Core Viewpoint - The recent disclosures of U.S. stock holdings by prominent private equity firms such as Hillhouse, Highfields, and Jinglin indicate a strong confidence in the long-term development prospects of the Chinese economy and recognition of the investment value of Chinese concept stocks [1]. Group 1: Hillhouse Capital - Hillhouse's U.S. stock holdings reached a market value of $3.105 billion as of the end of Q2 2025, with over 90% allocated to Chinese concept stocks, highlighting a long-term bullish outlook on quality Chinese assets [3]. - Among Hillhouse's top ten holdings, eight are Chinese concept stocks, with Pinduoduo as the largest position, up 18% year-to-date. Futu Holdings has doubled, with a 118% increase [3]. - In Q2, Hillhouse increased its positions in Futu Holdings and Pinduoduo while reducing holdings in Alibaba, Beike, and NetEase, which have seen significant price increases of 47% and 48% respectively [3]. Group 2: Jinglin Asset - Jinglin Asset's U.S. stock holdings amounted to $2.873 billion as of the end of Q2 2025, with a significant adjustment in its top ten holdings, including both Chinese and foreign internet giants [5]. - The top ten holdings include Meta, NetEase, Pinduoduo, and Nvidia, with a notable purchase of 630,440 shares of Nvidia during Q2, reflecting confidence in AI computing leaders [6][7]. - Jinglin expressed optimism about China's development prospects, suggesting a shift in global perception of Chinese companies from being undervalued to attracting renewed global investment [7]. Group 3: Highfields Asset - Highfields Asset reported a significant reduction in its U.S. stock holdings, with a market value of $397 million at the end of Q2, down from the previous quarter [8]. - The largest holding is Huazhu, valued at $168 million, representing 42.19% of the portfolio, followed by Pinduoduo at $137 million, accounting for 34.57% [10].
高瓴HHLR、高毅、景林等知名私募持仓揭晓