Hillhouse's private equity sector exposure in US stocks revealed: increased holdings in Pinduoduo and Alibaba, newly entered Baidu

HHLR Advisors, a fund under Hillhouse Capital Group, has announced its latest holdings in US stocks. According to the latest 13F filing on November 15th, as of the third quarter of 2025, HHLR Advisors' total holdings were valued at $4.09 billion, representing a significant increase of 31.72% from the end of the previous quarter's $3.105 billion. HHLR Advisors is a hedge fund that invests in US stocks, with its secondary market investment team responsible for management and operation. Data from the 13F platform Whalewisdom shows that HHLR Advisors increased their holdings in 4 stocks, reduced holdings in 4 stocks, entered new positions in 5 stocks, and exited positions in 8 stocks. They significantly increased positions in companies such as Pinduoduo and Alibaba, entered new positions in companies like Baidu and Full Truck Alliance, but reduced holdings in Futu Holdings, NetEase, and Yixian Ecommerce, while fully exiting positions in JD.com, Vipshop, and Ideal Auto. The top ten holdings are Pinduoduo, Alibaba, Futu Holdings, Weiniu Securities, BeiGene, Baidu, Legend Biotech, NetEase, ArriVent Biopharma, and Ke Holdings, with 8 being Chinese holdings, highlighting their long-term optimism for high-quality Chinese assets.