3 6 Ke·2025-08-18 07:49Group 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]