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. 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

Quarter

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

Holdings

Sorted by value · 2023Q3

Sector60 positions

ONCBEIGENE LTDADR

Healthcare·Biotechnology

20.79%

of portfolio

Number of shares

5,176,906 sh

Holdings current value

$931.17M

Avg closing price

$136.90

Last action

Trimmed 34.9%

2025Q1

Current —

PDDPINDUODUO INCADR

Consumer Cyclical·Internet Retail

16.10%

of portfolio

Number of shares

7,350,847 sh

Holdings current value

$720.90M

Avg closing price

$112.77

Last action

Added 40.8%

2025Q4

Current —

BEKEKE HLDGS INCADR

Real Estate·Real Estate Services

10.63%

of portfolio

Number of shares

30,665,445 sh

Holdings current value

$475.93M

Avg closing price

$21.59

Last action

Trimmed 9.5%

2025Q3

Current —

LEGNLEGEND BIOTECH CORPADR

Healthcare·Biotechnology

9.65%

of portfolio

Number of shares

6,436,533 sh

Holdings current value

$432.34M

Avg closing price

$47.95

Last action

Trimmed 9.2%

2024Q4

Current —

MSFTMICROSOFT CORP

Technology·Software - Infrastructure

5.65%

of portfolio

Number of shares

801,700 sh

Holdings current value

$253.14M

Avg closing price

$279.82

+51.1%

Last action

Exited

2024Q3

Current $422.79

DASHDOORDASH INC

Consumer Cyclical·Internet Retail

4.73%

of portfolio

Number of shares

2,666,763 sh

Holdings current value

$211.93M

Avg closing price

$115.41

+55.4%

Last action

Exited

2024Q3

Current $179.33

CRMSALESFORCE COM INC

Technology·Software - Application

4.11%

of portfolio

Number of shares

908,637 sh

Holdings current value

$184.25M

Avg closing price

$202.27

-10.4%

Last action

Exited

2024Q3

Current $181.22

BABAALIBABA GROUP HLDG LTDADR

Consumer Cyclical·Internet Retail

3.93%

of portfolio

Number of shares

2,030,447 sh

Holdings current value

$176.12M

Avg closing price

$146.43

-5.4%

Last action

Added

2025Q4

Current $138.59

TTWOTAKE-TWO INTERACTIVE SOFTWAR

Communication Services·Electronic Gaming & Multimedia

2.45%

of portfolio

Number of shares

783,000 sh

Holdings current value

$109.93M

Avg closing price

$147.16

Last action

Exited

2024Q2

Current —

AMZNAMAZON COM INC

Consumer Cyclical·Internet Retail

2.28%

of portfolio

Number of shares

802,000 sh

Holdings current value

$101.95M

Avg closing price

$134.35

+85.9%

Last action

Exited

2024Q3

Current $249.70

HTHTHUAZHU GROUP LTDADR

Consumer Cyclical·Lodging

2.14%

of portfolio

Number of shares

2,433,083 sh

Holdings current value

$95.94M

