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Q1 2026
Hillhouse / HHLR Advisors
Hillhouse / HHLR Advisors is an Asia-linked investment manager whose 13F filings disclose selected U.S.-listed equity positions.
HHLR ADVISORS, LTD., CIK 0001762304. Review four-quarter trends, portfolio structure, quarterly operations, and the complete table of original SEC CUSIP holdings.
Company-level holdings
38
Multiple CUSIP rows for the same company are combined.
Top 10 weight
94.17%
Concentrated
New / increased
11
New positions 1.56%
Exited / reduced
10
Turnover 34.21%
Largest increase
Rule-based indicators calculated from company-level changes this quarter.
Largest reduction
Rule-based indicators calculated from company-level changes this quarter.
Trends and portfolio structure
Total value over four quarters
Holdings count trend
Quarterly action counts
Top holdings weight
Theme / industry allocation
Unclassified48.09%
China assets43.84%
Healthcare7.68%
Technology0.38%
Four-quarter summary
| Quarter | Filing date | Accession number | Raw rows | Companies | Total value | Top10 |
|---|---|---|---|---|---|---|
| Q1 2026 | 05/15/2026 | 0000919574-26-003551 | 38 | 38 | $1,672,822,114 | 94.17% |
| Q4 2025 | 02/17/2026 | 0000902664-26-001126 | 33 | 33 | $3,103,678,081 | 96.10% |
| Q3 2025 | 11/14/2025 | 0000902664-25-004996 | 33 | 33 | $4,090,754,764 | 93.46% |
| Q2 2025 | 08/14/2025 | 0000902664-25-003621 | 36 | 36 | $3,104,509,729 | 90.28% |
Increased / new this quarter
Company-level positions whose share count increased or appeared for the first time.
MARVELL TECHNOLOGY INC
573874104
New position
Share change
+171,033
Value change
+$16.9M
Weight change
+1.01%
VIPSHOP HLDGS LTD
92763W103
New position
Share change
+124,700
Value change
+$2.0M
Weight change
+0.12%
Taiwan Semiconductor Manufacturing Co. Ltd.
874039100
Increased
Share change
+4,220
Value change
+$1.8M
Weight change
+0.20%
INTEL CORP
458140100
New position
Share change
+28,970
Value change
+$1.3M
Weight change
+0.08%
NVIDIA Corp.
67066G104
New position
Share change
+6,610
Value change
+$1.2M
Weight change
+0.07%
LUMENTUM HLDGS INC
55024U109
New position
Share change
+1,500
Value change
+$1.1M
Weight change
+0.06%
CORNING INC
219350105
New position
Share change
+7,700
Value change
+$1.0M
Weight change
+0.06%
COHERENT CORP
19247G107
New position
Share change
+4,275
Value change
+$1.0M
Weight change
+0.06%
Reduced / exited this quarter
Company-level positions whose share count declined or disappeared completely.
PDD HOLDINGS INC
722304102
Reduced
Share change
-6,556,371
Value change
-$790.1M
Weight change
-13.73%
ALIBABA GROUP HLDG LTD
01609W102
Reduced
Share change
-2,976,689
Value change
-$488.1M
Weight change
-7.24%
FUTU HLDGS LTD
36118L106
Reduced
Share change
-210,766
Value change
-$73.6M
Weight change
+2.98%
WEBULL CORP
G9572D103
Reduced
Share change
-4,474,604
Value change
-$39.2M
Weight change
-1.07%
MAZE THERAPEUTICS INC
578784100
Reduced
Share change
-91,507
Value change
-$8.0M
Weight change
+0.04%
Alphabet Inc.
