# EDGAR Filing Document

**Accession Number:** 0002069260
**File Stem:** 0002069260-26-000001
**Filing Date:** 2026-2
**Character Count:** 15489
**Document Hash:** ecdf7599c35166b827fc34f3c9176309
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002069260-26-000001.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0002069260-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Capstone Capital Management Ltd
- **CENTRAL INDEX KEY:** 0002069260

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** K3
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 254900LSKSJ0505Q3M42

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-26110
- **FILM NUMBER:** 26605052

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM 4701-02&13, THE CENTER
- **STREET 2:** 99 QUEEN'S ROAD CENTRAL, CENTRAL, HK
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **ZIP:** 000000
- **BUSINESS PHONE:** 852-39129988

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM 4701-02&13, THE CENTER
- **STREET 2:** 99 QUEEN'S ROAD CENTRAL, CENTRAL, HK
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **ZIP:** 000000

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** Capstone Capital Management Ltd<br>**Address:** ROOM 4701-0213 THE CENTER<br>99 QUEEN'S ROAD CENTRAL CENTRAL HK<br>HONG KONG, K3 000000

**Form 13F File Number:** 028-26110

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:** NIU XIAO<br>**Title:** Director<br>**Phone:** 85295656746

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

NIU XIAO  Hong Kong, K3  02-06-2026<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:** 108

