Huan Qiu Wang·2025-11-16 01:30Core Insights - The report reveals the overseas investment trends of Chinese private equity firms such as Hillhouse, Jinglin, and Gao Yi, as disclosed in the Q3 2025 13F filings of US institutional investors [1] Group 1: Hillhouse Capital (HHLR Advisors) - HHLR Advisors reported a total of 33 US stocks with a total market value of $4.1 billion, an increase of $990 million or 32% from Q2 [1] - The firm significantly increased its holdings in Pinduoduo and Alibaba, while also initiating positions in Baidu and Manbang Group, and reducing stakes in Futu Holdings and Netease [2][3] - Over 90% of HHLR's portfolio is now invested in Chinese stocks, indicating a long-term bullish outlook on quality Chinese assets [2] Group 2: Gao Yi Asset Management - Gao Yi's US stock holdings rose to $580 million, a 46% increase from Q2 [3] - The firm purchased 280,000 shares of Alphabet, making it the third-largest holding, while also increasing positions in Beike, Netease, and iQIYI [3] - The largest holdings remain Huazhu and Pinduoduo, which together account for over 60% of the portfolio [3] Group 3: Jinglin Asset Management - Jinglin's US stock holdings increased to $4.44 billion, a 54% rise from Q2 [3] - The firm also increased its stake in Alphabet, reflecting a continued interest in the AI sector, and made significant investments in Nvidia and Synopsys [3] - Notable actions include increasing positions in Alibaba and Pinduoduo, while exiting positions in Daqo New Energy and Ctrip [3] Group 4: Dongfang Hongyuan - Dongfang Hongyuan's overseas fund saw its market value rise from $1.13 billion to $1.29 billion, with the number of holdings increasing from 13 to 17 [4] - The fund initiated a position in Alibaba, which now constitutes 3.06% of its portfolio, entering the top ten holdings [4] - The firm reduced its stakes in tech stocks such as Netflix, Amazon, Meta, and Microsoft, with Netflix and Amazon dropping out of the top ten holdings [4]