HHLR Advisors, the fund management platform focused on secondary market investments under Hillhouse Capital, has disclosed its U.S. stock holdings for the fourth quarter of 2025.
The report indicates that by the end of the fourth quarter, HHLR Advisors held a total of 33 stocks, with a total portfolio value of $3.104 billion, marking a decrease of 24% compared to the previous quarter.
Specifically, during the quarter, HHLR Advisors increased its stakes in companies such as Alibaba, PDD Holdings Inc, and Taiwan Semiconductor Manufacturing Company (TSM). It initiated a new position in the iShares Bitcoin ETF while reducing its holdings in Futu Holdings and Webull. The firm completely exited its positions in Baidu and NetEase, among others.
Chinese concept stocks remained the core allocation. According to the 13F filing, as of the end of 2025, Chinese equities continued to be the primary assets in HHLR's portfolio. Seven of the top ten holdings were Chinese companies, accounting for 92% of the portfolio's value. Holdings were further concentrated in leading e-commerce platforms, biotechnology, pharmaceutical firms, and fintech companies.
The top ten holdings were PDD Holdings Inc, Alibaba, BeiGene, Futu Holdings, Legend Biotech, Arrivent BioPharma Inc, KE Holdings Inc, Webull Corporation, Cytek Biosciences Inc, and Clearwater Analytics Holdings, Inc.
In terms of the scale of increases, the two leading Chinese e-commerce companies were the focus of the quarter's adjustments. PDD Holdings Inc, as HHLR's largest holding, saw a significant boost. The number of shares held increased from 8.59 million to 10.721 million, an addition of 2.129 million shares compared to the end of the third quarter. The holding's value rose from $1.136 billion to $1.216 billion, and its weight in the portfolio jumped from 28% to 39%.
Alibaba, the second-largest holding, also received a substantial increase. The share count grew from 3.289 million at the end of Q3 to 5.43 million shares. The value of this position increased from $588 million to $796 million, with its portfolio allocation surging from 14.4% to 26%, solidifying its status as a core holding. Notably, just these two holdings—PDD and Alibaba—combined to represent 65% of the HHLR portfolio, forming a "twin core" for the investment strategy.
Beyond focusing on core Chinese e-commerce stocks, HHLR also allocated to hard technology and emerging assets in the fourth quarter. A small increase was made in the position of Taiwan Semiconductor Manufacturing Company, ending the quarter with 11,300 shares valued at $3.434 million. HHLR also modestly added to its position in Alphabet Inc, the parent company of Google, holding 7,300 shares by quarter's end.
Simultaneously, HHLR ventured into the digital asset space by establishing a new position in the iShares Bitcoin ETF, demonstrating a willingness to explore emerging investment avenues. BeiGene remained the third-largest holding, while Legend Biotech and Arrivent BioPharma continued to be listed among the top ten holdings, indicating HHLR's sustained commitment to the innovative drug sector. Positions in biotech firms like Cytek Biosciences, Gossamer Bio, and Maze Therapeutics remained largely stable, with little overall change in the structure of the healthcare allocation.
In contrast to the concentrated buying, HHLR decisively reduced or exited non-core positions during the quarter. By the end of Q4, HHLR held 1.63 million shares of Futu Holdings, nearly halving its position from 3.238 million shares at the end of Q3. The value of this holding decreased from $563 million to $268 million, and its portfolio weight dropped from 14% to 8.6%. The position in Webull was drastically reduced to 5.97 million shares from 33.08 million shares, resembling a near-complete exit. Furthermore, positions in Baidu, NetEase, Full Truck Alliance, Sea Limited, and Bright Scholar were completely liquidated.