# EDGAR Filing Document

**Accession Number:** 0001569356
**File Stem:** 0001569356-25-000004
**Filing Date:** 2025-11
**Character Count:** 12201
**Document Hash:** 9b2582b7e6872643c98c4884d3cb0bf3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001569356-25-000004.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001569356-25-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**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:** 251479473

**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:** 09-30-2025

**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  11-13-2025<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:** 76

**Form 13F Information Table Value Total:** $243511683

      (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 | 247125 | 15000 | SH | Call | SOLE |  | 15000 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG001S5NN36 | 178613 | 16500 | SH | Put | SOLE |  | 16500 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 52627989 | 216087 | SH |  | SOLE |  | 216087 | 0 | 0 |
| AMCOR PLC | ORD | G0250X107 | BBG00LNJRQ18 | 269940 | 33000 | SH |  | SOLE |  | 33000 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG001S5P034 | 311566 | 938 | SH |  | SOLE |  | 938 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG001S5P034 | 41400 | 7200 | SH | Put | SOLE |  | 7200 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 388800 | 16000 | SH | Call | SOLE |  | 16000 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 90630 | 31800 | SH | Put | SOLE |  | 31800 | 0 | 0 |
| ASE TECHNOLOGY HLDG CO LTD | SPONSORED ADS | 00215W100 | BBG00KLHLBL3 | 9334298 | 841686 | SH |  | SOLE |  | 841686 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 | BBG001SNBKD5 | 4930267 | 36004 | SH |  | SOLE |  | 36004 | 0 | 0 |
| BROOKFIELD INFRASTRUCTURE CO | COM SUB VTG A | 11276H106 | BBG01RJ2TXY3 | 2683532 | 65261 | SH |  | SOLE |  | 65261 | 0 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 | BBG001S5PL01 | 30000 | 3000000 | SH | Put | SOLE |  | 3000000 | 0 | 0 |
| CARNIVAL PLC | ADS | 14365C103 | BBG001SG8WT1 | 17599601 | 665643 | SH |  | SOLE |  | 665643 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 | BBG003NJHZW5 | 125739 | 883 | SH |  | SOLE |  | 883 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 | BBG003NJHZW5 | 216750 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 | BBG003NJHZW5 | 238525 | 20300 | SH | Put | SOLE |  | 20300 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 | BBG001S63VG4 | 1047172 | 29868 | SH |  | SOLE |  | 29868 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 | BBG001S63VG4 | 168324 | 66400 | SH | Put | SOLE |  | 66400 | 0 | 0 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 | BBG001S7V596 | 7526755 | 78872 | SH |  | SOLE |  | 78872 | 0 | 0 |
| ELME COMMUNITIES | SH BEN INT | 939653101 | BBG001S5XJD3 | 4168500 | 247242 | SH |  | SOLE |  | 247242 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 895348 | 7941 | SH |  | SOLE |  | 7941 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 6437 | 8200 | SH | Call | SOLE |  | 8200 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 109250 | 11500 | SH | Put | SOLE |  | 11500 | 0 | 0 |
| FOX CORP | CL B COM | 35137L204 | BBG00JHNKKR3 | 36228764 | 632375 | SH |  | SOLE |  | 632375 | 0 | 0 |
| FRONTIER COMMUNICATIONS PARE | COM | 35909D109 | BBG010MVVVX6 | 3823930 | 102381 | SH |  | SOLE |  | 102381 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 | BBG01BFR8YW0 | 36000 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 | BBG01BFR8YW0 | 117660 | 15900 | SH | Put | SOLE |  | 15900 | 0 | 0 |
| GRINDR INC | COM | 39854F101 | BBG00YV3H7V6 | 3624326 | 241300 | SH |  | SOLE |  | 241300 | 0 | 0 |
| HALEON PLC | SPON ADS | 405552100 | BBG018GZNDB0 | 1462137 | 163003 | SH |  | SOLE |  | 163003 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 | BBG001SJB7J7 | 19434956 | 568939 | SH |  | SOLE |  | 568939 | 0 | 0 |
| INVESCO SR INCOME TR | COM | 46131H107 | BBG001SB0BV3 | 607015 | 175438 | SH |  | SOLE |  | 175438 | 0 | 0 |
| ISRAEL ACQUISITIONS CORP | CLASS A ORD | G49667101 | BBG0166KJBF3 | 5036000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| KELLANOVA | COM | 487836108 | BBG001S5SJL0 | 13000 | 40000 | SH | Put | SOLE |  | 40000 | 0 | 0 |
| LI AUTO INC | SPONSORED ADS | 50202M102 | BBG00W0KZF57 | 1805933 | 69296 | SH |  | SOLE |  | 69296 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | DEB 3.750% 2/1 | 530715AL5 |  | 444000 | 4800 | PRN |  | SOLE |  | 4800 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | DEB 4.000%11/1 | 530715AG6 |  | 202065 | 2127 | PRN |  | SOLE |  | 2127 | 0 | 0 |