**Form 13F Information Table Value Total:** $104124478

      (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 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 | BBG00L2B8KW8 | 260026 | 1605 | SH |  | SOLE |  | 1605 | 0 | 0 |
| NVR INC | COM | 62944T105 | BBG000BQBYR3 | 999109 | 137 | SH |  | SOLE |  | 137 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 | BBG000BXMFC3 | 246843 | 305 | SH |  | SOLE |  | 305 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 | BBG000C1S2X2 | 219426 | 484 | SH |  | SOLE |  | 484 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG000MM2P62 | 545234 | 826 | SH |  | SOLE |  | 826 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 | BBG000BFL116 | 256789 | 983 | SH |  | SOLE |  | 983 | 0 | 0 |
| ADOBE INC | COM | 00724F101 | BBG000BB5006 | 314991 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG000F6H8W8 | 763171 | 885 | SH |  | SOLE |  | 885 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 | BBG000BPPN67 | 250937 | 967 | SH |  | SOLE |  | 967 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 | BBG000BN2DC2 | 743867 | 2808 | SH |  | SOLE |  | 2808 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG000CH5208 | 330110 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 | BBG000BFGNJ5 | 914993 | 2301 | SH |  | SOLE |  | 2301 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 | BBG00DYNJGH9 | 328852 | 1604 | SH |  | SOLE |  | 1604 | 0 | 0 |
| NUTEX HEALTH INC | COM | 67079U306 | BBG000PQN2M0 | 282323 | 1715 | SH |  | SOLE |  | 1715 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG000BVPV84 | 399088 | 1729 | SH |  | SOLE |  | 1729 | 0 | 0 |
| TESLA INC | COM | 88160R101 | BBG000N9MNX3 | 284673 | 633 | SH |  | SOLE |  | 633 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5S69 | 229118 | 662 | SH |  | SOLE |  | 662 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 | BBG000BV4XJ1 | 978398 | 2008 | SH |  | SOLE |  | 2008 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 | BBG000CGC1X8 | 287706 | 1682 | SH |  | SOLE |  | 1682 | 0 | 0 |
| ROSS STORES INC | COM | 778296103 | BBG000BSBZH7 | 397389 | 2206 | SH |  | SOLE |  | 2206 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB30 | 246961 | 787 | SH |  | SOLE |  | 787 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 | BBG0014GJCT9 | 827795 | 4494 | SH |  | SOLE |  | 4494 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 | BBG000BNFLM9 | 389092 | 2273 | SH |  | SOLE |  | 2273 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 | BBG000M1R011 | 301018 | 1965 | SH |  | SOLE |  | 1965 | 0 | 0 |
| NIKE INC | CL B | 654106103 | BBG000C5HS04 | 267709 | 4202 | SH |  | SOLE |  | 4202 | 0 | 0 |
| LOWES COS INC | COM | 548661107 | BBG000BNDN65 | 599283 | 2485 | SH |  | SOLE |  | 2485 | 0 | 0 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 | BBG000BVWLJ6 | 416131 | 3475 | SH |  | SOLE |  | 3475 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 | BBG000BWSGF4 | 200286 | 2513 | SH |  | SOLE |  | 2513 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 | BBG000BH3GZ2 | 398169 | 2632 | SH |  | SOLE |  | 2632 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 | BBG000BS5170 | 584623 | 2630 | SH |  | SOLE |  | 2630 | 0 | 0 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 | BBG000BWZQL7 | 409265 | 4744 | SH |  | SOLE |  | 4744 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG000B9XRY4 | 794103 | 2921 | SH |  | SOLE |  | 2921 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG000BBQCY0 | 537970 | 2512 | SH |  | SOLE |  | 2512 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 | BBG000BMBL90 | 789638 | 3206 | SH |  | SOLE |  | 3206 | 0 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 | BBG000D8RG11 | 599379 | 3764 | SH |  | SOLE |  | 3764 | 0 | 0 |
| UNITY SOFTWARE INC | COM | 91332U101 | BBG0056JW5G6 | 242007 | 5479 | SH |  | SOLE |  | 5479 | 0 | 0 |