Avg closing price

$47.21

Last action

Exited

2025Q2

Current —

BBIOBRIDGEBIO PHARMA INC

Healthcare·Biotechnology

1.64%

of portfolio

Number of shares

2,782,750 sh

Holdings current value

$73.38M

Avg closing price

$29.14

+166.0%

Last action

Exited

2025Q1

Current $77.51

BIDUBAIDU INCADR

Communication Services·Internet Content & Information

1.61%

of portfolio

Number of shares

535,400 sh

Holdings current value

$71.93M

Avg closing price

$131.21

-4.7%

Last action

Exited

2025Q4

Current $125.03

DQDAQO NEW ENERGY CORPADR

Technology·Semiconductor Equipment & Materials

1.38%

of portfolio

Number of shares

2,037,000 sh

Holdings current value

$61.66M

Avg closing price

$62.64

Last action

Exited

2023Q4

Current —

292812104ENFUSION INC

1.00%

of portfolio

Number of shares

4,975,183 sh

Holdings current value

$44.63M

Avg closing price

$20.94

Last action

Exited

2025Q2

Current —

CPNGCOUPANG INC

Consumer Cyclical·Internet Retail

0.98%

of portfolio

Number of shares

2,580,700 sh

Holdings current value

$43.87M

Avg closing price

$25.06

-14.2%

Last action

Exited

2024Q3

Current $21.49

CTKBCYTEK BIOSCIENCES INC

Healthcare·Medical Devices

0.82%

of portfolio

Number of shares

6,657,030 sh

Holdings current value

$36.75M

Avg closing price

$21.41

Last action

Trimmed 13.6%

2023Q2

Current —

985194109YATSEN HLDG LTD

0.78%

of portfolio

Number of shares

34,939,200 sh

Holdings current value

$34.94M

Avg closing price

$2.24

Last action

Exited

2024Q1

Current —

ZTOZTO EXPRESS CAYMAN INCADR

Industrials·Integrated Freight & Logistics

0.73%

of portfolio

Number of shares

1,350,926 sh

Holdings current value

$32.65M

Avg closing price

$23.05

Last action

Exited

2025Q3

Current —

75525N107RAYZEBIO INC

0.69%

of portfolio

Number of shares

1,395,716 sh

Holdings current value

$30.98M

Avg closing price

$22.20

Last action

Exited

2024Q1

Current —

MDLZMONDELEZ INTL INC

Consumer Defensive·Confectioners

0.68%

of portfolio

Number of shares

441,688 sh

Holdings current value

$30.65M

Avg closing price

$40.03

+42.6%

Last action

Exited

2024Q2

Current $57.07

G76279101ROIVANT SCIENCES LTD

0.64%

of portfolio

Number of shares

2,448,579 sh

Holdings current value

$28.60M

Avg closing price

$11.34

Last action

Exited

2023Q4

Current —

YMMFULL TRUCK ALLIANCE CO LTDADR

Technology·Software - Application

0.56%

of portfolio

Number of shares

3,533,932 sh

Holdings current value

$24.88M

Avg closing price

$12.95

Last action

Exited

2025Q4

Current —

NMRANEUMORA THERAPEUTICS INC.

