Hedge Fund · CIK 0001762304

Hillhouse

HHLR Advisors

Hillhouse runs HHLR Advisors, a hedge fund overseeing $3.10B in disclosed equity holdings (SEC CIK 0001762304). The latest portfolio (2025Q4) discloses 33 positions across 10 sectors, with the largest positions in PDD, BABA and ONC. On a mark-to-market basis the tracked portfolio has returned 48.9% over the past year. OpenStocks tracks 29 consecutive quarterly snapshots for this manager — every position change, new entry, and exit is logged below.

Track Hillhouse's filings View holdings

Portfolio

$3.10B

Positions

Quarter

2025Q4

Filings tracked

1Y+48.9%3Y+120.7%5Y+30.7%Full performance →

Quarter

2025Q4 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 2023Q4 2023Q3 2023Q2 2023Q1

Holdings

Sorted by value · 2023Q2

Sector60 positions

ONCBEIGENE LTDADR

Healthcare·Biotechnology

19.66%

of portfolio

Number of shares

5,176,906 sh

Holdings current value

$923.04M

Avg closing price

$136.90

Last action

Trimmed 34.9%

2025Q1

Current —

PDDPINDUODUO INCADR

Consumer Cyclical·Internet Retail

12.03%

of portfolio

Number of shares

8,172,247 sh

Holdings current value

$565.03M

Avg closing price

$112.77

Last action

Added 35.2%

2025Q4

Current —

BEKEKE HLDGS INCADR

Real Estate·Real Estate Services

11.33%

of portfolio

Number of shares

35,822,654 sh

Holdings current value

$531.97M

Avg closing price

$21.59

Last action

Trimmed 8.3%

2025Q3

Current —

LEGNLEGEND BIOTECH CORPADR

Healthcare·Biotechnology

9.46%

of portfolio

Number of shares

6,436,533 sh

Holdings current value

$444.31M

Avg closing price

$47.95

Last action

Trimmed 9.2%

2024Q4

Current —

BABAALIBABA GROUP HLDG LTDADR

Consumer Cyclical·Internet Retail

5.79%

of portfolio

Number of shares

3,262,527 sh

Holdings current value

$271.93M

Avg closing price

$146.43

-5.4%

Last action

Added 190.8%

2025Q4

Current $138.59

MSFTMICROSOFT CORP

Technology·Software - Infrastructure

5.51%

of portfolio

Number of shares

759,300 sh

Holdings current value

$258.57M

Avg closing price

$279.82

+51.1%

Last action

Exited

2024Q3

Current $422.79

CRMSALESFORCE COM INC

Technology·Software - Application

4.83%

of portfolio

Number of shares

1,072,537 sh

Holdings current value

$226.58M

Avg closing price

$202.27

-10.4%

Last action

Exited

2024Q3

Current $181.22

DASHDOORDASH INC

Consumer Cyclical·Internet Retail

4.34%

of portfolio

Number of shares

2,666,763 sh

Holdings current value

$203.79M

Avg closing price

$115.41

+55.4%

Last action

Exited

2024Q3

Current $179.33

HTHTHUAZHU GROUP LTDADR

Consumer Cyclical·Lodging

3.15%

of portfolio

Number of shares

3,814,305 sh

Holdings current value

$147.92M

Avg closing price

$47.21

Last action

Exited

2025Q2

Current —

TTWOTAKE-TWO INTERACTIVE SOFTWAR

Communication Services·Electronic Gaming & Multimedia

2.45%

of portfolio

Number of shares

783,000 sh

Holdings current value

$115.23M

Avg closing price

$147.16

Last action

Exited

2024Q2

Current —

JDJD.COM INCADR

Consumer Cyclical·Internet Retail

1.97%

of portfolio

Number of shares

2,704,200 sh

Holdings current value

$92.29M

Avg closing price

$40.60

Last action

Exited

2025Q3

Current —

DQDAQO NEW ENERGY CORPADR

Technology·Semiconductor Equipment & Materials

1.72%

of portfolio

Number of shares

2,037,000 sh

Holdings current value

$80.87M

Avg closing price

$62.64

Last action

Exited

2023Q4

Current —

BIDUBAIDU INCADR

