Key Points
- Significant Portfolio Growth: HHLR Advisors’ U.S. stock holdings value rocketed by nearly 23% in Q1 2025, increasing from $2.887 billion to $3.539 billion USD.
- Increased Bet on China: The fund showed a clear, confident allocation to Chinese assets, adding new positions or beefing up existing ones in nearly 20 Chinese companies.
- New and Increased Holdings: HHLR added 10 new Chinese names like Baidu (百度) and Li Auto (理想汽车) and increased stakes in 8 others, including PDD Holdings (拼多多) and JD.com (京东).
- Strong Stock Performance: Several of the Chinese stocks added or increased saw significant gains, with Guangxi Yuchai International (玉柴国际) rocketing by 80% and Futu Holdings (富途控股) surging 40% since the start of Q1.
- Concentration and Strategic Adjustments: The top ten holdings made up 88.46% of the portfolio, with nine out of ten being Chinese concept stocks. HHLR also notably reduced stakes in Alibaba Group (阿里巴巴) and BeiGene (百济神州), potentially taking profits after strong runs.
Hillhouse’s HHLR Q1 2025 holdings are out, and the big story is a major surge in value, fueled by an even deeper dive into Chinese concept stocks.
Let’s get straight into what this means for anyone watching the moves of big-league investors like HHLR Advisors.
HHLR Q1 Snapshot: Portfolio Value Jumps, China Bets Get Bigger
First off, the numbers look pretty sweet.
HHLR Advisors, which is Hillhouse’s (Gaoling 高瓴) arm focusing on secondary market investments, just dropped its U.S. stock holdings data for the end of Q1 2025.
The headline? Their total market value of holdings rocketed by nearly 23%.
We’re talking a jump from $2.887 billion USD at the end of last quarter to a cool $3.539 billion USD by the close of Q1.
And where’s this growth coming from?
A continued, confident allocation to Chinese assets.
Resume Captain
Your AI Career Toolkit:
- AI Resume Optimization
- Custom Cover Letters
- LinkedIn Profile Boost
- Interview Question Prep
- Salary Negotiation Agent
Doubling Down: Spotlight on Chinese Concept Stock Investments
The 13F filing reveals that HHLR Advisors went on a bit of a shopping spree for Chinese concept stocks in Q1.
They either added new positions or beefed up existing ones in nearly 20 Chinese companies.
That’s a clear signal, folks.
New Kids on the Block: Fresh HHLR Bets
HHLR welcomed 10 new Chinese names to its portfolio. Check these out:
- Atour Group (Yadu Jituan 亚朵集团) – A major player in China’s hospitality scene.
- Huazhu Group (Huazhu Jituan 华住集团) – Another hotel giant.
- Baidu (Baidu 百度) – China’s search engine leader, pushing hard into AI.
- Guangxi Yuchai International (Yuchai Guoji 玉柴国际) – Think engines and power systems.
- Li Auto (Lixiang Qiche 理想汽车) – One of the hot names in China’s booming EV market.
- Kanzhun Limited (operates Boss Zhipin – Boss Zhipin Boss直聘) – A leading online recruitment platform.
- ECARX Holdings (Yikatong Keji 亿咖通科技) – Focusing on intelligent vehicle technology.
These additions span various sectors, from travel and automotive to tech and recruitment, showing a broad interest in China’s growth stories.
Going Bigger: Increased Stakes in Familiar Names
It wasn’t just about new buys.
HHLR also increased its holdings in 8 key Chinese companies, including:
- Futu Holdings (Futu Konggu 富途控股) – A popular digital brokerage.
- PDD Holdings (operates Pinduoduo – Pinduoduo 拼多多) – The e-commerce behemoth known for social commerce.
- NetEase (Wangyi 网易) – A gaming and internet technology powerhouse.
- KE Holdings (operates Beike – Beike 贝壳) – A leading real estate platform.
- JD.com (Jingdong 京东) – Another e-commerce giant focusing on logistics.
- Trip.com Group (Xie Cheng 携程) – A global travel services provider.
- ZTO Express (Zhongtong Kuaidi 中通快递) – A major express delivery company in China.
Riding the Winners: Stock Performances Shine
Many of the companies HHLR bought into or topped up have seen some impressive stock price action since the start of Q1.
As of May 14, the gains are notable:
- Guangxi Yuchai International (Yuchai Guoji 玉柴国际), a new buy, skyrocketed by 80%.
