HHLR Advisors, a fund management platform under Hillhouse Capital, reported an increase in its U.S. equity holdings to $3.539 billion, a 23% rise from the previous quarter. The firm continues to focus heavily on Chinese stocks, with nine out of its top ten holdings being Chinese companies, including Pinduoduo, Alibaba, and JD.com (JD, Financial).
JD.com is a new addition to the top holdings, with HHLR acquiring 4.8117 million shares, an increase of 3.1217 million shares compared to the previous quarter. JD.com recently announced a 15.8% year-over-year revenue growth for Q1 2025, reaching approximately $41.5 billion, and a more than 20% increase in active users, marking six consecutive quarters of double-digit growth.
HHLR Advisors also added nearly 20 new Chinese stocks, such as Atour Lifestyle Holdings, Huazhu Group, and Baidu, and increased positions in companies like Futu Holdings, Pinduoduo, and NetEase. Many of these stocks have seen significant gains, with Yuchai International rising 80% and Futu Holdings up 40% since the beginning of the year.
Meanwhile, HHLR reduced its holdings in Alibaba and BeiGene, despite their stock price increases of 56% and 47%, respectively. The reduction in BeiGene holdings is attributed to fund maturity and profit realization.