Communication Services·Internet Content & Information

1.61%

of portfolio

Number of shares

553,353 sh

Holdings current value

$75.76M

Avg closing price

$131.21

-4.7%

Last action

Exited

2025Q4

Current $125.03

H5919C104ON HLDG AG

1.49%

of portfolio

Number of shares

2,116,424 sh

Holdings current value

$69.84M

Avg closing price

$30.13

Last action

Exited

2024Q3

Current —

ZTOZTO EXPRESS CAYMAN INCADR

Industrials·Integrated Freight & Logistics

1.33%

of portfolio

Number of shares

2,497,414 sh

Holdings current value

$62.64M

Avg closing price

$23.05

Last action

Exited

2025Q3

Current —

CTKBCYTEK BIOSCIENCES INC

Healthcare·Medical Devices

1.21%

of portfolio

Number of shares

6,657,030 sh

Holdings current value

$56.85M

Avg closing price

$21.41

Last action

Trimmed 13.6%

2023Q2

Current —

292812104ENFUSION INC

1.19%

of portfolio

Number of shares

4,975,183 sh

Holdings current value

$55.82M

Avg closing price

$20.94

Last action

Exited

2025Q2

Current —

BBIOBRIDGEBIO PHARMA INC

Healthcare·Biotechnology

1.10%

of portfolio

Number of shares

2,993,447 sh

Holdings current value

$51.49M

Avg closing price

$29.14

+166.0%

Last action

Exited

2025Q1

Current $77.51

CPNGCOUPANG INC

Consumer Cyclical·Internet Retail

1.04%

of portfolio

Number of shares

2,818,100 sh

Holdings current value

$49.03M

Avg closing price

$25.06

-14.2%

Last action

Exited

2024Q3

Current $21.49

MDLZMONDELEZ INTL INC

Consumer Defensive·Confectioners

0.81%

of portfolio

Number of shares

523,788 sh

Holdings current value

$38.21M

Avg closing price

$40.03

+42.6%

Last action

Exited

2024Q2

Current $57.07

985194109YATSEN HLDG LTD

0.75%

of portfolio

Number of shares

34,939,200 sh

Holdings current value

$35.29M

Avg closing price

$2.24

Last action

Exited

2024Q1

Current —

YMMFULL TRUCK ALLIANCE CO LTDADR

Technology·Software - Application

0.69%

of portfolio

Number of shares

5,226,419 sh

Holdings current value

$32.51M

Avg closing price

$12.95

Last action

Exited

2025Q4

Current —

TMOTHERMO FISHER SCIENTIFIC INC

Healthcare·Diagnostics & Research

0.46%

of portfolio

Number of shares

41,452 sh

Holdings current value

$21.63M

Avg closing price

$555.75

-7.2%

Last action

Exited

2024Q3

Current $516.00

DDOGDATADOG INC

Technology·Software - Application

0.46%

of portfolio

Number of shares

218,100 sh

Holdings current value

$21.46M

Avg closing price

$0.09

+138974.4%

Last action

Exited

2024Q1

Current $123.47

NBPI MABADR

Healthcare·Biotechnology

0.44%

of portfolio

Number of shares

6,909,220 sh

Holdings current value

$20.66M

Avg closing price

$50.06

Last action

Trimmed 11.8%

2024Q4

Current —

DHRDANAHER CORPORATION

Healthcare·Diagnostics & Research

0.44%

of portfolio

Number of shares

85,500 sh

Holdings current value

$20.52M

Avg closing price

$231.89

-16.4%

Last action

Exited

2025Q2

Current $193.78

BMRNBIOMARIN PHARMACEUTICAL INC

Healthcare·Biotechnology

0.42%

of portfolio

Number of shares

228,942 sh

Holdings current value

$19.84M

Avg closing price

$97.24

-44.4%

Last action

Exited

2023Q4

Current $54.10

EXKEXACT SCIENCES CORP

Basic Materials·Silver

0.40%

of portfolio

Number of shares

197,894 sh

Holdings current value

$18.58M

Avg closing price

$71.48

-86.4%

Last action

Exited

2023Q4

Current $9.72

KDPKEURIG DR PEPPER INC

Consumer Defensive·Beverages - Non-Alcoholic

0.38%

of portfolio

Number of shares

564,568 sh

Holdings current value