| LINDE PLC | SHS | G54950103 | BBG01FND0CH6 | 21548 | 50700 | SH | Put | SOLE |  | 50700 | 0 | 0 |
| LYONDELLBASELL INDUSTRIES N | SHS - A - | N53745100 | BBG001T8LMY9 | 527916 | 10765 | SH |  | SOLE |  | 10765 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG001S5T2S9 | 168000 | 30000 | SH | Call | SOLE |  | 30000 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG001S5T2S9 | 50750 | 10000 | SH | Put | SOLE |  | 10000 | 0 | 0 |
| MR COOPER GROUP INC | COM | 62482R107 | BBG002V09956 | 10284233 | 48789 | SH |  | SOLE |  | 48789 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 637500 | 2000 | SH | Call | SOLE |  | 2000 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 23680 | 3200 | SH | Put | SOLE |  | 3200 | 0 | 0 |
| NEW FORTRESS ENERGY INC | COM CL A | 644393100 | BBG00MJH9M32 | 301385 | 1722200 | SH | Put | SOLE |  | 1722200 | 0 | 0 |
| NIO INC | NOTE 4.625%10/1 | 62914VAK2 |  | 4571850 | 4350 | PRN |  | SOLE |  | 4350 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 | BBG00LBLDFH8 | 1338063 | 39500 | SH | Call | SOLE |  | 39500 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 | BBG00LBLDFH8 | 23800 | 40000 | SH | Put | SOLE |  | 40000 | 0 | 0 |
| RELX PLC | SPONSORED ADR | 759530108 | BBG001S898V8 | 443404 | 9284 | SH |  | SOLE |  | 9284 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 | BBG001V1Y6Z1 | 256401 | 1851 | SH |  | SOLE |  | 1851 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 | BBG001V1Y6Z1 | 4675 | 11000 | SH | Put | SOLE |  | 11000 | 0 | 0 |
| RYANAIR HOLDINGS PLC | SPONSORED ADR | 783513203 | BBG001SB07J6 | 10147672 | 168510 | SH |  | SOLE |  | 168510 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 | BBG001S5VXD4 | 554585 | 5809 | SH |  | SOLE |  | 5809 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 | BBG001S5VXD4 | 37170 | 31500 | SH | Put | SOLE |  | 31500 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 | BBG001T4JFC0 | 1212009 | 1317 | SH |  | SOLE |  | 1317 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 | BBG001T4JFC0 | 337875 | 1500 | SH | Put | SOLE |  | 1500 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 | BBG004DW5NC7 | 1634710 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 2462000 | 200000 | SH | Call | SOLE |  | 200000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 69300 | 20000 | SH | Put | SOLE |  | 20000 | 0 | 0 |
| SPDR SERIES TRUST | S BIOTECH | 78464A870 | BBG001SQDKG3 | 35300 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| SPDR SERIES TRUST | S BIOTECH | 78464A870 | BBG001SQDKG3 | 146000 | 20000 | SH | Put | SOLE |  | 20000 | 0 | 0 |
| TARGET CORP | COM | 87612E106 | BBG001SC0K41 | 556250 | 25000 | SH | Call | SOLE |  | 25000 | 0 | 0 |
| TARGET CORP | COM | 87612E106 | BBG001SC0K41 | 19525 | 27500 | SH | Put | SOLE |  | 27500 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 | BBG00629NGW8 | 931190 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 | BBG00629NGW8 | 1353000 | 20500 | SH | Put | SOLE |  | 20500 | 0 | 0 |
| TXNM ENERGY INC | COM | 69349H107 | BBG001S5V9J1 | 2375100 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| UNITY SOFTWARE INC | COM | 91332U101 | BBG0056JW5H5 | 1570000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| UNITY SOFTWARE INC | COM | 91332U101 | BBG0056JW5H5 | 20500 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 | BBG001SB54S8 | 16058257 | 465997 | SH |  | SOLE |  | 465997 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 | BBG001SB54S8 | 5205000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 | BBG001SB54S8 | 624490 | 19700 | SH | Put | SOLE |  | 19700 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 | BBG011386VG3 | 1373750 | 175000 | SH | Call | SOLE |  | 175000 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 | BBG011386VG3 | 24150 | 210000 | SH | Put | SOLE |  | 210000 | 0 | 0 |
| WOODSIDE ENERGY GROUP LTD | SPONSORED ADR | 980228308 | BBG001S5WCY6 | 522955 | 34317 | SH |  | SOLE |  | 34317 | 0 | 0 |
| WOORI FINL GROUP INC | SPONSORED ADS | 981064108 | BBG00MYXJJT8 | 273338 | 4868 | SH |  | SOLE |  | 4868 | 0 | 0 |
| XAI OCTAGN FLT RAT  ALT INM | COM | 98400T106 | BBG00HMS4SD6 | 502546 | 94820 | SH |  | SOLE |  | 94820 | 0 | 0 |
| XPENG INC | ADS | 98422D105 | BBG00WKJG3N6 | 739459 | 30887 | SH |  | SOLE |  | 30887 | 0 | 0 |

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