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 · 2023Q4

Sector49 positions

PDDPINDUODUO INCADR

Consumer Cyclical·Internet Retail

29.81%

of portfolio

Number of shares

10,110,947 sh

Holdings current value

$1.48B

Avg closing price

$112.77

Last action

Added 26.7%

2025Q4

Current —

ONCBEIGENE LTDADR

Healthcare·Biotechnology

18.82%

of portfolio

Number of shares

5,176,906 sh

Holdings current value

$933.71M

Avg closing price

$136.90

Last action

Trimmed 34.9%

2025Q1

Current —

BEKEKE HLDGS INCADR

Real Estate·Real Estate Services

9.55%

of portfolio

Number of shares

29,224,568 sh

Holdings current value

$473.73M

Avg closing price

$21.59

Last action

Trimmed 10.0%

2025Q3

Current —

LEGNLEGEND BIOTECH CORPADR

Healthcare·Biotechnology

7.26%

of portfolio

Number of shares

5,984,550 sh

Holdings current value

$360.09M

Avg closing price

$47.95

Last action

Trimmed 9.8%

2024Q4

Current —

MSFTMICROSOFT CORP

Technology·Software - Infrastructure

5.53%

of portfolio

Number of shares

729,400 sh

Holdings current value

$274.28M

Avg closing price

$279.82

+51.1%

Last action

Exited

2024Q3

Current $422.79

CRMSALESFORCE COM INC

Technology·Software - Application

3.96%

of portfolio

Number of shares

747,537 sh

Holdings current value

$196.71M

Avg closing price

$202.27

-10.4%

Last action

Exited

2024Q3

Current $181.22

TTWOTAKE-TWO INTERACTIVE SOFTWAR

Communication Services·Electronic Gaming & Multimedia

2.54%

of portfolio

Number of shares

783,000 sh

Holdings current value

$126.02M

Avg closing price

$147.16

Last action

Exited

2024Q2

Current —

AMZNAMAZON COM INC

Consumer Cyclical·Internet Retail

2.49%

of portfolio

Number of shares

811,900 sh

Holdings current value

$123.36M

Avg closing price

$134.35

+85.9%

Last action

Exited

2024Q3

Current $249.70

DHRDANAHER CORPORATION

Healthcare·Diagnostics & Research

2.20%

of portfolio

Number of shares

471,100 sh

Holdings current value

$108.98M

Avg closing price

$231.89

-16.4%

Last action

Exited

2025Q2

Current $193.78

DASHDOORDASH INC

Consumer Cyclical·Internet Retail

2.06%

of portfolio

Number of shares

1,032,763 sh

Holdings current value

$102.13M

Avg closing price

$115.41

+55.4%

Last action

Exited

2024Q3

Current $179.33

BABAALIBABA GROUP HLDG LTDADR

Consumer Cyclical·Internet Retail

1.91%

of portfolio

Number of shares

1,220,618 sh

Holdings current value

$94.61M

Avg closing price

$146.43

-5.4%

Last action

Added

2025Q4

Current $138.59

75525N107RAYZEBIO INC

1.33%

of portfolio

Number of shares

1,062,383 sh

Holdings current value

$66.05M

Avg closing price

$22.20

Last action

Exited

2024Q1

Current —

BIDUBAIDU INCADR

Communication Services·Internet Content & Information

1.28%

of portfolio

Number of shares

535,400 sh

Holdings current value

$63.76M

Avg closing price

$131.21

-4.7%

Last action

Exited

2025Q4

Current $125.03

MCOMOODYS CORP

Financial Services·Financial Data & Stock Exchanges

1.23%

of portfolio

Number of shares

155,846 sh

Holdings current value

$60.87M

Avg closing price

$449.99

Last action

Added 0.3%

2025Q3

Current —

CTKBCYTEK BIOSCIENCES INC

Healthcare·Medical Devices

1.22%

of portfolio

Number of shares

6,657,030 sh

Holdings current value

$60.71M

Avg closing price

$21.41

Last action

Trimmed 13.6%

2023Q2

Current —

BBIOBRIDGEBIO PHARMA INC

Healthcare·Biotechnology

1.13%

of portfolio

Number of shares

1,391,240 sh

Holdings current value

$56.16M

Avg closing price

$29.14

+166.0%

Last action

Exited

2025Q1

Current $77.51

292812104ENFUSION INC

0.97%

of portfolio

Number of shares

4,975,183 sh

Holdings current value

$48.26M

Avg closing price

$20.94

Last action

Exited

2025Q2

Current —

JDJD.COM INCADR

Consumer Cyclical·Internet Retail

0.84%

of portfolio

Number of shares

1,451,150 sh

Holdings current value

$41.92M

Avg closing price

$40.60

Last action

Exited

2025Q3

Current —

CPNGCOUPANG INC

Consumer Cyclical·Internet Retail

0.72%

of portfolio

Number of shares

2,217,800 sh

Holdings current value

$35.91M

Avg closing price

$25.06

-14.2%

Last action

Exited

2024Q3

Current $21.49

HTHTHUAZHU GROUP LTDADR

Consumer Cyclical·Lodging

0.63%

of portfolio

Number of shares

935,920 sh

Holdings current value

$31.30M

Avg closing price

$47.21

Last action

Exited

2025Q2

Current —

NMRANEUMORA THERAPEUTICS INC.

