An analysis of the 13F filing from Greenwoods Asset Management Hong Kong reveals that during the fourth quarter of 2025, the hedge fund further reduced its position in KE Holdings Inc. The firm also trimmed its stake in WeRide, which had been newly established as a major holding in the previous quarter. At the same time, Greenwoods increased its holdings in PDD Holdings Inc. and H World Group.

Details of the adjustments are as follows:

Note: This analysis covers 28 disclosed investments with a total market value of $4.04 billion. On November 10, it was reported that Greenwoods had increased its stakes in Alibaba and PDD Holdings in the third quarter, while establishing a significant new position in WeRide.