3 6 Ke·2025-08-15 00:53Core 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]