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[Pinduoduo first entered the top ten holdings of HHLR in the third quarter of 2022, during which time its stock price rose by more than 200%.]

On August 15, Beijing time, HHLR Advisors, an independent fund management platform under Hillhouse Capital that focuses on secondary market investment, announced its U.S. stock holdings as of the end of the second quarter of 2024. The top ten holdings are Pinduoduo, BeiGene, Alibaba, Beike, Legend Biotech, Vipshop, NetEase, ARRIVENT BIOPHARMA, Ctrip, and KINIKSA PHARMACEUTICALS, of which 8 are Chinese concept stocks and the other 2 are biopharmaceutical companies.

Data shows that in the second quarter, HHLR held a total of 78 stocks in the U.S. stock market, with a total market value of approximately US$4.054 billion, including 24 new positions, 17 increased positions, 17 reduced positions, and 9 liquidated positions. The total market value of Chinese concept stocks accounted for nearly 85%, occupying a dominant position.

In the first quarter of this year, HHLR bought more than 10 AI and semiconductor concept stocks, including Amazon, Microsoft, Google's parent company Alphabet, META, as well as Nvidia, AMD, Micron Technology, ASML, TSMC, and reduced its holdings in JD.com, Alibaba, iQiyi, etc.

In the second quarter, in terms of portfolio adjustments, HHLR newly entered and increased its holdings in Chinese Internet companies such as Alibaba, Vipshop, NetEase, and Ctrip. At the same time, it reduced its holdings in Pinduoduo, Amazon, Microsoft, Danaher, and Beike to lock in profits, and liquidated its holdings in companies such as AMD.