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:
03-31-2025
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:
TB Alternative Assets Ltd.
Address:
2001, AGRICULTURAL BANK OF CHINA TOWER
50 CONNAUGHT ROAD CENTRAL, CENTRAL
HONG KONG, K3 NA
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]
04-14-2025
                           [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:
44
Form 13F Information table Value Total:
430442965
          (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
ALNYLAM PHARMACEUTICALS INC ALNY USCOM02043Q1072,475,5439,168SHDFND9,168 0 0
ALPHABET INC-CL C GOOG USCAP STK CL C02079K10730,615,612195,965SHDFND195,965 0 0
AMAZON.COM INC AMZN USCOM02313510612,345,02064,885SHDFND64,885 0 0
APPLOVIN CORP-CLASS A APP USCOM CL A03831W1081,700,5776,418SHDFND6,418 0 0
ASML HOLDING NV-NY REG SHS ASML USN Y REGISTRY SHSN0705921027,836,42442,009SHDFND42,009 0 0
BILIBILI INC-SPONSORED ADR BILI USSPONS ADS REP Z0900401061,828,50295,683SHDFND95,683 0 0
BIONTECH SE-ADR BNTX USSPONSORED ADS09075V1023,550,97638,996SHDFND38,996 0 0
BOEING CO/THE BA USCOM09702310530,603,321179,439SHDFND179,439 0 0
CELESTICA INC CLS USCOM15101Q2071,403,44817,808SHDFND17,808 0 0
CENTRUS ENERGY CORP-CLASS A LEU USCL A15643U1049,012,612144,874SHDFND144,874 0 0
CNH INDUSTRIAL NV CNH USSHSN209441091,274,639103,798SHDFND103,798 0 0
CONSTELLATION ENERGY CEG USCOM21037T10938,732,518192,097SHDFND192,097 0 0
DEERE & CO DE USCOM2441991051,299,1612,768SHDFND2,768 0 0
DIREXION DAILY TSLA BULL 2X TSLL USDAILY TSLA 2X SH25460G2862,196,854230,762SHDFND230,762 0 0
DIREXION DLY SM CAP BULL 3X TNA USDLY SMCAP BULL3X25459W8473,777,642129,106SHDFND129,106 0 0
DRX DLY FTSE CHINA BULL 3X YINN USDL FTSE BULL 3X25460G1956,652,534160,418SHDFND160,418 0 0
EBAY INC EBAY USCOM2786421034,314,60463,703SHDFND63,703 0 0
ELI LILLY & CO LLY USCOM532457108487,287590SHDFND590 0 0
FULL TRUCK ALLIANCE -SPN ADR YMM USSPONSORED ADS35969L1086,773,898530,454SHDFND530,454 0 0
GRAYSCALE BITCOIN TRUST ETF GBTC USSHS REP COM UT38963710918,912,530290,203SHDFND290,203 0 0
KE HOLDINGS INC-ADR BEKE USSPONSORED ADS4824971045,338,134265,711SHDFND265,711 0 0
META PLATFORMS INC-CLASS A META USCL A30303M10234,906,09160,563SHDFND60,563 0 0
MICRON TECHNOLOGY INC MU USCOM5951121036,932,77979,788SHDFND79,788 0 0
MODERNA INC MRNA USCOM60770K10718,494,775652,373SHDFND652,373 0 0
MOGU INC-ADRSPON ADS6080123081,522,911689,100SHDFND689,100 0 0
NEBIUS GROUP NV NBIS USSHS CLASS AN972841082,957,300140,090SHDFND140,090 0 0
NETEASE INC-ADR NTES USSPONSORED ADS64110W1022,119,63720,595SHDFND20,595 0 0
NUSCALE POWER CORP SMR USCL A COM67079K1005,938,180419,363SHDFND419,363 0 0
NVIDIA CORP NVDA USCOM67066G1048,386,55377,381SHDFND77,381 0 0
PDD HOLDINGS INC PDD USSPONSORED ADS72230410223,656,626199,887SHDFND199,887 0 0
PROSHARES ULTRAPRO QQQ TQQQ USULTRAPRO QQQ74347X83126,494,775462,387SHDFND462,387 0 0
REGENERON PHARMACEUTICALS REGN USCOM75886F1072,002,8983,158SHDFND3,158 0 0
SNAP INC - A SNAP USCL A83304A1068,915,9831,023,649SHDFND1,023,649 0 0
SNOWFLAKE INC-CLASS A SNOW USCL A8334451095,211,91935,659SHDFND35,659 0 0
SO-YOUNG INTERNATIONAL-ADRSPONSORED ADS83356Q1082,546,6413,067,873SHDFND3,067,873 0 0
SPOTIFY TECHNOLOGY SA SPOT USSHSL8681T102440,024800SHDFND800 0 0
SUPER MICRO COMPUTER INC SMCI USCOM NEW86800U3028,726,475254,862SHDFND254,862 0 0
TAIWAN SEMICONDUCTOR-SP ADR TSM USSPONSORED ADS8740391006,490,26839,098SHDFND39,098 0 0
TENCENT MUSIC ENTERTAINM-ADR TME USSPON ADS88034P1091,549,075107,500SHDFND107,500 0 0
TRADE DESK INC/THE -CLASS A TTD USCOM CL A88339J1054,990,62891,203SHDFND91,203 0 0
WALT DISNEY CO/THE DIS USCOM2546871066,191,25462,728SHDFND62,728 0 0
YUNJI INC-ADRSPONSORED ADS A98873N30554,80632,250SHDFND32,250 0 0
ZILLOW GROUP INC - C Z USCL C CAP STK98954M20039,141,795570,913SHDFND570,913 0 0
ZTO EXPRESS CAYMAN INC-ADR ZTO USSPONSORED ADS A98980A1051,639,73682,648SHDFND82,648 0 0