Gao Ling, Major Portfolio Rebalancing

On February 18th, HHLR Advisors, a fund management platform under Hillhouse focused on secondary market investments, announced its U.S. stock holdings as of the end of Q4 2025.

Data shows that by the end of 2025, HHLR held a total of 33 listed U.S. companies, with Chinese concept stocks remaining its core allocation assets. In terms of portfolio adjustments, HHLR significantly increased its holdings in Alibaba and Pinduoduo last year, while reducing positions in NetEase, Futu Holdings, and others, further concentrating its holdings in e-commerce giants, biopharmaceuticals, and technology sectors.

Chinese Concept Stocks Still a “Favorite”

Data indicates that as of the end of 2025, Chinese concept stocks remained HHLR’s core assets, accounting for 92% of its market value. Moreover, as of the end of last year, HHLR’s top ten holdings included Pinduoduo, Alibaba, BeiGene, Futu Holdings, Legend Biotech, ARRIVENT BIOPHARMA INC, KE Holdings, WEBULL CORP, CYTEK BIOSCIENCES INC, and CLEARWATER ANALYTICS HLDGS I, with seven of them being Chinese concept stocks.

Three Major Private Equity Giants Increase Pinduoduo Holdings

From the portfolio adjustments, Hillhouse’s increased stake in Pinduoduo aligns with the moves by Jinglin Capital and Gao Yi Capital.

According to filings with the U.S. Securities and Exchange Commission, as of the end of 2025, HHLR held 10.721 million shares of Pinduoduo, an increase of 2.129 million shares from the third quarter of last year.

Coincidentally, SEC filings also show that Gao Yi Capital held 1.333 million shares of Pinduoduo as of the end of last year, a substantial increase of 629,000 shares from the third quarter. Jinglin Capital also added over 600,000 shares in the fourth quarter of last year, as a private equity firm with a valuation in the hundreds of billions.

In terms of performance, Pinduoduo achieved revenue of 108.28 billion RMB in the third quarter last year, a year-over-year increase of 9%, with its revenue growth rate falling into the single digits for the first time. Amid this backdrop, Pinduoduo’s stock price experienced a correction, declining over 14% in the fourth quarter. The increased positions by Hillhouse, Jinglin, and Gao Yi in the fourth quarter suggest a bottom-fishing strategy.

Meanwhile, Alibaba also saw a notable increase from HHLR in the fourth quarter, with holdings rising from 3.29 million shares to 5.43 million shares, and the market value of its holdings increasing from $588 million to $796 million, making it the second-largest U.S. stock position in HHLR’s portfolio, reflecting Hillhouse’s strong preference for the e-commerce sector.

In terms of reductions, as of the end of last year’s fourth quarter, HHLR held 1.63 million shares of Futu Holdings, nearly halving from 3.238 million shares in the third quarter. It also reduced its Webull holdings from 33.08 million shares to 5.97 million shares, nearly a complete divestment. Additionally, HHLR completely exited positions in NetEase, Baidu, Manbang, Donghai Group, and Bright Scholar during the fourth quarter.

Maintaining Focus on Technology

Beyond e-commerce giants, Hillhouse also shows interest in the technology sector.

Data indicates that in the fourth quarter last year, HHLR modestly increased its holdings in Google, ending with 7,300 shares. Notably, as of the end of last year, Jinglin Capital held 2.69 million shares of Google, an increase of 926,000 shares from the third quarter. Additionally, Dongfang Harbor Overseas Fund, managed by Bin, actively increased its Google holdings in the fourth quarter, ending with 1.2935 million shares, up 405,500 shares from the third quarter.

Furthermore, HHLR bought into semiconductor company TSMC in the fourth quarter, ending with 11,300 shares valued at approximately $3.434 million.

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