Core Insights - Futu Holdings Limited (FUTU) is currently viewed as a better value opportunity compared to Amadeus IT Group SA (AMADY) based on various financial metrics and rankings [1][7] Valuation Metrics - FUTU has a Zacks Rank of 2 (Buy), indicating a strong earnings outlook, while AMADY has a Zacks Rank of 3 (Hold) [3] - The forward P/E ratio for FUTU is 22.14, compared to AMADY's 23.58, suggesting that FUTU is relatively cheaper [5] - FUTU's PEG ratio is 1.08, which is significantly lower than AMADY's PEG ratio of 3.03, indicating better expected earnings growth relative to its price [5] - FUTU has a P/B ratio of 6.23, while AMADY's P/B ratio is 6.56, further supporting the argument that FUTU is undervalued [6] - Based on these metrics, FUTU has earned a Value grade of B, whereas AMADY has a Value grade of C [6]

Group 1 - The core viewpoint of the article indicates that Futu Holdings has seen a pre-market increase of 1.6% in U.S. stocks, with CICC predicting that its second-quarter performance will exceed expectations [1] Group 2 - CICC's forecast suggests a positive outlook for Futu's financial results, indicating strong performance in the upcoming earnings report [1]

Group 1 - Pinduoduo, Futu, and Huazhu Group remain heavily favored by Chinese private equity firms, while tech giants like Nvidia, Meta, and Microsoft are increasingly appearing in their portfolios [1][3] - In Q2, Hillhouse and Jinglin significantly reduced or completely sold off some Chinese concept stocks, while Li Lu re-entered Pinduoduo after a three-year hiatus, indicating differing views on the prospects of Chinese stocks among funds [1][3][6] - Hillhouse's total market value in US stocks reached $3.105 billion, with Pinduoduo as the largest holding at $730 million, accounting for 23.52% of its portfolio [3][5] Group 2 - Hillhouse's major reductions included 1 million shares of NetEase (down 37.66%), 4.5 million shares of Beike (down 37.64%), and 2.76 million shares of Alibaba (down 70.58%) [6][10] - Gao Yi's holdings decreased from $770 million to $397 million, with a significant sell-off of 13 stocks, leaving only 9 stocks in its portfolio [7][8] - Gao Yi's largest holding became Huazhu Group, which accounted for 42.19% of its portfolio after reductions in Pinduoduo and Yum China [10] Group 3 - Jinglin's total market value in US stocks was $2.874 billion, with Meta as the largest holding at 25.46%, marking the third consecutive quarter of increased investment in Meta [11][13] - Jinglin also made significant investments in Nvidia, becoming its seventh-largest holding, and reduced positions in companies like NetEase and TSMC [11][13] - Himalaya Capital, led by Li Lu, made a notable return to Pinduoduo, purchasing 4.608 million shares, making it the second-largest holding at 17.93% [14][15] Group 4 - Dongfang Hongwan's total market value reached $1.126 billion, with Nvidia as the top holding, and it also entered the cryptocurrency space by purchasing Coinbase [17][20] - The fund increased its holdings in Google, making it the second-largest position, while also investing in Tesla and Netflix [19][20] - Duan Yongping's H&H International Investment reported a total market value of $11.5 billion, with significant increases in holdings of Apple and Nvidia [21][22]

Group 1: Investment Trends in Chinese Stocks - Prominent private equity firms such as Hillhouse, Gao Yi, and Jinglin have heavily invested in Chinese concept stocks, indicating confidence in the long-term development of the Chinese economy and the investment value of these stocks [1][2][6] - Hillhouse's HHLR Advisors reported a market value of $3.105 billion in U.S. stocks as of Q2 2025, with over 90% allocated to Chinese concept stocks, highlighting a strong preference for quality Chinese assets [2] - In HHLR's top ten holdings, eight are Chinese concept stocks, with Pinduoduo being the largest, having increased by 18% this year, and Futu Holdings doubling with a 118% increase [2] Group 2: Jinglin Asset Management's Adjustments - Jinglin Asset Management disclosed a U.S. stock holding of $2.873 billion as of Q2 2025, with significant adjustments in its top ten holdings, including both Chinese and foreign internet giants [3][6] - Jinglin has notably increased its position in NVIDIA, purchasing 630,000 shares during Q2, as NVIDIA's stock rebounded significantly after a decline earlier in the year [4][5] Group 3: Gao Yi Asset Management's Strategy - Gao Yi Asset Management reported a significant reduction in its U.S. stock holdings, with a market value of $397 million as of Q2, indicating a strategic shift away from several stocks [7][9] - The largest holding for Gao Yi is Huazhu, valued at $168 million, which constitutes 42.19% of its portfolio, while Pinduoduo is the second largest at $137 million, making up 34.57% [8][9]

Core Viewpoint - The recent disclosures of U.S. stock holdings by prominent private equity firms such as Hillhouse, Highfields, and Jinglin indicate a strong confidence in the long-term development prospects of the Chinese economy and recognition of the investment value of Chinese concept stocks [1]. Group 1: Hillhouse Capital - Hillhouse's U.S. stock holdings reached a market value of $3.105 billion as of the end of Q2 2025, with over 90% allocated to Chinese concept stocks, highlighting a long-term bullish outlook on quality Chinese assets [3]. - Among Hillhouse's top ten holdings, eight are Chinese concept stocks, with Pinduoduo as the largest position, up 18% year-to-date. Futu Holdings has doubled, with a 118% increase [3]. - In Q2, Hillhouse increased its positions in Futu Holdings and Pinduoduo while reducing holdings in Alibaba, Beike, and NetEase, which have seen significant price increases of 47% and 48% respectively [3]. Group 2: Jinglin Asset - Jinglin Asset's U.S. stock holdings amounted to $2.873 billion as of the end of Q2 2025, with a significant adjustment in its top ten holdings, including both Chinese and foreign internet giants [5]. - The top ten holdings include Meta, NetEase, Pinduoduo, and Nvidia, with a notable purchase of 630,440 shares of Nvidia during Q2, reflecting confidence in AI computing leaders [6][7]. - Jinglin expressed optimism about China's development prospects, suggesting a shift in global perception of Chinese companies from being undervalued to attracting renewed global investment [7]. Group 3: Highfields Asset - Highfields Asset reported a significant reduction in its U.S. stock holdings, with a market value of $397 million at the end of Q2, down from the previous quarter [8]. - The largest holding is Huazhu, valued at $168 million, representing 42.19% of the portfolio, followed by Pinduoduo at $137 million, accounting for 34.57% [10].

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].

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 [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]

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]