02079K305
Exited
Share change
-7,300
Value change
-$2.3M
Weight change
-0.07%
ISHARES BITCOIN TRUST ETF
46438F101
Exited
Share change
-35,300
Value change
-$1.8M
Weight change
-0.06%
MOODYS CORP
615369105
Exited
Share change
-2,888
Value change
-$1.5M
Weight change
-0.05%
Quarterly operations table
| Company | CUSIP | Change | Current shares | Share change | Share change % | Current value | Value change | Weight change | Theme |
|---|---|---|---|---|---|---|---|---|---|
| PDD HOLDINGS INC 722304102 | 722304102 | Reduced | 4,165,029 | -6,556,371 | -61.15% | $425,582,663 | -$790,116,883 | -13.73% | China assets |
| ALIBABA GROUP HLDG LTD 01609W102 | 01609W102 | Reduced | 2,453,657 | -2,976,689 | -54.82% | $307,835,807 | -$488,144,310 | -7.24% | China assets |
| FUTU HLDGS LTD 36118L106 | 36118L106 | Reduced | 1,419,483 | -210,766 | -12.93% | $194,128,495 | -$73,574,693 | +2.98% | Unclassified |
| WEBULL CORP G9572D103 | G9572D103 | Reduced | 1,500,000 | -4,474,604 | -74.89% | $7,200,000 | -$39,222,673 | -1.07% | Unclassified |
| LEGEND BIOTECH CORP 52490G102 | 52490G102 | Unchanged | 5,984,550 | 0 | +0.00% | $108,260,510 | -$21,843,607 | +2.28% | Healthcare |
| MARVELL TECHNOLOGY INC 573874104 | 573874104 | New position | 171,033 | +171,033 | n/a | $16,940,819 | +$16,940,819 | +1.01% | Unclassified |
| GOSSAMER BIO INC 38341P102 | 38341P102 | Unchanged | 4,974,041 | 0 | +0.00% | $1,633,972 | -$13,785,555 | -0.40% | Unclassified |
| ARRIVENT BIOPHARMA INC 04272N102 | 04272N102 | Unchanged | 3,929,117 | 0 | +0.00% | $90,644,729 | +$11,590,895 | +2.87% | Unclassified |
| NOVABRIDGE BIOSCIENCES 44975P103 | 44975P103 | Unchanged | 5,980,568 | 0 | +0.00% | $14,712,197 | -$9,090,464 | +0.11% | Unclassified |
| MAZE THERAPEUTICS INC 578784100 | 578784100 | Reduced | 366,028 | -91,507 | -20.00% | $10,925,936 | -$8,029,739 | +0.04% | Healthcare |
| BEONE MEDICINES LTD 07725L102 | 07725L102 | Unchanged | 1,034,306 | 0 | +0.00% | $307,157,853 | -$7,074,653 | +8.24% | Unclassified |
| CYTEK BIOSCIENCES INC 23285D109 | 23285D109 | Unchanged | 6,657,030 | 0 | +0.00% | $29,091,221 | -$4,526,781 | +0.66% | Unclassified |
| YATSEN HLDG LTD 985194208 | 985194208 | Unchanged | 4,885,873 | 0 | +0.00% | $15,048,489 | -$3,957,557 | +0.29% | Unclassified |
| KE HLDGS INC 482497104 | 482497104 | Unchanged | 4,236,278 | 0 | +0.00% | $63,417,082 | -$3,346,659 | +1.64% | Unclassified |
| Alphabet Inc. GOOG / GOOGL | 02079K305 | Exited | 0 | -7,300 | -100.00% | $0 | -$2,284,900 | -0.07% | Technology |
| VIPSHOP HLDGS LTD 92763W103 | 92763W103 | New position | 124,700 | +124,700 | n/a | $1,960,284 | +$1,960,284 | +0.12% | Unclassified |
| Taiwan Semiconductor Manufacturing Co. Ltd. TSM | 874039100 | Increased | 15,520 | +4,220 | +37.35% | $5,244,984 | +$1,811,027 | +0.20% | Technology |
| ISHARES BITCOIN TRUST ETF 46438F101 | 46438F101 | Exited | 0 | -35,300 | -100.00% | $0 | -$1,752,645 | -0.06% | Unclassified |
| MOODYS CORP 615369105 | 615369105 | Exited | 0 | -2,888 | -100.00% | $0 | -$1,475,335 | -0.05% | Financials |