Healthcare·Biotechnology

0.54%

of portfolio

Number of shares

1,699,313 sh

Holdings current value

$23.98M

Avg closing price

$14.11

-85.8%

Last action

Exited

2024Q1

Current $2.00

DHRDANAHER CORPORATION

Healthcare·Diagnostics & Research

0.47%

of portfolio

Number of shares

85,500 sh

Holdings current value

$21.21M

Avg closing price

$231.89

-16.4%

Last action

Exited

2025Q2

Current $193.78

DDOGDATADOG INC

Technology·Software - Application

0.44%

of portfolio

Number of shares

218,100 sh

Holdings current value

$19.87M

Avg closing price

$0.09

+138974.4%

Last action

Exited

2024Q1

Current $123.47

TMOTHERMO FISHER SCIENTIFIC INC

Healthcare·Diagnostics & Research

0.36%

of portfolio

Number of shares

31,952 sh

Holdings current value

$16.17M

Avg closing price

$555.75

-7.2%

Last action

Exited

2024Q3

Current $516.00

NTESNETEASE INCADR

Communication Services·Electronic Gaming & Multimedia

0.33%

of portfolio

Number of shares

149,700 sh

Holdings current value

$14.99M

Avg closing price

$94.08

Last action

Exited

2025Q4

Current —

JDJD.COM INCADR

Consumer Cyclical·Internet Retail

0.33%

of portfolio

Number of shares

509,850 sh

Holdings current value

$14.85M

Avg closing price

$40.60

Last action

Exited

2025Q3

Current —

AKROAKERO THERAPEUTICS INC

0.31%

of portfolio

Number of shares

273,002 sh

Holdings current value

$13.81M

Avg closing price

$24.91

Last action

Exited

2023Q4

Current —

EXKEXACT SCIENCES CORP

Basic Materials·Silver

0.30%

of portfolio

Number of shares

197,894 sh

Holdings current value

$13.50M

Avg closing price

$71.48

-86.4%

Last action

Exited

2023Q4

Current $9.72

SGMTSAGIMET BIOSCIENCES INC

Healthcare·Biotechnology

0.28%

of portfolio

Number of shares

1,449,543 sh

Holdings current value

$12.76M

Avg closing price

$8.80

Last action

Trimmed 33.3%

2024Q1

Current —

G5269C101KINIKSA PHARMACEUTICALS LTD

0.27%

of portfolio

Number of shares

698,741 sh

Holdings current value

$12.14M

Avg closing price

$20.59

Last action

Exited

2024Q2

Current —

H5919C104ON HLDG AG

0.26%

of portfolio

Number of shares

411,400 sh

Holdings current value

$11.45M

Avg closing price

$30.13

Last action

Exited

2024Q3

Current —

BMRNBIOMARIN PHARMACEUTICAL INC

Healthcare·Biotechnology

0.23%

of portfolio

Number of shares

114,042 sh

Holdings current value

$10.09M

Avg closing price

$97.24

-44.4%

Last action

Exited

2023Q4

Current $54.10

NBPI MABADR

Healthcare·Biotechnology

0.20%

of portfolio

Number of shares

6,909,220 sh

Holdings current value

$9.12M

Avg closing price

$50.06

Last action

Trimmed 11.8%

2024Q4

Current —

ARGXARGENX SEADR

Healthcare·Biotechnology

0.18%

of portfolio

Number of shares

16,765 sh

Holdings current value

$8.24M

Avg closing price

$218.35

Last action

Exited

2023Q4

Current —

SESEA LTDADR

Consumer Cyclical·Internet Retail

0.17%

of portfolio

Number of shares

174,800 sh

Holdings current value

$7.68M

Avg closing price

$110.85

-18.4%

Last action

Exited

2025Q4

Current $90.40

PACBPACIFIC BIOSCIENCES CALIF IN

Healthcare·Medical Devices

0.17%

of portfolio

Number of shares

918,892 sh

Holdings current value

$7.67M

Avg closing price

$25.40

-93.6%

Last action

New holding

2023Q3

Current $1.63

TSLATESLA INC

Consumer Cyclical·Auto Manufacturers

0.17%

of portfolio

Number of shares

30,000 sh

Holdings current value

$7.51M

Avg closing price

$240.76

+61.5%

Last action

Exited

2023Q4

Current $388.90

AXSMAXSOME THERAPEUTICS INC

Healthcare·Biotechnology

0.16%

of portfolio

Number of shares

100,000 sh

Holdings current value

$6.99M

Avg closing price

$81.47

+126.1%

Last action

Exited

2023Q4

Current $184.19

SOHUSOHU COM LTDADR

Communication Services·Electronic Gaming & Multimedia

0.15%

