# EDGAR Filing Document

**Accession Number:** 0001483503
**File Stem:** 0001193125-26-157768
**Filing Date:** 2026-4
**Character Count:** 7842
**Document Hash:** c218b8f98c3d06e85708c46a5fdd28a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-157768.hdr.sgml**: 20260416

**ACCESSION NUMBER**: 0001193125-26-157768

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260416

**DATE AS OF CHANGE**: 20260416

**EFFECTIVENESS DATE**: 20260416

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TB Alternative Assets Ltd.
- **CENTRAL INDEX KEY:** 0001483503

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13681
- **FILM NUMBER:** 26865549

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O MAPLES CORPORATE SERVICES LIMITED
- **STREET 2:** UGLAND HOUSE
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **BUSINESS PHONE:** 852-3727-0300

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2001, AGRICULTURAL BANK OF CHINA TOWER
- **STREET 2:** 50 CONNAUGHT ROAD CENTRAL, CENTRAL
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** TB Alternative Assets Ltd.<br>**Address:** 2001 AGRICULTURAL BANK OF CHINA TOWER<br>50 CONNAUGHT ROAD CENTRAL CENTRAL<br>HONG KONG, K3 00000

**Form 13F File Number:** 028-13681

**CRD Number (if applicable):** 000162014

**SEC File Number (if applicable):** 801-100451

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:** Shujun Li<br>**Title:** Director<br>**Phone:** (852) 3727-0300

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

/s/ Shujun Li  Hong Kong, K3  04-15-2026<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:** 36

**Form 13F Information Table Value Total:** $481084856

      (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 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 20312818 | 100073 | SH |  | DFND |  | 100073 | 0 | 0 |
| ALPHABET INC CAP STK CL C | CAP STK CL C | 02079K107 |  | 24010182 | 83700 | SH |  | DFND |  | 83700 | 0 | 0 |
| AXT INC | COM | 00246W103 |  | 556125 | 9760 | SH |  | DFND |  | 9760 | 0 | 0 |
| CENTRUS ENERGY CORP CL A | CL A | 15643U104 |  | 19070597 | 109860 | SH |  | DFND |  | 109860 | 0 | 0 |
| CF INDUSTRIES HOLD | COM | 125269100 |  | 1375006 | 10590 | SH |  | DFND |  | 10590 | 0 | 0 |
| CHENIERE ENERGY INC COM NEW | COM NEW | 16411R208 |  | 9070672 | 31966 | SH |  | DFND |  | 31966 | 0 | 0 |
| CHEWY INC CL A | CL A | 16679L109 |  | 1387044 | 51372 | SH |  | DFND |  | 51372 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 3492859 | 12508 | SH |  | DFND |  | 12508 | 0 | 0 |
| DIREXION SHARES ETF TRUST DAILY MSCI SOUTH | DAILY MSCI SOUTH | 25461A387 |  | 2353366 | 8283 | SH |  | DFND |  | 8283 | 0 | 0 |
| ENERGY TRANSFER L P COM UT LTD PTN | COM UT LTD PTN | 29273V100 |  | 4844416 | 251006 | SH |  | DFND |  | 251006 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L P | COM | 293792107 |  | 2438826 | 64451 | SH |  | DFND |  | 64451 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 4906326 | 77095 | SH |  | DFND |  | 77095 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 13513928 | 79653 | SH |  | DFND |  | 79653 | 0 | 0 |
| FIGURE TECHNOLOGY SOLUTIO COM CL A | COM CL A | 349381103 |  | 33862850 | 997433 | SH |  | DFND |  | 997433 | 0 | 0 |
| FULL TRUCK ALLIANCE CO LTD SPONSORED ADS | SPONSORED ADS | 35969L108 |  | 3888002 | 468434 | SH |  | DFND |  | 468434 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 12544879 | 284271 | SH |  | DFND |  | 284271 | 0 | 0 |
| LEMONADE INC | COM | 52567D107 |  | 14781072 | 235818 | SH |  | DFND |  | 235818 | 0 | 0 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 1592454 | 2266 | SH |  | DFND |  | 2266 | 0 | 0 |
| META PLATFORMS INC CL A | CL A | 30303M102 |  | 77237550 | 135000 | SH |  | DFND |  | 135000 | 0 | 0 |
| MOGU INC-ADR | SPON ADS | 608012308 |  | 1536693 | 689100 | SH |  | DFND |  | 689100 | 0 | 0 |
| MP MATERIALS CORP COM CL A | COM CL A | 553368101 |  | 6243686 | 129376 | SH |  | DFND |  | 129376 | 0 | 0 |
| NOKIA CORP SPONSORED ADR | SPONSORED ADR | 654902204 |  | 11553231 | 1436969 | SH |  | DFND |  | 1436969 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 33455630 | 514702 | SH |  | DFND |  | 514702 | 0 | 0 |
| PARAMOUNT SKYDANCE CORP COM CL B | COM CL B | 69932A204 |  | 6838883 | 758191 | SH |  | DFND |  | 758191 | 0 | 0 |
| PDD HOLDINGS INC SPONSORED ADS | SPONSORED ADS | 722304102 |  | 34764497 | 340228 | SH |  | DFND |  | 340228 | 0 | 0 |
| PROSHARES TR II ULTRA GOLD | ULTRA GOLD | 74347W601 |  | 42883039 | 697739 | SH |  | DFND |  | 697739 | 0 | 0 |
| PROSHARES TR II ULTRA SILVER NEW | ULTRA SILVER NEW | 74347W353 |  | 3318195 | 27765 | SH |  | DFND |  | 27765 | 0 | 0 |
| PROSHARES TR ULTRAPRO SHORT | ULTRAPRO SHORT | 74350P675 |  | 17787244 | 220987 | SH |  | DFND |  | 220987 | 0 | 0 |
| ROCKET LAB CORP | COM | 773121108 |  | 23068017 | 359203 | SH |  | DFND |  | 359203 | 0 | 0 |
| SO-YOUNG INTERNATIONAL-ADR | SPONSORED ADS | 83356Q108 |  | 8375293 | 3067873 | SH |  | DFND |  | 3067873 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFACT SPONSORED ADS | SPONSORED ADS | 874039100 |  | 9124650 | 27000 | SH |  | DFND |  | 27000 | 0 | 0 |
| TENCENT MUSIC ENTMT GROUP SPON ADS | SPON ADS | 88034P109 |  | 878352 | 94650 | SH |  | DFND |  | 94650 | 0 | 0 |
| TRIP COM GROUP LTD ADS | ADS | 89677Q107 |  | 16227557 | 325920 | SH |  | DFND |  | 325920 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 12767519 | 47184 | SH |  | DFND |  | 47184 | 0 | 0 |
| YOULIFE GROUP INC -ADR | SPONSORED ADS | 98743K101 |  | 974700 | 1000000 | SH |  | DFND |  | 1000000 | 0 | 0 |
| YUNJI INC-ADR | SPONSORED ADS A | 98873N305 |  | 48698 | 32250 | SH |  | DFND |  | 32250 | 0 | 0 |

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