS | 00215W100 | BBG00KLHLBL3 | 6738961 | 652368 | SH |  | SOLE |  | 652368 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | BBG001S902J2 | 2915200 | 4 | SH |  | SOLE |  | 4 | 0 | 0 |
| BLUEPRINT MEDICINES CORP | COM | 09627Y109 | BBG001V11BV0 | 769080 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| BROOKFIELD RENEWABLE PARTNER | PARTNERSHIP UNIT | G16258108 | BBG001SDHPH6 | 5551971 | 217639 | SH |  | SOLE |  | 217639 | 0 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 | BBG001S5PL01 | 60000 | 3000000 | SH | Put | SOLE |  | 3000000 | 0 | 0 |
| CNA FINL CORP | COM | 126117100 | BBG001S5PYX7 | 1153479 | 24790 | SH |  | SOLE |  | 24790 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | COM | 21874A106 | BBG01L5GH1G3 | 512100 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 | BBG003NJHZW5 | 644650 | 4799 | SH |  | SOLE |  | 4799 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 | BBG003NJHZW5 | 192250 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 | BBG003NJHZW5 | 345100 | 20300 | SH | Put | SOLE |  | 20300 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 | BBG001S63VG4 | 950101 | 29868 | SH |  | SOLE |  | 29868 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 | BBG001S63VG4 | 330340 | 66400 | SH | Put | SOLE |  | 66400 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 | BBG001SK2651 | 139300 | 10400 | SH | Call | SOLE |  | 10400 | 0 | 0 |
| DUN  BRADSTREET HLDGS INC | COM | 26484T106 | BBG00VCZXBX3 | 340648 | 37475 | SH |  | SOLE |  | 37475 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 | BBG001SF2288 | 5060000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 | BBG001SP8VM0 | 1110420 | 6583 | SH |  | SOLE |  | 6583 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 370940 | 3441 | SH |  | SOLE |  | 3441 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 10865 | 8200 | SH | Call | SOLE |  | 8200 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 169913 | 11500 | SH | Put | SOLE |  | 11500 | 0 | 0 |
| FISCALNOTE HOLDINGS INC | *W EXP 07/29/202 | 337655112 |  | 29765 | 299447 | PRN |  | SOLE |  | 299447 | 0 | 0 |
| FOX CORP | CL B COM | 35137L204 | BBG00JHNKKR3 | 11414670 | 221086 | SH |  | SOLE |  | 221086 | 0 | 0 |
| FRONTIER COMMUNICATIONS PARE | COM | 35909D109 | BBG010MVVVX6 | 3872268 | 106381 | SH |  | SOLE |  | 106381 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 | BBG01BFR8YW0 | 319686 | 4316 | SH |  | SOLE |  | 4316 | 0 | 0 |
| GRINDR INC | COM | 39854F101 | BBG00YV3H7V6 | 7170612 | 315886 | SH |  | SOLE |  | 315886 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 | BBG001SJB7J7 | 7257352 | 94657 | SH |  | SOLE |  | 94657 | 0 | 0 |
| HESS CORP | COM | 42809H107 | BBG001S5NHS2 | 9697800 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 | BBG001S6HWB2 | 456120 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| INTERPUBLIC GROUP COS INC | COM | 460690100 | BBG001S6RLK5 | 1207598 | 49330 | SH |  | SOLE |  | 49330 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 | BBG01KYQ6QS5 | 73047402 | 1193390 | SH |  | SOLE |  | 1193390 | 0 | 0 |
| ISRAEL ACQUISITIONS CORP | *W EXP 99/99/999 | G49667119 |  | 89000 | 400000 | PRN |  | SOLE |  | 400000 | 0 | 0 |
| JD.COM INC | SPON ADS CL A | 47215P106 | BBG005YHY0R6 | 3325135 | 101873 | SH |  | SOLE |  | 101873 | 0 | 0 |
| KELLANOVA | COM | 487836108 | BBG001S5SJL0 | 4515952 | 56783 | SH |  | SOLE |  | 56783 | 0 | 0 |
| LIBERTY BROADBAND CORP | COM SER C | 530307305 | BBG006GNSZX4 | 9956941 | 101209 | SH |  | SOLE |  | 101209 | 0 | 0 |
| LINDE PLC | SHS | G54950103 | BBG01FND0CH6 | 58300 | 11000 | SH | Call | SOLE |  | 11000 | 0 | 0 |
| LINDE PLC | SHS | G54950103 | BBG01FND0CH6 | 309595 | 14300 | SH | Put | SOLE |  | 14300 | 0 | 0 |
| LISTED FDS TR | ROUNDHILL MAGNIF | 53656G498 | BBG01G5ZXS48 | 2980126 | 53725 | SH |  | SOLE |  | 53725 | 0 | 0 |
| MAKEMYTRIP LIMITED MAURITIUS | SHS | V5633W109 | BBG001T4NKS7 | 1529112 | 15600 | SH |  | SOLE |  | 15600 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG001S5T2S9 | 666240 | 7643 | SH |  | SOLE |  | 7643 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG001S5T2S9 | 68000 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG001S5T2S9 | 148665 | 15900 | SH | Put | SOLE |  | 15900 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 951800 | 2000 | SH | Call | SOLE |  | 2000 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 44320 | 3200 | SH | Put | SOLE |  | 3200 | 0 | 0 |
