A trillion-dollar giant, significantly increasing its holdings!

【Introduction】 Hillhouse’s Q4 2025 Holdings Revealed: Increased Positions in Pinduoduo, Alibaba, and More

Billions-Scale Giant’s “Rebalancing” Exposed!

Recently, HHLR Advisors, a fund management platform under Hillhouse focused on secondary market investments, published its U.S. stock holdings report as of the end of Q4 2025.

Data shows that at the end of Q4, HHLR Advisors held a total of 33 stocks, with a total market value of $3.104 billion, a decrease of 24% quarter-over-quarter.

Specifically, in Q4, HHLR Advisors increased holdings in Alibaba, Pinduoduo, TSMC, and others; initiated a position in the iShares Bitcoin ETF; reduced holdings in Futu and Webull; and completely sold off Baidu, NetEase, and others.

Chinese Concept Stocks Remain Core Holdings

Increased Positions in Alibaba, Pinduoduo, and Others

According to the 13F filing, as of the end of 2025, Chinese concept stocks still constitute HHLR Advisors’ core assets. Among the top ten holdings, Chinese stocks occupy seven spots, accounting for 92% of the portfolio’s value. The holdings are further concentrated in leading internet e-commerce, biopharmaceuticals, and fintech sectors.

Specifically, HHLR Advisors’ top ten holdings are Pinduoduo, Alibaba, BeiGene, Futu Holdings, Legend Biotech, ARRIVENT BIOPHARMA INC, KE Holdings, Webull Corp, Cytek Biosciences Inc., and Clearwater Analytics Holdings I.

In terms of increased positions, the two leading Chinese e-commerce giants became the focus of this rebalancing, with significant growth in holdings.

Pinduoduo (PDD), as HHLR’s largest position, continued to be heavily increased this quarter, with shares rising from 8.59 million to 10.72 million. Compared to Q3 last year, an increase of 2.13 million shares, the position’s market value rose from $1.136 billion to $1.216 billion, making up 39% of the portfolio, up from 28%.

Alibaba (BABA), the second-largest holding, also saw a substantial increase, with shares rising from 3.289 million to 5.43 million. Its market value increased from $588 million to $796 million, and its portfolio share jumped from 14.4% to 26%, solidifying its core position.

Notably, only Pinduoduo and Alibaba together account for 65% of HHLR’s portfolio, forming a “dual core” in the investment mix.

Increased TSMC Holdings

“New Entry” in Bitcoin ETF

Beyond core Chinese e-commerce stocks, HHLR also diversified into hardware technology and emerging assets last quarter.

TSMC (TSM) saw a slight increase, ending the quarter with 11,300 shares valued at $3.434 million.

HHLR also added a small position in Alphabet (GOOGL), the parent company of Google, with 7,300 shares.

Additionally, HHLR ventured into digital assets by initiating a position in the iShares Bitcoin ETF (IBIT), demonstrating its willingness to explore emerging investment directions.

In Q4, BeiGene remained the third-largest holding, with Legend Biotech, Arrivent BioPharma, and others continuing to rank among the top ten, reflecting HHLR’s commitment to the innovative drug development sector.

Positions in biotech companies like Cytek, Gossamer Bio, Maze Therapeutics, and others remained relatively stable, with little change in the overall pharmaceutical sector allocation.

Reduced Holdings in Futu and Webull

Complete Dispositions of Baidu, NetEase, and Others

Contrasting sharply with the increased holdings, HHLR decisively reduced or completely sold off non-core stocks last quarter.

By the end of last quarter, HHLR held 1.63 million shares of Futu Holdings, nearly halving from 3.238 million shares at the end of Q3 last year. Its market value dropped from $563 million to $268 million, with the portfolio share decreasing from 14% to 8.6%.

HHLR held 5.97 million shares of Webull, almost a complete liquidation compared to 33.08 million shares at the end of Q3 last year.

Additionally, holdings in Baidu (BIDU), NetEase (NTES), Manbang (YMM), Donghai Group (SE), and Bester Education (BEDU) were fully sold off.

Produced by Xiao Mo