Jin Rong Jie·2025-08-14 22:39Core 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]