Zheng Quan Shi Bao Wang·2025-08-15 01:13Group 1 - Hillhouse Capital's HHLR latest 13F filing shows a high concentration in its top three holdings, which account for 53.43% of its investment portfolio as of Q2 2025 [1] - Pinduoduo remains Hillhouse's largest holding with approximately 6.98 million shares valued at $730 million, representing 23.52% of the portfolio [1] - Futu Holdings is the second-largest holding with about 4.31 million shares valued at $533 million, making up 17.17% of the portfolio [1] - BULL is the third-largest holding with approximately 33.08 million shares valued at $396 million, accounting for 12.74% of the portfolio [1] Group 2 - Hillhouse increased its stake in Pinduoduo by 414,000 shares, a growth of 6.31% [1] - The firm reduced its stake in Alibaba by approximately 2.76 million shares, a significant decrease of 70.58% [1] - Reductions were also made in JD.com by about 254,000 shares (52.71% decrease), Beike by approximately 4.51 million shares (37.65% decrease), and NetEase by about 1.01 million shares (37.66% decrease) [1] Group 3 - Hillhouse significantly reduced its stake in Vipshop by approximately 5.55 million shares, a drastic cut of 83.07% [2] - The firm completely exited its positions in Yum China (29,200 shares), Trip.com (93,900 shares), and TSMC (33,000 shares) [2] - Other companies such as Sohu, METAGENOMI, Huya, and Baidu were also fully exited from the portfolio [2]