UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
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:
TB Alternative Assets Ltd.
Address:
2001, AGRICULTURAL BANK OF CHINA TOWER
50 CONNAUGHT ROAD CENTRAL, CENTRAL
HONG KONG, K3 00000
Form 13F File Number:
028-13681

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
Title:
Director
Phone:
(852) 3727-0300


Signature, Place, and Date of Signing:

/s/ Shujun Li
                         [Signature]
Hong Kong, HONG KONG
                 [City, State]
07-16-2025
                           [Date]
                          

Report Type (Check only one.):

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

☐ 13F NOTICE. (Check here if no holdings reported are 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:
41
Form 13F Information table Value Total:
540035934
          (thousands)

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


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AGNICO EAGLE MINES LTDCOM00847410840,628,510341,617SHDFND341,617 0 0
ALNYLAM PHARMACEUTICALS INCCOM02043Q107410,5471,259SHDFND1,259 0 0
ALPHABET INC CAP STK CL CCAP STK CL C02079K10753,577,456302,032SHDFND302,032 0 0
AMAZON COM INCCOM02313510614,235,12064,885SHDFND64,885 0 0
ASML HOLDING N V N Y REGISTRY SHSN Y REGISTRY SHSN0705921029,045,57936,244SHDFND36,244 0 0
BILIBILI INC SPONS ADS REP ZSPONS ADS REP Z0900401062,052,40095,683SHDFND95,683 0 0
BIONTECH SE SPONSORED ADSSPONSORED ADS09075V1023,078,79328,917SHDFND28,917 0 0
BOEING COCOM0970231051,791,4828,550SHDFND8,550 0 0
CENTRUS ENERGY CORP CL ACL A15643U1047,639,88841,707SHDFND41,707 0 0
CIRCLE INTERNET GROUP INC COM CL ACOM CL A172573107362,5802,000SHDFND2,000 0 0
CLEVELAND-CLIFFS INC NEWCOM1858991012,537,541333,887SHDFND333,887 0 0
CNH INDL N VSHSN20944109672,61151,899SHDFND51,899 0 0
COINBASE GLOBAL INC COM CL ACOM CL A19260Q10741,002,423116,986SHDFND116,986 0 0
CONSTELLATION ENERGY CORPCOM21037T10952,916,179163,949SHDFND163,949 0 0
DEERE & COCOM244199105703,7501,384SHDFND1,384 0 0
DIREXION SHS ETF TR DL FTSE BULL 3XDL FTSE BULL 3X25460G1955,055,252123,359SHDFND123,359 0 0
EBAY INC.COM27864210313,713,224184,169SHDFND184,169 0 0
ELI LILLY & COCOM532457108459,923590SHDFND590 0 0
FULL TRUCK ALLIANCE CO LTD SPONSORED ADSSPONSORED ADS35969L1086,264,662530,454SHDFND530,454 0 0
GOLDMAN SACHS GROUP INCCOM38141G1041,415,5002,000SHDFND2,000 0 0
GRAYSCALE BITCOIN TRUST ETF SHS REP COM UTSHS REP COM UT38963710919,907,480234,675SHDFND234,675 0 0
INTEL CORPCOM45814010044,927,8142,005,706SHDFND2,005,706 0 0
KE HLDGS INC SPONSORED ADSSPONSORED ADS4824971044,713,713265,711SHDFND265,711 0 0
META PLATFORMS INC CL ACL A30303M10239,932,88354,103SHDFND54,103 0 0
MICRON TECHNOLOGY INCCOM5951121034,916,93639,894SHDFND39,894 0 0
MODERNA INCCOM60770K10734,789,6931,260,953SHDFND1,260,953 0 0
MOGU INC-ADRSPON ADS6080123081,466,267689,100SHDFND689,100 0 0
NEBIUS GROUP N.V. SHS CLASS ASHS CLASS AN97284108236,2594,270SHDFND4,270 0 0
NETEASE INC SPONSORED ADSSPONSORED ADS64110W1022,771,67520,595SHDFND20,595 0 0
NUSCALE PWR CORP CL A COMCL A COM67079K1003,174,17680,237SHDFND80,237 0 0
PDD HOLDINGS INC SPONSORED ADSSPONSORED ADS72230410222,280,858212,888SHDFND212,888 0 0
REGENERON PHARMACEUTICALSCOM75886F1071,657,9503,158SHDFND3,158 0 0
SO-YOUNG INTERNATIONAL-ADRSPONSORED ADS83356Q1089,510,4063,067,873SHDFND3,067,873 0 0
SPORTRADAR GROUP AG CLASS A ORD SHSCLASS A ORD SHSH8088L1037,883,994280,769SHDFND280,769 0 0
SPOTIFY TECHNOLOGY S ASHSL8681T102613,872800SHDFND800 0 0
TAL EDUCATION GROUP SPONSORED ADSSPONSORED ADS8740801044,648,056454,800SHDFND454,800 0 0
TENCENT MUSIC ENTMT GROUP SPON ADSSPON ADS88034P1092,095,175107,500SHDFND107,500 0 0
UNITEDHEALTH GROUP INCCOM91324P1025,259,50216,859SHDFND16,859 0 0
YUNJI INC-ADRSPONSORED ADS A98873N30566,43532,250SHDFND32,250 0 0
ZILLOW GROUP INC CL C CAP STKCL C CAP STK98954M20050,152,368715,951SHDFND715,951 0 0
ZTO EXPRESS CAYMAN INC SPONSORED ADS ASPONSORED ADS A98980A1051,467,00282,648SHDFND82,648 0 0