On May 16th, HHLR Advisors, an independent fund management platform under Hillhouse that focuses on secondary market investments, released its US stock holdings data as of the end of the first quarter of 2025. According to the 13F file, the total market value of HHLR’s holdings in the first quarter increased from $2.887 billion at the end of the previous quarter to $3.539 billion, an increase of nearly 23%. Data shows that in the first quarter, HHLR continued to increase its asset allocation in China, entering and increasing its holdings of nearly 20 Chinese concept stocks, including 10 newly acquired companies such as Yaduo Group, Huazhu Group, Baidu, Yuchai International, Ideal Automobile, Boss Zhipin, and Yikatong Technology, as well as 8 newly acquired companies such as Futu Holdings, Pinduoduo, NetEase, Beike, JD.com, Ctrip, and Zhongtong Express. As of the end of the first quarter of 2025, the top ten heavy holdings of HHLR are: Pinduoduo, Alibaba, Futu Holdings, BeiGene, NetEase, Beike, Legendary Biotech, JD.com, Vipshop WNS HLDGS LTD， Chinese concept stocks hold 9 seats. HHLR reduced its holdings in companies such as Alibaba and BeiGene in the first quarter.
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