$17.65M

Avg closing price

$30.84

-15.6%

Last action

Exited

2023Q3

Current $26.04

FUTUFUTU HLDGS LTDADR

Financial Services·Capital Markets

0.35%

of portfolio

Number of shares

417,187 sh

Holdings current value

$16.58M

Avg closing price

$94.94

+73.9%

Last action

Trimmed 79.4%

2025Q4

Current $165.06

NTESNETEASE INCADR

Communication Services·Electronic Gaming & Multimedia

0.31%

of portfolio

Number of shares

149,700 sh

Holdings current value

$14.47M

Avg closing price

$94.08

Last action

Exited

2025Q4

Current —

ADBEADOBE SYSTEMS INCORPORATED

Technology·Software - Application

0.28%

of portfolio

Number of shares

27,000 sh

Holdings current value

$13.20M

Avg closing price

$488.99

-49.3%

Last action

Exited

2023Q3

Current $248.16

AKROAKERO THERAPEUTICS INC

0.27%

of portfolio

Number of shares

273,002 sh

Holdings current value

$12.75M

Avg closing price

$24.91

Last action

Exited

2023Q4

Current —

GOOGALPHABET INC

Communication Services·Internet Content & Information

0.26%

of portfolio

Number of shares

100,000 sh

Holdings current value

$12.10M

Avg closing price

$130.66

+154.7%

Last action

Exited

2024Q3

Current $332.77

ATATATOUR LIFESTYLE HLDGS LTDADR

Consumer Cyclical·Lodging

0.23%

of portfolio

Number of shares

661,522 sh

Holdings current value

$10.74M

Avg closing price

$26.13

Last action

Exited

2025Q2

Current —

G5269C101KINIKSA PHARMACEUTICALS LTD

0.21%

of portfolio

Number of shares

698,741 sh

Holdings current value

$9.84M

Avg closing price

$20.59

Last action

Exited

2024Q2

Current —

SOHUSOHU COM LTDADR

Communication Services·Electronic Gaming & Multimedia

0.17%

of portfolio

Number of shares

731,800 sh

Holdings current value

$8.06M

Avg closing price

$17.42

Last action

Exited

2025Q2

Current —

ARGXARGENX SEADR

Healthcare·Biotechnology

0.15%

of portfolio

Number of shares

18,665 sh

Holdings current value

$7.27M

Avg closing price

$218.35

Last action

Exited

2023Q4

Current —

AXSMAXSOME THERAPEUTICS INC

Healthcare·Biotechnology

0.15%

of portfolio

Number of shares

100,000 sh

Holdings current value

$7.19M

Avg closing price

$81.47

+126.1%

Last action

Exited

2023Q4

Current $184.19

COINCOINBASE GLOBAL INC

Financial Services·Financial Data & Stock Exchanges

0.15%

of portfolio

Number of shares

100,000 sh

Holdings current value

$7.16M

Avg closing price

$87.14

+129.3%

Last action

Exited

2023Q3

Current $199.82

LILI AUTO INCADR

Consumer Cyclical·Auto Manufacturers

0.13%

of portfolio

Number of shares

170,704 sh

Holdings current value

$5.99M

Avg closing price

$26.23

Last action

Exited

2025Q3

Current —

GOSSGOSSAMER BIO INC

Healthcare·Biotechnology

0.13%

of portfolio

Number of shares

4,974,041 sh

Holdings current value

$5.97M

Avg closing price

$16.64

Last action

Trimmed 33.0%

2022Q4

Current —

G76279101ROIVANT SCIENCES LTD

0.11%

of portfolio

Number of shares

523,461 sh

Holdings current value

$5.28M

Avg closing price

$11.34

Last action

Exited

2023Q4

Current —

AMDADVANCED MICRO DEVICES INC

Technology·Semiconductors

0.10%

of portfolio

Number of shares

40,500 sh

Holdings current value

$4.61M

Avg closing price

$176.96

+57.2%

Last action

Exited

2024Q2

Current $278.26

EMSMART SH GLOBAL LTDADR

0.08%

of portfolio

Number of shares

3,949,700 sh

Holdings current value

$3.85M

Avg closing price

$6.07

Last action

Exited

2025Q4

Current —

