Core Viewpoint - Hillhouse Capital has reduced its stake in BeiGene, with significant share sales occurring recently, indicating a shift in investment strategy towards the company [2][4][6]. Shareholding Changes - On May 9, Hillhouse Fund, L.P. and its affiliates sold 16 million shares of BeiGene, reducing their total holdings to approximately 68.55 million shares, which is a decrease in ownership from 6.03% to 4.89% [2][4]. - This is not the first reduction; on March 3-4, Hillhouse sold 32.24 million shares, bringing their stake down from 8.97% to 6.66% [6]. - In December of the previous year, Hillhouse reduced its holdings by 17.84 million shares, dropping from the second-largest shareholder to the third, while still holding 9.03% [6]. Financial Performance - BeiGene reported a significant revenue increase in Q1 2025, achieving approximately 8.048 billion yuan, a 50.2% year-over-year growth [10]. - The net loss for the same period was 94.5 million yuan, a substantial improvement from a loss of 1.908 billion yuan in the previous year [10]. - The sales of the drug Zebrutinib reached 4.041 billion yuan in the U.S., marking a 61.9% increase and capturing a significant market share in the BTK inhibitor sector [11]. Market Impact - Following the announcement of a potential U.S. policy to lower prescription drug prices, BeiGene's A-shares experienced a drop of over 9% on May 12 [11]. - Despite this, the company's stock price saw a near 70% increase earlier in the year due to strong sales performance [10][11].