Core Viewpoint - HHLR Advisors, a fund management platform under Hillhouse Capital, revealed its U.S. stock holdings as of the end of Q2 2025, showing a total market value of $3.10 billion, a decrease from $3.54 billion in the previous quarter, with a continued focus on Chinese stocks, particularly Pinduoduo, which remains the largest holding [2][3][5]. Holdings Summary - HHLR's U.S. stock holdings are primarily concentrated in Chinese stocks, accounting for over 90% of the portfolio, reflecting a long-term optimism towards quality Chinese assets [5][7]. - In Q2 2025, HHLR made two new purchases, added to two existing positions, sold out of 15 stocks, and reduced holdings in nine stocks [5][6]. - The top ten holdings represent 90.28% of the total portfolio, indicating a high concentration in key sectors such as internet technology, consumer goods, and biopharmaceuticals [5][6]. Major Holdings - Pinduoduo remains the largest holding with an increase of 414,200 shares, bringing the total to 6.9768 million shares, valued at $730 million, which constitutes 11.52% of the portfolio [6][7]. - Futu Holdings also saw an increase in holdings to 4.3122 million shares, valued at $533 million, with a year-to-date increase of over 118% [7]. - Webull Corporation (微牛证券) entered the top ten holdings for the first time, with 33.0808 million shares valued at $39.564 million, following its NASDAQ listing in April 2025 [7]. Reductions in Holdings - HHLR reduced its positions in Alibaba, Beike, and NetEase, selling 2.7581 million shares of Alibaba, bringing the total to 1.1497 million shares, valued at $130 million [9]. - The firm also decreased its holdings in Beike by 4.5079 million shares and in NetEase to 1.6637 million shares, reflecting a strategy to lock in profits amid rising stock prices [9]. - Other notable reductions included JD.com, Yatsen Holding, and Vipshop, with complete sell-offs of companies like Baidu and Trip.com [9].

Core Viewpoint - HHLR Advisors continues to show strong confidence in Chinese quality assets, with over 90% of its holdings in Chinese concept stocks in Q2 [3][4]. Holdings Overview - As of June 30, HHLR held 36 US stocks with a total market value of approximately $3.1 billion, a decrease of about 12% from the previous quarter [3][5]. - Pinduoduo remains the largest holding, accounting for 24% of the portfolio, followed by Futu Holdings at 17% and Webull Corp. (Class A) at 13% [5][6]. Increased and Decreased Positions - HHLR increased its stake in Pinduoduo by 410,000 shares to nearly 6.97 million shares, valued at $730 million [5]. - The firm also significantly increased its position in Webull Corp. (Class A), purchasing 33.08 million shares, valued at nearly $400 million [5][6]. - HHLR reduced its holdings in Alibaba by approximately 2.76 million shares, bringing its total to 1.15 million shares, valued at $130 million [9][11]. Sector Focus - The portfolio remains heavily concentrated in Chinese technology and consumer sectors, with major positions in companies like Pinduoduo, Futu Holdings, and NetEase [4][6]. - HHLR has exited several positions in the travel and consumer sectors, including Trip.com, Baidu, and Yum China, indicating a strategic shift away from these areas [7][9]. Notable Changes in Holdings - HHLR completely exited five companies, primarily in the travel and consumer sectors, including Trip.com and Baidu, with Trip.com seeing a reduction of nearly 938,842 shares [7][8]. - Despite significant reductions, Alibaba remains one of the top five holdings, although its position has been notably decreased [9][11].