| INSULET CORP | COM | 45784P101 | BBG000R7XX87 | 979491 | 3446 | SH |  | SOLE |  | 3446 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 | BBG000C0LW92 | 580968 | 6093 | SH |  | SOLE |  | 6093 | 0 | 0 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 | BBG00YRJXKB1 | 1041173 | 3625 | SH |  | SOLE |  | 3625 | 0 | 0 |
| BOEING CO | COM | 097023105 | BBG000BCSST7 | 3422897 | 15765 | SH |  | SOLE |  | 15765 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 | BBG000BNSZP1 | 1130831 | 3700 | SH |  | SOLE |  | 3700 | 0 | 0 |
| COREWEAVE INC | COM CL A | 21873S108 | BBG011ZTRJ21 | 344301 | 4808 | SH |  | SOLE |  | 4808 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 | BBG000BW8S60 | 643184 | 3507 | SH |  | SOLE |  | 3507 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 | BBG000BP0KQ8 | 819159 | 4009 | SH |  | SOLE |  | 4009 | 0 | 0 |
| VERISIGN INC | COM | 92343E102 | BBG000BGKHZ3 | 991965 | 4083 | SH |  | SOLE |  | 4083 | 0 | 0 |
| NICE LTD | SPONSORED ADR | 653656108 | BBG000KC17R4 | 488333 | 4320 | SH |  | SOLE |  | 4320 | 0 | 0 |
| XPEL INC | COM | 98379L100 | BBG000R5XCX9 | 227590 | 4560 | SH |  | SOLE |  | 4560 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 | BBG000BWVCP8 | 270495 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| 3M CO | COM | 88579Y101 | BBG000BP52R2 | 794256 | 4961 | SH |  | SOLE |  | 4961 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 | BBG001Y2XS07 | 685793 | 5053 | SH |  | SOLE |  | 5053 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 | BBG000BQLTW7 | 1588322 | 8149 | SH |  | SOLE |  | 8149 | 0 | 0 |
| EBAY INC. | COM | 278642103 | BBG000C43RR5 | 435761 | 5003 | SH |  | SOLE |  | 5003 | 0 | 0 |
| SBA COMMUNICATIONS CORP NEW | CL A | 78410G104 | BBG000D2M0Z7 | 1000420 | 5172 | SH |  | SOLE |  | 5172 | 0 | 0 |
| WILLIAMS SONOMA INC | COM | 969904101 | BBG000FSMWC3 | 960457 | 5378 | SH |  | SOLE |  | 5378 | 0 | 0 |
| LEIDOS HOLDINGS INC | COM | 525327102 | BBG000C23PB0 | 977588 | 5419 | SH |  | SOLE |  | 5419 | 0 | 0 |
| BLOOM ENERGY CORP | COM CL A | 093712107 | BBG000N7KBZ3 | 1152335 | 13262 | SH |  | SOLE |  | 13262 | 0 | 0 |
| TWILIO INC | CL A | 90138F102 | BBG0029ZX840 | 801522 | 5635 | SH |  | SOLE |  | 5635 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 | BBG000BB9KF2 | 945542 | 8200 | SH |  | SOLE |  | 8200 | 0 | 0 |
| PTC INC | COM | 69370C100 | BBG000C2VBB0 | 1002927 | 5757 | SH |  | SOLE |  | 5757 | 0 | 0 |
| LEGEND BIOTECH CORP | SPONSORED ADS | 52490G102 | BBG00TTGH5W4 | 425278 | 19562 | SH |  | SOLE |  | 19562 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 | BBG000BBGGQ1 | 979507 | 6017 | SH |  | SOLE |  | 6017 | 0 | 0 |
| CASTLE BIOSCIENCES INC | COM | 14843C105 | BBG006YWVSR3 | 250749 | 6446 | SH |  | SOLE |  | 6446 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG000CKGBP2 | 792778 | 6459 | SH |  | SOLE |  | 6459 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 | BBG000BSFRF3 | 7618858 | 16220 | SH |  | SOLE |  | 16220 | 0 | 0 |
| FLUENCE ENERGY INC | COM CL A | 34379V103 | BBG012QSDSK6 | 247250 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 | BBG000DSMS70 | 981601 | 7484 | SH |  | SOLE |  | 7484 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 | BBG000BPD168 | 793134 | 7535 | SH |  | SOLE |  | 7535 | 0 | 0 |
| D-WAVE QUANTUM INC | COM | 26740W109 | BBG0192379V9 | 203970 | 7800 | SH |  | SOLE |  | 7800 | 0 | 0 |
| DOLLAR TREE INC | COM | 256746108 | BBG000BSC0K9 | 995520 | 8093 | SH |  | SOLE |  | 8093 | 0 | 0 |
| CORNING INC | COM | 219350105 | BBG000BKFZM4 | 254712 | 2909 | SH |  | SOLE |  | 2909 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 | BBG00LBLDDR2 | 2554677 | 22530 | SH |  | SOLE |  | 22530 | 0 | 0 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 | BBG008NVB1C0 | 669712 | 8735 | SH |  | SOLE |  | 8735 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 | BBG000BGYWY6 | 797449 | 8743 | SH |  | SOLE |  | 8743 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 | BBG000BFQYY3 | 700117 | 8860 | SH |  | SOLE |  | 8860 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 | BBG001R1GCT0 | 270559 | 3339 | SH |  | SOLE |  | 3339 | 0 | 0 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 | BBG008748J88 | 608883 | 8907 | SH |  | SOLE |  | 8907 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG000BD8ZK0 | 1190337 | 3917 | SH |  | SOLE |  | 3917 | 0 | 0 |