Healthcare·Biotechnology

0.58%

of portfolio

Number of shares

1,699,313 sh

Holdings current value

$28.97M

Avg closing price

$14.11

-85.8%

Last action

Exited

2024Q1

Current $2.00

MDLZMONDELEZ INTL INC

Consumer Defensive·Confectioners

0.54%

of portfolio

Number of shares

370,188 sh

Holdings current value

$26.81M

Avg closing price

$40.03

+42.6%

Last action

Exited

2024Q2

Current $57.07

985194109YATSEN HLDG LTD

0.52%

of portfolio

Number of shares

34,939,200 sh

Holdings current value

$25.56M

Avg closing price

$2.24

Last action

Exited

2024Q1

Current —

ZTOZTO EXPRESS CAYMAN INCADR

Industrials·Integrated Freight & Logistics

0.35%

of portfolio

Number of shares

814,524 sh

Holdings current value

$17.33M

Avg closing price

$23.05

Last action

Exited

2025Q3

Current —

YMMFULL TRUCK ALLIANCE CO LTDADR

Technology·Software - Application

0.32%

of portfolio

Number of shares

2,252,542 sh

Holdings current value

$15.79M

Avg closing price

$12.95

Last action

Exited

2025Q4

Current —

NTESNETEASE INCADR

Communication Services·Electronic Gaming & Multimedia

0.28%

of portfolio

Number of shares

149,700 sh

Holdings current value

$13.95M

Avg closing price

$94.08

Last action

Exited

2025Q4

Current —

NBPI MABADR

Healthcare·Biotechnology

0.26%

of portfolio

Number of shares

6,909,220 sh

Holdings current value

$13.13M

Avg closing price

$50.06

Last action

Trimmed 11.8%

2024Q4

Current —

H5919C104ON HLDG AG

0.22%

of portfolio

Number of shares

411,400 sh

Holdings current value

$11.10M

Avg closing price

$30.13

Last action

Exited

2024Q3

Current —

DDOGDATADOG INC

Technology·Software - Application

0.21%

of portfolio

Number of shares

85,100 sh

Holdings current value

$10.33M

Avg closing price

$0.09

+138974.4%

Last action

Exited

2024Q1

Current $123.47

PACBPACIFIC BIOSCIENCES CALIF IN

Healthcare·Medical Devices

0.18%

of portfolio

Number of shares

918,892 sh

Holdings current value

$9.01M

Avg closing price

$25.40

-93.6%

Last action

New holding

2023Q3

Current $1.63

SGMTSAGIMET BIOSCIENCES INC

Healthcare·Biotechnology

0.16%

of portfolio

Number of shares

1,449,543 sh

Holdings current value

$7.86M

Avg closing price

$8.80

Last action

Trimmed 33.3%

2024Q1

Current —

SOHUSOHU COM LTDADR

Communication Services·Electronic Gaming & Multimedia

0.15%

of portfolio

Number of shares

731,800 sh

Holdings current value

$7.27M

Avg closing price

$17.42

Last action

Exited

2025Q2

Current —

SESEA LTDADR

Consumer Cyclical·Internet Retail

0.14%

of portfolio

Number of shares

174,800 sh

Holdings current value

$7.08M

Avg closing price

$110.85

-18.4%

Last action

Exited

2025Q4

Current $90.40

GOSSGOSSAMER BIO INC

Healthcare·Biotechnology

0.09%

of portfolio

Number of shares

4,974,041 sh

Holdings current value

$4.54M

Avg closing price