| INTEL CORP 458140100 | 458140100 | New position | 28,970 | +28,970 | n/a | $1,278,446 | +$1,278,446 | +0.08% | Unclassified |
| NVIDIA Corp. NVDA | 67066G104 | New position | 6,610 | +6,610 | n/a | $1,152,784 | +$1,152,784 | +0.07% | Technology |
| AGORA INC 00851L103 | 00851L103 | Unchanged | 2,098,553 | 0 | +0.00% | $7,428,878 | -$1,112,233 | +0.17% | Unclassified |
| CONTINEUM THERAPEUTICS INC 21217B100 | 21217B100 | Unchanged | 669,337 | 0 | +0.00% | $8,741,541 | +$1,091,019 | +0.28% | Healthcare |
| LUMENTUM HLDGS INC 55024U109 | 55024U109 | New position | 1,500 | +1,500 | n/a | $1,054,140 | +$1,054,140 | +0.06% | Unclassified |
| CORNING INC 219350105 | 219350105 | New position | 7,700 | +7,700 | n/a | $1,046,969 | +$1,046,969 | +0.06% | Unclassified |
| COHERENT CORP 19247G107 | 19247G107 | New position | 4,275 | +4,275 | n/a | $1,018,348 | +$1,018,348 | +0.06% | Unclassified |
| DINGDONG CAYMAN LTD 25445D101 | 25445D101 | New position | 354,500 | +354,500 | n/a | $911,065 | +$911,065 | +0.05% | Unclassified |
| ISHARES INC 464286822 | 464286822 | New position | 8,800 | +8,800 | n/a | $662,024 | +$662,024 | +0.04% | Unclassified |
| CLEARWATER ANALYTICS HLDGS I 185123106 | 185123106 | Unchanged | 1,365,971 | 0 | +0.00% | $32,305,214 | -$642,007 | +0.87% | Unclassified |
| PACIFIC BIOSCIENCES CALIF IN 69404D108 | 69404D108 | Unchanged | 918,892 | 0 | +0.00% | $1,212,937 | -$505,391 | +0.02% | Unclassified |
| SAGIMET BIOSCIENCES INC 786700104 | 786700104 | Unchanged | 724,800 | 0 | +0.00% | $3,787,080 | -$503,736 | +0.09% | Unclassified |
| TUYA INC 90114C107 | 90114C107 | Unchanged | 1,564,400 | 0 | +0.00% | $3,613,764 | +$312,880 | +0.11% | Unclassified |
| GE AEROSPACE 369604301 | 369604301 | Unchanged | 10,043 | 0 | +0.00% | $2,849,902 | -$243,643 | +0.07% | Unclassified |
| CENTRAIS ELET BRAS SA 15236F100 | 15236F100 | Exited | 0 | -25,390 | -100.00% | $0 | -$218,862 | -0.01% | Unclassified |
| CENTRAIS ELET BRAS SA 15234Q207 | 15234Q207 | Reduced | 63,100 | -33,500 | -34.68% | $711,768 | -$173,088 | +0.01% | Unclassified |
| ALIGOS THERAPEUTICS INC 01626L204 | 01626L204 | Unchanged | 76,247 | 0 | +0.00% | $566,515 | -$144,107 | +0.01% | Healthcare |
| VNET GROUP INC 90138A103 | 90138A103 | Increased | 65,100 | +12,000 | +22.60% | $546,189 | +$96,963 | +0.02% | Unclassified |
| MOGU INC 608012308 | 608012308 | Unchanged | 847,510 | 0 | +0.00% | $1,889,947 | +$84,751 | +0.05% | Unclassified |
| BARRICK MNG CORP 06849F108 | 06849F108 | Unchanged | 25,400 | 0 | +0.00% | $1,036,066 | -$70,104 | +0.03% | Unclassified |
| RIDGETECH INC G2124G120 | G2124G120 | Unchanged | 20,167 | 0 | +0.00% | $657 | -$56,819 | -0.00% | Unclassified |
| EQUINOX GOLD CORP 29446Y502 | 29446Y502 | Unchanged | 80,500 | 0 | +0.00% | $1,164,030 | +$33,810 | +0.03% | Unclassified |
| UXIN LTD 91818X306 | 91818X306 | Unchanged | 19,156 | 0 | +0.00% | $58,809 | -$5,747 | +0.00% | Unclassified |
Showing 42 of 42 changes for this quarter. Portfolio weight is the position’s share of the manager’s total 13F market value for that quarter.
