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After the U.S. stock market closed on Wednesday, August 14, HHLR Advisors, an independent fund management platform under Hillhouse Capital that focuses on secondary market investments, announced its U.S. stock holdings as of the end of the second quarter of 2024.

The quarterly 13F report of institutional investors showed that HHLR Advisors, a subsidiary of Hillhouse Capital, significantly increased its holdings of Alibaba by 5.24 million shares in the second quarter, making it the third largest holding or accounting for 9.55% of total holdings. In the first quarter, it only accounted for 0.23% of holdings.

HHLR Advisors also increased its holdings of Vipshop by 14.61 million shares, as well as Internet stocks such as NetEase and Ctrip. Its holdings in Futu Holdings also ranked in the top five. Among them, Ctrip's stock price performed well in the second quarter, with the highest increase of nearly 30%.

Although HHLR Advisors reduced its holdings of Pinduoduo by 2.9 million shares in the second quarter, it is still its largest holding. It reduced its holdings of Beike by more than 6 million shares, but Beike is still its fourth largest holding. In addition, Baidu and Manbang, which were reduced in the first quarter, were cleared in the second quarter.

Among the seven major U.S. technology companies, Apple, Nvidia, Google and META were increased, while Amazon and Microsoft were reduced. Chip stock AMD was cleared out. However, some analysts said that in addition to Chinese concept stocks, technology is still the main investment logic of HHLR Advisors.

Overall data shows that in the second quarter, HHLR held a total of 78 stocks in the US stock market, with a total market value of approximately US$4.054 billion. Among them, 24 stocks were newly established, 17 stocks were increased, 17 stocks were reduced, and 9 stocks were liquidated.

Its top ten heavily-held stocks are Pinduoduo, BeiGene, Alibaba, Beike, Legend Biotech, Vipshop, NetEase, ARRIVENT BIOPHARMA, Ctrip, and KINIKSA PHARMACEUTICALS, of which eight are Chinese stocks listed in the US.

Some analysts pointed out that this means that among all U.S. stock holdings of HHLR at the end of the second quarter, the total market value of Chinese stocks accounted for nearly 85%, occupying a dominant position.

In the first quarter of this year, HHLR Advisors, a subsidiary of Hillhouse Capital, bought a large number of semiconductor technology stocks and established positions in AMD, Nvidia and TSMC, but at that time it cleared or nearly cleared out its holdings of many Chinese Internet stocks, including JD.com, Alibaba, iQiyi, etc.

AMD, which was liquidated in the second quarter, had become HHLR's sixth largest holding after a new position was established in the first quarter. AMD fell 10% in the second quarter.