VIPSVIPSHOP HOLDINGS LIMITEDADR

Consumer Cyclical·Internet Retail

0.07%

of portfolio

Number of shares

198,600 sh

Holdings current value

$3.28M

Avg closing price

$13.18

Last action

Exited

2025Q3

Current —

AMZNAMAZON COM INC

Consumer Cyclical·Internet Retail

0.07%

of portfolio

Number of shares

24,300 sh

Holdings current value

$3.17M

Avg closing price

$134.35

+85.9%

Last action

Exited

2024Q3

Current $249.70

TUYATUYA INCADR

Technology·Software - Infrastructure

0.06%

of portfolio

Number of shares

1,599,700 sh

Holdings current value

$3.02M

Avg closing price

$21.14

Last action

Trimmed 2.2%

2024Q1

Current —

01626L105ALIGOS THERAPEUTICS INC

0.05%

of portfolio

Number of shares

2,309,764 sh

Holdings current value

$2.24M

Avg closing price

$16.39

Last action

Exited

2024Q3

Current —

MOGUMOGU INCADR

0.04%

of portfolio

Number of shares

847,510 sh

Holdings current value

$2.03M

Avg closing price

$3.52

Last action

Trimmed 2.6%

2023Q1

Current —

BZKANZHUN LIMITEDADR

Communication Services·Internet Content & Information

0.04%

of portfolio

Number of shares

123,000 sh

Holdings current value

$1.85M

Avg closing price

$20.51

Last action

Exited

2025Q3

Current —

BEDUBRIGHT SCHOLAR ED HLDGS LTDADR

0.02%

of portfolio

Number of shares

993,043 sh

Holdings current value

$1.12M

Avg closing price

$0.00

Last action

Exited

2025Q4

Current —

G9845F109YS BIOPHARMA CO LTD

0.02%

of portfolio

Number of shares

751,790 sh

Holdings current value

$1.04M

Avg closing price

$1.60

Last action

Exited

2024Q4

Current —

PYXSPYXIS ONCOLOGY INC

0.02%

of portfolio

Number of shares

382,606 sh

Holdings current value

$979.5K

Avg closing price

$10.97

Last action

Exited

2025Q1

Current —

PLTKPLAYTIKA HLDG CORP

Communication Services·Electronic Gaming & Multimedia

0.02%

of portfolio

Number of shares

72,800 sh

Holdings current value

$844.5K

Avg closing price

$27.21

-86.9%

Last action

Exited

2024Q1

Current $3.57

IQIQIYI INCADR

Communication Services·Entertainment

0.02%

of portfolio

Number of shares

142,500 sh

Holdings current value

$761.0K

Avg closing price

$18.04

Last action

Exited

2024Q1

Current —

HOOKGBPHOOKIPA PHARMA INC

0.01%

of portfolio

Number of shares

770,717 sh

Holdings current value

$678.2K

Avg closing price

$3.11

Last action

Exited

2023Q3

Current —

91818X207UXIN LTD

0.01%

of portfolio

Number of shares

191,563 sh

Holdings current value

$314.2K

Avg closing price

$2.88

Last action

Exited

2024Q1

Current —

G2124G112CHINA JO-JO DRUGSTORES INC

0.00%

of portfolio

Number of shares

403,334 sh

Holdings current value

$161.3K

Avg closing price

$2.20

Last action

Exited

2024Q1

Current —

SRZNWSURROZEN INCWT

0.00%

of portfolio

Number of shares

387,133 sh

Holdings current value

$21.4K

Avg closing price

$1.14

Last action

Exited

2024Q3

Current —

Portfolio heatmap

Box size = % of portfolio · color = return since filing

ON HLDG AG

1.49%

ENFUSION INC

1.19%

YATSEN HLDG LTD

0.75%

36 more

5.62%

Sector exposure

Share of dollar value across the latest reported portfolio. Unclassified positions excluded.

Healthcare11 pos$1.58B35.1%
Consumer Cyclical10 pos$1.35B30.1%
Technology8 pos$640.8M14.3%
Real Estate1 pos$532.0M11.8%
Communication Services8 pos$229.1M5.1%
Industrials1 pos$62.6M1.4%
Consumer Defensive2 pos$55.9M1.2%
Financial Services2 pos$23.7M0.5%
Basic Materials1 pos$18.6M0.4%

(4.3% unclassified, excluded from %)