Mei Ri Jing Ji Xin Wen·2025-11-15 01:20Core Insights - HHLR Advisors reported a total market value of $4.1 billion in U.S. stocks as of Q3 2025, reflecting a $990 million increase from Q2, representing a growth rate of 32% [1] - Over 90% of HHLR Advisors' holdings are in Chinese stocks, indicating a strong long-term confidence in quality Chinese assets [1] Holdings Summary - The fund increased its stake in Pinduoduo by 1.62 million shares, raising its ownership to 8.59 million shares, which now constitutes 27.76% of the portfolio, valued at $1.14 billion [3][4] - Alibaba's shares surged by 186.13%, with an increase of 2.14 million shares, making it the second-largest holding at a market value of $588 million, accounting for 14.37% of the portfolio [4][5] - Baidu was newly added to the portfolio, becoming the sixth-largest holding with a market value of $216 million, driven by a 54% increase in its stock price during Q3 [5][7] - The fund also initiated small positions in Full Truck Alliance and Sea Ltd, indicating exploratory investments outside its core focus [6][7] Performance Highlights - Pinduoduo and Alibaba experienced stock price increases of 27% and 58% respectively during Q3, prompting HHLR Advisors to increase their holdings [5] - The fund reduced its positions in Futu, Yatsen, and NetEase, effectively locking in profits from their significant price increases earlier in the year [5]