Hundred-billion giant increases holdings significantly! Hillhouse reveals Q4 2025 holdings: boosting positions in Pinduoduo, Alibaba, and more

Billion-dollar giant’s “rebalancing” exposed!

Recently, HHLR Advisors, a fund management platform under Hillhouse focused on secondary market investments, released its U.S. stock holdings report as of the end of Q4 2025.

Data shows that at the end of Q4, HHLR Advisors held a total of 33 stocks, with a total market value of $3.104 billion, a decrease of 24% quarter-over-quarter.

Specifically, in Q4, HHLR Advisors increased holdings in Alibaba, Pinduoduo, TSMC, and others; initiated a position in the iShares Bitcoin ETF; reduced holdings in Futu and Webull; and completely sold off Baidu, NetEase, and others.

Chinese concept stocks remain core allocations

Increased holdings in Alibaba, Pinduoduo, and others

According to the 13F filing, as of the end of 2025, Chinese concept stocks remain the core assets in HHLR Advisors’ portfolio. Among the top ten holdings, Chinese stocks occupy seven seats, accounting for 92% of the portfolio’s value. The holdings are further concentrated in leading internet e-commerce, biopharmaceuticals, and fintech sectors.

Specifically, the top ten holdings are Pinduoduo, Alibaba, BeiGene, Futu Holdings, Legend Biotech, ARRIVENT BIOPHARMA INC, KE Holdings, Webull Corp, Cytek Biosciences Inc, and Clearwater Analytics Holdings I.

In terms of increased positions, the two leading Chinese e-commerce giants became the focus of this rebalancing, with significant growth in their holdings.

Pinduoduo (PDD), as HHLR’s largest position, continued to be heavily increased this quarter, with shares rising from 8.59 million to 10.72 million. Compared to Q3 last year, an increase of 2.13 million shares, the market value rose from $1.136 billion to $1.216 billion, making up 39% of the portfolio, up from 28%.

Alibaba (BABA), the second-largest holding, also saw a substantial increase, from 3.289 million shares to 5.43 million shares. Its market value increased from $588 million to $796 million, and its portfolio share jumped from 14.4% to 26%, solidifying its core position.

Notably, only Pinduoduo and Alibaba together account for 65% of HHLR’s portfolio, forming a “dual core” in their investment strategy.

Increased TSMC holdings

“New” Bitcoin ETF

Beyond core increases in Chinese e-commerce stocks, HHLR also diversified into hardware technology and emerging assets last quarter.

TSMC (TSM) saw a slight increase, ending the quarter with 11,300 shares valued at $3.434 million.

HHLR also added a small position in Alphabet (GOOGL), the parent company of Google, with 7,300 shares.

Meanwhile, HHLR ventured into digital assets by initiating a position in the iShares Bitcoin ETF (IBIT), demonstrating an interest in exploring emerging investment directions.

In Q4, BeiGene remained the third-largest holding, with Legend Biotech, Arrivent BioPharma, and others continuing to rank among the top ten holdings, reflecting HHLR’s commitment to innovative drug development.

Additionally, biotech companies like Cytek, Gossamer Bio, and Maze Therapeutics maintained stable positions, with little change in the overall pharmaceutical sector allocation.

Reduced holdings in Futu and Webull

Sold off Baidu, NetEase, and others

Contrasting sharply with the increased core holdings, HHLR decisively reduced or completely exited non-core positions last quarter.

By the end of last quarter, HHLR held 1.63 million shares of Futu Holdings, nearly halving from 3.238 million shares at the end of Q3 last year. The market value dropped from $563 million to $268 million, and the position share decreased from 14% to 8.6%.

HHLR held 5.97 million shares of Webull, almost a complete liquidation compared to 33.08 million shares at the end of Q3.

Additionally, positions in Baidu (BIDU), NetEase (NTES), Manbang (YMM), Donghai Group (SE), and Bosera Education (BEDU) were fully sold off.

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(Source: China Fund News)