Zhong Guo Ji Jin Bao·2026-02-20 02:03Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a significant reduction in its U.S. stock holdings, with a total market value of $3.104 billion as of the end of Q4 2025, reflecting a 24% decrease quarter-over-quarter [2][3]. Holdings Overview - HHLR Advisors held a total of 33 stocks at the end of Q4, with Chinese concept stocks remaining a core focus, comprising seven out of the top ten holdings and accounting for 92% of the total market value [3][4]. - The top ten holdings include Pinduoduo, Alibaba, BeiGene, Futu Holdings, Legend Biotech, Arrivent Biopharma, KE Holdings, Webull, Cytek Biosciences, and Clearwater Analytics [3][4]. Major Increases - Pinduoduo (PDD) was the largest holding, with shares increased from 8.59 million to 10.72 million, raising its market value from $1.136 billion to $1.216 billion, which now represents 39% of the portfolio [5]. - Alibaba (BABA) also saw a significant increase in holdings, with shares rising from 3.29 million to 5.43 million, increasing its market value from $588 million to $796 million, now making up 26% of the portfolio [5]. - Together, Pinduoduo and Alibaba account for 65% of HHLR's investment portfolio, establishing them as the "dual core" holdings [5]. New Investments - HHLR Advisors made a new investment in the iShares Bitcoin ETF (IBIT), indicating an exploration into emerging asset classes [7][8]. - Taiwan Semiconductor (TSM) received a slight increase in holdings, with a market value of $3.434 million [8]. Reductions - HHLR Advisors significantly reduced its holdings in Futu Holdings, cutting shares from 3.238 million to 1.63 million, with the market value dropping from $563 million to $268 million [9][10]. - Webull saw a near-complete liquidation, with shares reduced from 33.08 million to 5.97 million [10]. - Other companies such as Baidu, NetEase, and Full Truck Alliance were completely sold off [10].