| NIO INC | NOTE 4.625%10/1 | 62914VAK2 |  | 13120000 | 20500 | PRN |  | SOLE |  | 20500 | 0 | 0 |
| NV5 GLOBAL INC | COM | 62945V109 | BBG005BT61P6 | 1380182 | 59774 | SH |  | SOLE |  | 59774 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 1004342 | 6357 | SH |  | SOLE |  | 6357 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 | BBG00LBLDFH8 | 606325 | 39500 | SH | Call | SOLE |  | 39500 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 | BBG00LBLDFH8 | 349000 | 40000 | SH | Put | SOLE |  | 40000 | 0 | 0 |
| PRENETICS GLOBAL LTD | *W EXP 05/18/202 | G72245114 |  | 14172 | 362456 | PRN |  | SOLE |  | 362456 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 | BBG001V1Y6Z1 | 1851000 | 40000 | SH | Call | SOLE |  | 40000 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 | BBG001V1Y6Z1 | 37565 | 55000 | SH | Put | SOLE |  | 55000 | 0 | 0 |
| RYANAIR HOLDINGS PLC | SPONSORED ADR | 783513203 | BBG001SB07J6 | 15561211 | 269832 | SH |  | SOLE |  | 269832 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 | BBG001S5VXD4 | 762949 | 8362 | SH |  | SOLE |  | 8362 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 | BBG001S5VXD4 | 92295 | 31500 | SH | Put | SOLE |  | 31500 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 | BBG001T4JFC0 | 2212428 | 2152 | SH |  | SOLE |  | 2152 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 | BBG001T4JFC0 | 45900 | 2000 | SH | Call | SOLE |  | 2000 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 | BBG001T4JFC0 | 496600 | 3500 | SH | Put | SOLE |  | 3500 | 0 | 0 |
| SKECHERS U S A INC | CL A | 830566105 | BBG001S5XTG8 | 1204390 | 19087 | SH |  | SOLE |  | 19087 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 8641200 | 190000 | SH | Call | SOLE |  | 190000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 47025 | 15000 | SH | Put | SOLE |  | 15000 | 0 | 0 |
| SPDR SERIES TRUST | S BIOTECH | 78464A870 | BBG001SQDKG3 | 8300 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| SPDR SERIES TRUST | S BIOTECH | 78464A870 | BBG001SQDKG3 | 442500 | 20000 | SH | Put | SOLE |  | 20000 | 0 | 0 |
| SPIRIT AEROSYSTEMS HLDGS INC | COM CL A | 848574109 | BBG001SKF1N8 | 969201 | 25405 | SH |  | SOLE |  | 25405 | 0 | 0 |
| TARGET CORP | COM | 87612E106 | BBG001SC0K41 | 6940264 | 274000 | SH |  | SOLE |  | 274000 | 0 | 0 |
| TASKUS INC | CLASS A COM | 87652V109 | BBG009CL6VL2 | 502800 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| TELUS INTL CDA INC | SUB VTG SHS | 87975H100 | BBG00YTSTFR8 | 471900 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 | BBG00629NGW8 | 1475795 | 20500 | SH |  | SOLE |  | 20500 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 | BBG00629NGW8 | 888163 | 20500 | SH | Put | SOLE |  | 20500 | 0 | 0 |
| TXNM ENERGY INC | COM | 69349H107 | BBG001S5V9J1 | 1102070 | 19568 | SH |  | SOLE |  | 19568 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MW4 | 522500 | 25000 | SH | Call | SOLE |  | 25000 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MW4 | 73425 | 27500 | SH | Put | SOLE |  | 27500 | 0 | 0 |
| UNITY SOFTWARE INC | COM | 91332U101 | BBG0056JW5H5 | 420000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| UNITY SOFTWARE INC | COM | 91332U101 | BBG0056JW5H5 | 335274 | 102700 | SH | Put | SOLE |  | 102700 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 | BBG001SB54S8 | 15900 | 20000 | SH | Put | SOLE |  | 20000 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 | BBG001S5XBY7 | 1412040 | 123000 | SH |  | SOLE |  | 123000 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 | BBG011386VG3 | 23631 | 2062 | SH |  | SOLE |  | 2062 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 | BBG011386VG3 | 236250 | 175000 | SH | Call | SOLE |  | 175000 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 | BBG011386VG3 | 153300 | 210000 | SH | Put | SOLE |  | 210000 | 0 | 0 |
| WOODSIDE ENERGY GROUP LTD | SPONSORED ADR | 980228308 | BBG001S5WCY6 | 533498 | 34317 | SH |  | SOLE |  | 34317 | 0 | 0 |
| XPENG INC | ADS | 98422D105 | BBG00WKJG3N6 | 1371529 | 76250 | SH |  | SOLE |  | 76250 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 | BBG00B8N0HH0 | 896988 | 20038 | SH |  | SOLE |  | 20038 | 0 | 0 |
| ZEEKR INTELLIGENT TECHNOLOGY | SPON ADS | 98923K103 | BBG010J22GV1 | 510000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |

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