of portfolio

Number of shares

731,800 sh

Holdings current value

$6.89M

Avg closing price

$17.42

Last action

Exited

2025Q2

Current —

FUTUFUTU HLDGS LTDADR

Financial Services·Capital Markets

0.10%

of portfolio

Number of shares

80,000 sh

Holdings current value

$4.62M

Avg closing price

$94.94

+73.9%

Last action

Trimmed 95.3%

2025Q4

Current $165.06

GOSSGOSSAMER BIO INC

Healthcare·Biotechnology

0.09%

of portfolio

Number of shares

4,974,041 sh

Holdings current value

$4.14M

Avg closing price

$16.64

Last action

Trimmed 33.0%

2022Q4

Current —

ATATATOUR LIFESTYLE HLDGS LTDADR

Consumer Cyclical·Lodging

0.08%

of portfolio

Number of shares

200,000 sh

Holdings current value

$3.77M

Avg closing price

$26.13

Last action

Exited

2025Q2

Current —

VIPSVIPSHOP HOLDINGS LIMITEDADR

Consumer Cyclical·Internet Retail

0.07%

of portfolio

Number of shares

198,600 sh

Holdings current value

$3.18M

Avg closing price

$13.18

Last action

Exited

2025Q3

Current —

EMSMART SH GLOBAL LTDADR

0.07%

of portfolio

Number of shares

3,949,700 sh

Holdings current value

$2.98M

Avg closing price

$6.07

Last action

Exited

2025Q4

Current —

TUYATUYA INCADR

Technology·Software - Infrastructure

0.06%

of portfolio

Number of shares

1,599,700 sh

Holdings current value

$2.48M

Avg closing price

$21.14

Last action

Trimmed 2.2%

2024Q1

Current —

BZKANZHUN LIMITEDADR

Communication Services·Internet Content & Information

0.04%

of portfolio

Number of shares

123,700 sh

Holdings current value

$1.88M

Avg closing price

$20.51

Last action

Exited

2025Q3

Current —

MOGUMOGU INCADR

0.04%

of portfolio

Number of shares

847,510 sh

Holdings current value

$1.78M

Avg closing price

$3.52

Last action

Trimmed 2.6%

2023Q1

Current —

01626L105ALIGOS THERAPEUTICS INC

0.04%

of portfolio

Number of shares

2,309,764 sh

Holdings current value

$1.73M

Avg closing price

$16.39

Last action

Exited

2024Q3

Current —

BEDUBRIGHT SCHOLAR ED HLDGS LTDADR

0.03%

of portfolio

Number of shares

988,143 sh

Holdings current value

$1.14M

Avg closing price

$0.00

Last action

Exited

2025Q4

Current —

PYXSPYXIS ONCOLOGY INC

0.02%

of portfolio

Number of shares

382,606 sh

Holdings current value

$761.4K

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

$701.1K

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

$675.5K

Avg closing price

$18.04

Last action

Exited

2024Q1

Current —

G9845F109YS BIOPHARMA CO LTD

0.01%

of portfolio

Number of shares

751,790 sh

Holdings current value

$601.4K

Avg closing price

$1.60

Last action

Exited

2024Q4

Current —

02290A102AMBRX BIOPHARMA INC

0.01%

of portfolio

Number of shares

31,735 sh

Holdings current value

$365.0K

Avg closing price

$11.50

Last action

Exited

2023Q4

Current —

91818X207UXIN LTD

0.01%

of portfolio

Number of shares

191,563 sh

Holdings current value

$312.2K

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

$96.0K

Avg closing price

$2.20

Last action

Exited

2024Q1

Current —

SRZNWSURROZEN INCWT

0.00%

of portfolio

Number of shares

384,573 sh

Holdings current value

$15.8K

Avg closing price

$1.14

Last action

Exited

2024Q3

Current —

Portfolio heatmap

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

ENFUSION INC

1.00%

YATSEN HLDG LTD

0.78%

ZTO

0.73%

RAYZEBIO INC

0.69%

MDLZ

0.68% · -17.8%

ROIVANT SCIENCES LTD

0.64%

36 more

5.50%

Sector exposure

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

Healthcare14 pos$1.59B37.1%
Consumer Cyclical11 pos$1.39B32.3%
Technology6 pos$546.3M12.7%
Real Estate1 pos$475.9M11.1%
Communication Services7 pos$207.0M4.8%
Industrials1 pos$32.7M0.8%
Consumer Defensive1 pos$30.7M0.7%
Basic Materials1 pos$13.5M0.3%
Financial Services1 pos$4.6M0.1%

(4.2% unclassified, excluded from %)