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, disclosed its US stock holdings as of Q2 2025, managing over $3.1 billion in assets with a concentration of over 90% in its top ten holdings, primarily in Chinese concept stocks [1][2] Group 1: Major Holdings - The largest holding is Pinduoduo, with 6,976,804 shares valued at approximately $730.19 million, representing 21.94% of the portfolio. Hillhouse increased its position by about 414,228 shares, a 6.31% increase from the previous quarter [1][3] - The second-largest holding is Futu, with 4,312,237 shares valued at around $532.95 million, accounting for 12.46% of the portfolio. Hillhouse also increased its stake in Futu, although the increase was modest [2][3] Group 2: Financial Performance of Futu - Futu's Q1 revenue was HKD 4.695 billion (approximately $603 million), reflecting an 81.1% year-over-year growth. The net profit under Non-GAAP was HKD 2.217 billion (approximately $285 million), up 97.7% year-over-year [4] - Futu's Q1 trading commissions and fees revenue was HKD 2.31 billion (approximately $297 million), a 113.5% year-over-year increase. Interest income reached HKD 2.071 billion (approximately $266 million), up 52.9% year-over-year [4] Group 3: Market Outlook - UBS anticipates that Futu's Q2 revenue and net profit after tax will exceed market expectations due to strong client asset management growth and robust trading commission increases driven by market performance [5] - Hillhouse has also initiated a position in WeBull Securities, holding 33.08 million shares valued at $395 million, which has become its third-largest holding, representing 12.74% of the portfolio [6]

Market Expansion & User Base - Futu Securities, a leading Asian financial firm, introduces Solana trading to its user base of over 26 million [1] - Futu Securities manages $100 billion in assets, indicating substantial market influence [1] - The launch of Solana retail services by Futu Securities signifies Solana's expansion into the Asia-Pacific financial market [1] Service Offering & Accessibility - Qualified Hong Kong retail and professional investors can now securely trade Solana (SOL) through the Futu NiuNiu App [1] - SOL simulated trading will soon be available on the platform to help new cryptocurrency investors familiarize themselves with trading processes [1] - Futu previously offered more stock-currency linked opportunities, including SOL [1]

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a total market value of $3.105 billion in its U.S. stock holdings as of the end of Q2 2025, with over 90% allocated to Chinese concept stocks, indicating a long-term bullish outlook on quality Chinese assets [1] Group 1: Holdings Overview - Eight out of the top ten holdings of HHLR are Chinese concept stocks, with Pinduoduo being the largest position, having increased by 20% year-to-date [1] - Futu Holdings has seen a remarkable year-to-date increase of 106%, reflecting strong performance among HHLR's key investments [1] - Other notable holdings include BeiGene, NetEase, Alibaba, and Legend Biotech, all of which have shown significant performance [1] Group 2: Recent Changes in Holdings - In Q2, HHLR increased its positions in Futu Holdings and Pinduoduo while partially reducing its stakes in Alibaba, Beike, and NetEase, which have experienced substantial price increases of 52% and 54% respectively year-to-date [1] - This adjustment in holdings suggests a strategy focused on locking in profits and optimizing asset allocation in a high market environment [1] Group 3: New Entrants - For the first time, Moomoo Securities entered HHLR's top ten holdings, with Hillhouse having participated in multiple financing rounds since 2021; Moomoo went public on NASDAQ in April this year, currently valued at approximately $7.5 billion [1]

Market Overview - The U.S. stock market faced challenges as inflation concerns emerged due to tariffs, leading to a struggle among major indices, with the S&P 500 closing at a record high but in a subdued manner [1] - The S&P 500 index rose by 0.03% to 6468.54 points, while the Nasdaq Composite fell by 0.01% to 21710.67 points, and the Dow Jones Industrial Average decreased by 0.02% to 44911.26 points [1] Economic Indicators - The Producer Price Index (PPI) for July surged by 0.9% month-on-month, marking the largest increase since June 2022, significantly exceeding the market expectation of 0.2% [3] - Year-on-year, the PPI growth reached 3.3%, surpassing the anticipated 2.5% [3] - Analysts suggest that the PPI report may indicate future consumer price pressures in the U.S. [3] Interest Rate Expectations - Market sentiment shifted as traders reduced the probability of a 25 basis point rate cut in September from 100% to 92% following the PPI report [4] Corporate Performance - Major tech stocks showed mixed performance, with Apple down 0.24%, Microsoft up 0.36%, and Amazon rising 2.86% [7] - Intel shares surged by 7.38% amid rumors of potential government investment to support domestic semiconductor manufacturing [8] - Tapestry, the parent company of Coach, experienced a significant drop of 15.71% due to tariff impacts and a write-down of $855 million related to Kate Spade [12] - Application Materials saw a decline of over 13% in after-hours trading due to lower-than-expected revenue and profit guidance [11] Notable Developments - Berkshire Hathaway disclosed a new position in UnitedHealth worth $1.57 billion, contributing to a post-earnings surge of 9% in the stock [8] - Eli Lilly announced a price increase of up to 170% for its weight loss drug Mounjaro in the UK, responding to U.S. complaints about high drug prices [9] - Apple plans to reintroduce blood oxygen monitoring features for the Apple Watch in the U.S. through a software update [10] - MIAX, a group operating multiple exchanges, saw a 33.66% increase on its first day of trading on the NYSE [13]

