Gao Ling's Major Rebalancing: Chinese Concept Stocks Still a "Favorite" - Three Major Private Equity Giants Increase Pinduoduo Holdings

February 18th, Gaoling’s affiliated fund management platform HHLR Advisors (referred to as “HHLR”) announced its U.S. stock holdings as of the end of Q4 2025.

Data shows that by the end of 2025, HHLR held a total of 33 listed U.S. companies, with Chinese concept stocks remaining its core allocation. In terms of portfolio adjustments, HHLR significantly increased its holdings in Alibaba and Pinduoduo last year, while reducing positions in NetEase, Futu Holdings, and others, further concentrating its holdings in e-commerce giants, biopharmaceuticals, and technology sectors.

Chinese Concept Stocks Still a “Favorite”

Data indicates that as of the end of 2025, Chinese concept stocks remained HHLR’s core assets, accounting for 92% of its market value. As of the end of last year, HHLR’s top ten holdings were Pinduoduo, Alibaba, BeiGene, Futu Holdings, Legend Biotech, ARRIVENT BIOPHARMA INC, KE Holdings, WEBULL CORP, CYTEK BIOSCIENCES INC, and CLEARWATER ANALYTICS HLDGS I, with seven of them being Chinese concept stocks.

Three Major Private Equity Giants Increase Pinduoduo Holdings

Looking at portfolio adjustments, Gaoling’s increased stake in Pinduoduo aligns with the moves by Jinglin Asset and Gao Yi Asset.

According to filings with the U.S. Securities and Exchange Commission, as of the end of 2025, HHLR held 10.721 million shares of Pinduoduo, an increase of 2.129 million shares from the end of Q3 last year.

Coincidentally, SEC filings show that Gao Yi Asset held 1.333 million shares of Pinduoduo at the end of last year, a substantial increase of 629,000 shares from Q3. Similarly, Jinglin Asset, also a private equity firm with a valuation in the hundreds of billions, increased its Pinduoduo holdings by over 600,000 shares in Q4 last year.

In terms of performance, Pinduoduo achieved revenue of 108.28 billion yuan in Q3 last year, a 9% year-over-year increase, with its revenue growth rate falling into the single digits for the first time. Amid this, Pinduoduo’s stock price declined by over 14% in Q4, and the increased holdings by Gaoling, Jinglin, and Gao Yi in Q4 suggest a bottom-fishing strategy.

Meanwhile, Alibaba also saw a significant increase in HHLR’s holdings in Q4 last year, with shares rising from 3.29 million to 5.43 million, and the market value increasing from $588 million to $796 million, making it the second-largest U.S. stock holding in HHLR’s portfolio, reflecting Gaoling’s strong preference for the e-commerce sector.

In terms of reductions, as of the end of last year’s Q4, HHLR held 1.63 million shares of Futu Holdings, down nearly 50% from 3.238 million shares in Q3. It also reduced its Webull holdings from 33.08 million to 5.97 million shares, nearly a complete sell-off. Additionally, HHLR completely exited positions in NetEase, Baidu, Manbang, Donghai Group, and Bright Scholar in Q4 last year.

Maintaining Focus on Technology

Besides e-commerce giants, Gaoling also pays attention to the technology sector.

Data shows that in Q4 last year, HHLR modestly increased its holdings in Google, ending with 7,300 shares. Notably, Jinglin Asset held 2.69 million shares of Google at the end of last year, an increase of 926,000 shares from Q3. Additionally, Dongfang Harbor Overseas Fund, managed by Dong Bin, actively increased its Google holdings in Q4, ending with 1.2935 million shares, up 405,500 from Q3.

Furthermore, in Q4 last year, HHLR also bought shares of semiconductor company TSMC, ending with 11,300 shares valued at $3.434 million.

Many industry insiders believe that the AI industry is in rapid development, with multiple subfields already achieving commercial closed loops. As long as underlying technologies continue to iterate and improve, companies’ capital expenditures should be viewed with moderation. There is no need to worry about an “AI bubble” at this stage. Opportunities in computing power, AI applications, energy storage, and power equipment are all worth close attention.

Shanghai Securities Journal Illustration · Some Practical Insights

(Source: Shanghai Securities News)