Complete raw holdings table
| Rank | Company | CUSIP | Normalized company | Market value | Shares | Weight | Change | Theme | Source |
|---|---|---|---|---|---|---|---|---|---|
| 1 | PDD HOLDINGS INC SPONSORED ADS | 722304102 | PDD HOLDINGS INC 722304102 | $425,582,663 | 4,165,029 | 25.44% | Reduced -61.15% | China assets | 05/15/2026 0000919574-26-003551 |
| 2 | ALIBABA GROUP HLDG LTD SPONSORED ADS | 01609W102 | ALIBABA GROUP HLDG LTD 01609W102 | $307,835,807 | 2,453,657 | 18.40% | Reduced -54.82% | China assets | 05/15/2026 0000919574-26-003551 |
| 3 | BEONE MEDICINES LTD SPONSORED ADS | 07725L102 | BEONE MEDICINES LTD 07725L102 | $307,157,853 | 1,034,306 | 18.36% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 4 | FUTU HLDGS LTD SPON ADS CL A | 36118L106 | FUTU HLDGS LTD 36118L106 | $194,128,495 | 1,419,483 | 11.60% | Reduced -12.93% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 5 | LEGEND BIOTECH CORP SPONSORED ADS | 52490G102 | LEGEND BIOTECH CORP 52490G102 | $108,260,510 | 5,984,550 | 6.47% | Unchanged +0.00% | Healthcare | 05/15/2026 0000919574-26-003551 |
| 6 | ARRIVENT BIOPHARMA INC COM | 04272N102 | ARRIVENT BIOPHARMA INC 04272N102 | $90,644,729 | 3,929,117 | 5.42% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 7 | KE HLDGS INC SPONSORED ADS | 482497104 | KE HLDGS INC 482497104 | $63,417,082 | 4,236,278 | 3.79% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 8 | CLEARWATER ANALYTICS HLDGS I CL A | 185123106 | CLEARWATER ANALYTICS HLDGS I 185123106 | $32,305,214 | 1,365,971 | 1.93% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 9 | CYTEK BIOSCIENCES INC COM | 23285D109 | CYTEK BIOSCIENCES INC 23285D109 | $29,091,221 | 6,657,030 | 1.74% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 10 | MARVELL TECHNOLOGY INC COM | 573874104 | MARVELL TECHNOLOGY INC 573874104 | $16,940,819 | 171,033 | 1.01% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 11 | YATSEN HLDG LTD SPONSORED ADS | 985194208 | YATSEN HLDG LTD 985194208 | $15,048,489 | 4,885,873 | 0.90% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 12 | NOVABRIDGE BIOSCIENCES SPONSORED ADS | 44975P103 | NOVABRIDGE BIOSCIENCES 44975P103 | $14,712,197 | 5,980,568 | 0.88% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 13 | MAZE THERAPEUTICS INC COM | 578784100 | MAZE THERAPEUTICS INC 578784100 | $10,925,936 | 366,028 | 0.65% | Reduced -20.00% | Healthcare | 05/15/2026 0000919574-26-003551 |
| 14 | CONTINEUM THERAPEUTICS INC CL A | 21217B100 | CONTINEUM THERAPEUTICS INC 21217B100 | $8,741,541 | 669,337 | 0.52% | Unchanged +0.00% | Healthcare | 05/15/2026 0000919574-26-003551 |
| 15 | AGORA INC ADS | 00851L103 | AGORA INC 00851L103 | $7,428,878 | 2,098,553 | 0.44% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 16 | WEBULL CORP ORD SHS | G9572D103 | WEBULL CORP G9572D103 | $7,200,000 | 1,500,000 | 0.43% | Reduced -74.89% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 17 | TAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADS | 874039100 | Taiwan Semiconductor Manufacturing Co. Ltd. 874039100 | $5,244,984 | 15,520 | 0.31% | Increased +37.35% | Technology | 05/15/2026 0000919574-26-003551 |