- Kanzhun Limited (Boss Zhipin Boss直聘) jumped 34%.
- Li Auto (Lixiang Qiche 理想汽车) revved up by 20%.
And for the increased holdings:
- Futu Holdings (Futu Konggu 富途控股) surged 40%.
- PDD Holdings (Pinduoduo 拼多多) climbed 23%.
- NetEase (Wangyi 网易) saw a 22% increase.
These aren’t just small upticks; they represent significant momentum in these stocks.
Find Top Talent on China's Leading Networks
- Post Across China's Job Sites from $299 / role, or
- Hire Our Recruiting Pros from $799 / role
- Qualified Candidate Bundles
- Lower Hiring Costs by 80%+
- Expert Team Since 2014
Your First Job Post
Portfolio Strategy: Concentration and Key Adjustments
Whalewisdom stats give us a peek into HHLR’s portfolio construction.
In Q1 of this year, the fund’s top ten holdings made up a whopping 88.46% of its total holdings.
That’s some serious concentration, folks.
ExpatInvest China
Grow Your RMB in China:
- Invest Your RMB Locally
- Buy & Sell Online in CN¥
- No Lock-In Periods
- English Service & Data
- Start with Only ¥1,000
Looking at Hillhouse’s (Gaoling 高瓴) overseas Q1 moves more broadly:
- Increased positions in 8 stocks
- Reduced positions in 10 stocks
- Added 11 new stocks (many of which are the Chinese names we’ve discussed)
- Completely exited 7 stocks
This shows active management and a willingness to make decisive moves.
The Elite List: HHLR’s Top Ten Holdings
So, who makes it into HHLR Advisors’ coveted top ten?
It’s a list heavily dominated by Chinese concept stocks, with nine out of the ten positions being Chinese companies.
Here they are:
- PDD Holdings (Pinduoduo 拼多多)
- Alibaba Group (Alibaba 阿里巴巴)
- Futu Holdings (Futu Konggu 富途控股)
- BeiGene (Baiji Shenzhou 百济神州)
- NetEase (Wangyi 网易)
- KE Holdings (Beike 贝壳)
- Legend Biotech (Chuanqi Shengwu 传奇生物)
- JD.com (Jingdong 京东)
- Vipshop (Weipin Hui 唯品会)
- WNS HLDGS LTD (the sole non-Chinese company in the top ten)
This lineup screams conviction in the future of these Chinese tech and consumer giants.
Strategic Trims: Why HHLR Reduced Alibaba and BeiGene Stakes
Interestingly, HHLR did reduce its holdings in a couple of big names: Alibaba Group (Alibaba 阿里巴巴) and BeiGene (Baiji Shenzhou 百济神州 – U.S. symb. ONC, HK symb. 6160) during the first quarter.
Let’s add some context.
Alibaba Group’s (Alibaba 阿里巴巴) stock price actually had a strong Q1, increasing by 56%.
BeiGene (Baiji Shenzhou 百济神州) also saw a significant rise of 47% in the same period.
For BeiGene (Baiji Shenzhou 百济神州), Hillhouse’s (Gaoling 高瓴) investment is a long-term one, dating all the way back to 2014.
That’s over a decade!
So, the reduction in Q1 could very well be due to fund maturity and a strategic decision to take some profits off the table after such a long and successful run.
It’s classic portfolio management – rebalancing and realizing gains.
A Quick Heads-Up: The Limits of 13F Filings
It’s super important to remember one thing when looking at these reports.
Form 13F only requires funds to disclose their long positions in U.S. stocks.
This means it doesn’t paint the complete picture of a fund’s overall operations, which might include shorts, international holdings not listed in the US, or other asset classes.
Still, it’s a valuable window into HHLR’s U.S. equity strategy.
The Bottom Line: HHLR’s Bullish Stance on Chinese Tech is Clear
The Q1 2025 data from HHLR Advisors paints a vivid picture: a nearly 23% growth in holdings value, with a significant and growing emphasis on Chinese concept stock investments.
For investors, founders, and tech enthusiasts tracking trends, HHLR’s moves offer compelling insights into where seasoned capital is flowing within the dynamic Chinese market.
![China's MIIT Signals Major Push for General and Industry-Specific AI Large Models [FreshFromChina]](https://freshfromchina.com/wp-content/uploads/2025/05/China_s_MIIT_Signals_Major_Push_for_General_and_Industry-Specific_AI_Large_Models____FreshFromChina-150x150.png)