| ASTRANA HEALTH INC | COM NEW | 03763A207 | BBG000H7ZK57 | 289558 | 11671 | SH |  | SOLE |  | 11671 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG000BBJQV0 | 3513474 | 18839 | SH |  | SOLE |  | 18839 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 | BBG000JWD753 | 796767 | 12241 | SH |  | SOLE |  | 12241 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 | BBG000BP6LJ8 | 712101 | 12350 | SH |  | SOLE |  | 12350 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 | BBG000BHVSG6 | 1965960 | 12700 | SH |  | SOLE |  | 12700 | 0 | 0 |
| AFFIRM HLDGS INC | COM CL A | 00827B106 | BBG00Y7BP8Y1 | 985528 | 13241 | SH |  | SOLE |  | 13241 | 0 | 0 |
| SUMMIT THERAPEUTICS INC | COM | 86627T108 | BBG00X3GQL76 | 493043 | 28190 | SH |  | SOLE |  | 28190 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 | BBG000BH3F20 | 978507 | 16554 | SH |  | SOLE |  | 16554 | 0 | 0 |
| BARCLAYS BANK PLC | IPATH S 500 SH | 06748M196 | BBG00JQ5JWB5 | 1792019 | 67700 | SH |  | SOLE |  | 67700 | 0 | 0 |
| TOAST INC | CL A | 888787108 | BBG00BTJVK94 | 979153 | 27574 | SH |  | SOLE |  | 27574 | 0 | 0 |
| SAMSARA INC | COM CL A | 79589L106 | BBG0099PW5P1 | 979235 | 27623 | SH |  | SOLE |  | 27623 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 | BBG000N2HDY5 | 1299162 | 9915 | SH |  | SOLE |  | 9915 | 0 | 0 |
| PROSHARES TR | ULTRAPRO SHORT S | 74349Y845 | BBG000N2ZYJ6 | 496703 | 9990 | SH |  | SOLE |  | 9990 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 | BBG000D2KQ55 | 2852091 | 29700 | SH |  | SOLE |  | 29700 | 0 | 0 |
| ZEPP HEALTH CORPORATION | SPONSORED ADR | 98945L204 | BBG00JRGVY59 | 298253 | 11071 | SH |  | SOLE |  | 11071 | 0 | 0 |
| AES CORP | COM | 00130H105 | BBG000C23KJ3 | 540618 | 37700 | SH |  | SOLE |  | 37700 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 | BBG00629NGT2 | 525253 | 13837 | SH |  | SOLE |  | 13837 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 | BBG000BJ20S2 | 1976182 | 44200 | SH |  | SOLE |  | 44200 | 0 | 0 |
| PROSHARES TR | ULTRAPRO SHT QQQ | 74347G192 | BBG000QBB5Z4 | 1171693 | 17105 | SH |  | SOLE |  | 17105 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | COM CL A | 76954A103 | BBG00741Y1N2 | 966145 | 49018 | SH |  | SOLE |  | 49018 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y308 | BBG000BJ10N8 | 3814088 | 49100 | SH |  | SOLE |  | 49100 | 0 | 0 |
| BLUE OWL CAPITAL INC | COM CL A | 09581B103 | BBG00XV417R8 | 793105 | 53086 | SH |  | SOLE |  | 53086 | 0 | 0 |
| NAVITAS SEMICONDUCTOR CORP | COM | 63942X106 | BBG00YQ6KTL4 | 311790 | 43668 | SH |  | SOLE |  | 43668 | 0 | 0 |
| BITMINE IMMERSION TECNOLOGIE | COM NEW | 09175A206 | BBG000BWFL03 | 532710 | 19621 | SH |  | SOLE |  | 19621 | 0 | 0 |
| FRONTIER GROUP HLDGS INC | COM | 35909R108 | BBG00GCTTK65 | 268729 | 57055 | SH |  | SOLE |  | 57055 | 0 | 0 |
| SHARPLINK GAMING INC | COM NEW | 820014405 | BBG01KB9ZVR6 | 179310 | 20057 | SH |  | SOLE |  | 20057 | 0 | 0 |
| LITHIUM AMERS CORP NEW | COM SHS | 53681J103 | BBG01JLDH7S1 | 101858 | 23362 | SH |  | SOLE |  | 23362 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 | BBG000Q123R0 | 7845874 | 78553 | SH |  | SOLE |  | 78553 | 0 | 0 |
| INTEL CORP | COM | 458140100 | BBG000C0G1D1 | 8094089 | 219352 | SH |  | SOLE |  | 219352 | 0 | 0 |
| FARADAY FUTURE INTLGT ELEC I | COM NEW CL A | 307359885 | BBG00W4M4KW2 | 62896 | 61663 | SH |  | SOLE |  | 61663 | 0 | 0 |
| DIREXION SHS ETF TR | DAILY SEMICONDUC | 25460G112 | BBG000QFMLC3 | 251715 | 80420 | SH |  | SOLE |  | 80420 | 0 | 0 |

---