| 18 | SAGIMET BIOSCIENCES INC COM SER A | 786700104 | SAGIMET BIOSCIENCES INC 786700104 | $3,787,080 | 724,800 | 0.23% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 19 | TUYA INC SPONSERED ADS | 90114C107 | TUYA INC 90114C107 | $3,613,764 | 1,564,400 | 0.22% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 20 | GE AEROSPACE COM NEW | 369604301 | GE AEROSPACE 369604301 | $2,849,902 | 10,043 | 0.17% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 21 | VIPSHOP HLDGS LTD SPONSORED ADS A | 92763W103 | VIPSHOP HLDGS LTD 92763W103 | $1,960,284 | 124,700 | 0.12% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 22 | MOGU INC SPON ADS | 608012308 | MOGU INC 608012308 | $1,889,947 | 847,510 | 0.11% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 23 | GOSSAMER BIO INC COM | 38341P102 | GOSSAMER BIO INC 38341P102 | $1,633,972 | 4,974,041 | 0.10% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 24 | INTEL CORP COM | 458140100 | INTEL CORP 458140100 | $1,278,446 | 28,970 | 0.08% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 25 | PACIFIC BIOSCIENCES CALIF IN COM | 69404D108 | PACIFIC BIOSCIENCES CALIF IN 69404D108 | $1,212,937 | 918,892 | 0.07% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 26 | EQUINOX GOLD CORP COM | 29446Y502 | EQUINOX GOLD CORP 29446Y502 | $1,164,030 | 80,500 | 0.07% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 27 | NVIDIA CORPORATION COM | 67066G104 | NVIDIA Corp. nvidia | $1,152,784 | 6,610 | 0.07% | New position n/a | Technology | 05/15/2026 0000919574-26-003551 |
| 28 | LUMENTUM HLDGS INC COM | 55024U109 | LUMENTUM HLDGS INC 55024U109 | $1,054,140 | 1,500 | 0.06% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 29 | CORNING INC COM | 219350105 | CORNING INC 219350105 | $1,046,969 | 7,700 | 0.06% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 30 | BARRICK MNG CORP COM SHS | 06849F108 | BARRICK MNG CORP 06849F108 | $1,036,066 | 25,400 | 0.06% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 31 | COHERENT CORP COM | 19247G107 | COHERENT CORP 19247G107 | $1,018,348 | 4,275 | 0.06% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 32 | DINGDONG CAYMAN LTD ADS | 25445D101 | DINGDONG CAYMAN LTD 25445D101 | $911,065 | 354,500 | 0.05% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 33 | CENTRAIS ELET BRAS SA SPONSORED ADR | 15234Q207 | CENTRAIS ELET BRAS SA 15234Q207 | $711,768 | 63,100 | 0.04% | Reduced -34.68% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 34 | ISHARES INC MSCI MEXICO ETF | 464286822 | ISHARES INC 464286822 | $662,024 | 8,800 | 0.04% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 35 | ALIGOS THERAPEUTICS INC COM NEW | 01626L204 | ALIGOS THERAPEUTICS INC 01626L204 | $566,515 | 76,247 | 0.03% | Unchanged +0.00% | Healthcare | 05/15/2026 0000919574-26-003551 |
| 36 | VNET GROUP INC SPONSORED ADS A | 90138A103 | VNET GROUP INC 90138A103 | $546,189 | 65,100 | 0.03% | Increased +22.60% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 37 | UXIN LTD SPONSORED ADS | 91818X306 | UXIN LTD 91818X306 | $58,809 | 19,156 | 0.00% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 38 | RIDGETECH INC SHS NEW | G2124G120 | RIDGETECH INC G2124G120 | $657 | 20,167 | 0.00% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
SEC filing source
Current filing: 0000919574-26-003551, filed 05/15/2026. Open the SEC source above to inspect the original information table.