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a total market value of $3.105 billion in its U.S. stock holdings as of the end of Q2 2025 [1] - Chinese concept stocks account for over 90% of HHLR's portfolio, indicating a strong long-term confidence in high-quality Chinese assets [1] - Among HHLR's top ten holdings, eight are Chinese concept stocks, with Pinduoduo being the largest position, having increased by 20% year-to-date [1] - Futu Holdings has seen a remarkable year-to-date increase of 106%, while other significant holdings like BeiGene, NetEase, Alibaba, and Legend Biotech have also performed well [1]

Core Insights - Moomoo successfully facilitated the IPO of Bullish, with all subscribers on its platform securing shares [1] - The platform enhances IPO investing accessibility and offers comprehensive research support through Moomoo AI, a newly launched AI assistant [3][4] - Moomoo AI processes complex data to provide actionable insights, aiding investors in making informed decisions about newly public companies [4] - A dedicated community section for discussing the Bullish IPO has been established, promoting peer-to-peer communication among investors [5] - The CEO of Moomoo US emphasized the company's commitment to democratizing investment opportunities and empowering investors with tools and insights [6] Company Overview - Moomoo is a global investment and trading platform that provides user-friendly tools, data, and insights to empower investors [8] - The platform has expanded its presence to multiple markets, including Singapore, Australia, Japan, Canada, Malaysia, and New Zealand, serving over 26 million investors worldwide [9]

Group 1 - The Nasdaq China Golden Dragon Index opened with over a 2% increase, indicating a collective rise in Chinese concept stocks, with Bilibili (BILI.US) and NetEase (NTES.US) both rising over 6%, Alibaba (BABA.US) up over 3%, Futu Holdings (FUTU.US) up over 4%, and Li Auto (LI.US) up over 3% [1] - The Shanghai Composite Index rose by 0.48%, surpassing 3674.4 points, breaking the high point from October 8, 2024 [1] - The market sentiment is bolstered by a milder U.S. inflation report for July, increasing traders' confidence in a potential Federal Reserve interest rate cut, shifting the focus from "whether to cut" to "how much to cut" [1] Group 2 - Analysts suggest that once the Federal Reserve begins its rate-cutting cycle, market liquidity will be further released, which will benefit the valuations of U.S. and Hong Kong tech stocks [1] - Chinese assets continue to attract foreign investment, with data showing that U.S.-listed Chinese asset-related ETFs saw a net inflow of $50.4 million last week, driven mainly by ETFs like American Century Avantis Emerging Markets Equity [1]

Core Viewpoint - The U.S. stock market saw a collective rise in popular Chinese concept stocks before the market opened, indicating positive investor sentiment towards these companies [1] Group 1: Stock Performance - Bilibili experienced a rise of over 5% [1] - NetEase and Kingsoft Cloud both increased by more than 4% [1] - Ctrip, Tiger Brokers, Li Auto, NIO, Futu, and Quantum Song all saw gains exceeding 3% [1] - Alibaba, Tencent Music, and Pinduoduo rose by more than 2% [1]