$16.64

Last action

Trimmed 33.0%

2022Q4

Current —

FUTUFUTU HLDGS LTDADR

Financial Services·Capital Markets

0.09%

of portfolio

Number of shares

80,000 sh

Holdings current value

$4.37M

Avg closing price

$94.94

+73.9%

Last action

Trimmed 95.3%

2025Q4

Current $165.06

TUYATUYA INCADR

Technology·Software - Infrastructure

0.07%

of portfolio

Number of shares

1,599,700 sh

Holdings current value

$3.68M

Avg closing price

$21.14

Last action

Trimmed 2.2%

2024Q1

Current —

VIPSVIPSHOP HOLDINGS LIMITEDADR

Consumer Cyclical·Internet Retail

0.07%

of portfolio

Number of shares

198,600 sh

Holdings current value

$3.53M

Avg closing price

$13.18

Last action

Exited

2025Q3

Current —

ATATATOUR LIFESTYLE HLDGS LTDADR

Consumer Cyclical·Lodging

0.07%

of portfolio

Number of shares

200,000 sh

Holdings current value

$3.47M

Avg closing price

$26.13

Last action

Exited

2025Q2

Current —

BZKANZHUN LIMITEDADR

Communication Services·Internet Content & Information

0.04%

of portfolio

Number of shares

123,700 sh

Holdings current value

$2.05M

Avg closing price

$20.51

Last action

Exited

2025Q3

Current —

EMSMART SH GLOBAL LTDADR

0.04%

of portfolio

Number of shares

3,949,700 sh

Holdings current value

$1.98M

Avg closing price

$6.07

Last action

Exited

2025Q4

Current —

MOGUMOGU INCADR

0.03%

of portfolio

Number of shares

847,510 sh

Holdings current value

$1.62M

Avg closing price

$3.52

Last action

Trimmed 2.6%

2023Q1

Current —

01626L105ALIGOS THERAPEUTICS INC

0.03%

of portfolio

Number of shares

1,906,191 sh

Holdings current value

$1.27M

Avg closing price

$16.39

Last action

Exited

2024Q3

Current —

BEDUBRIGHT SCHOLAR ED HLDGS LTDADR

0.02%

of portfolio

Number of shares

988,143 sh

Holdings current value

$1.24M

Avg closing price

$0.00

Last action

Exited

2025Q4

Current —

IQIQIYI INCADR

Communication Services·Entertainment

0.01%

of portfolio

Number of shares

142,500 sh

Holdings current value

$695.4K

Avg closing price

$18.04

Last action

Exited

2024Q1

Current —

PYXSPYXIS ONCOLOGY INC

0.01%

of portfolio

Number of shares

382,606 sh

Holdings current value

$688.7K

Avg closing price

$10.97

Last action

Exited

2025Q1

Current —

PLTKPLAYTIKA HLDG CORP

Communication Services·Electronic Gaming & Multimedia

0.01%

of portfolio

Number of shares

72,800 sh

Holdings current value

$634.8K

Avg closing price

$27.21

-86.9%

Last action

Exited

2024Q1

Current $3.57

G9845F109YS BIOPHARMA CO LTD

0.01%

of portfolio

Number of shares

751,790 sh

Holdings current value

$404.5K

Avg closing price

$1.60

Last action

Exited

2024Q4

Current —

91818X207UXIN LTD

0.00%

of portfolio

Number of shares

191,563 sh

Holdings current value

$134.3K

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

$86.8K

Avg closing price

$2.20

Last action

Exited

2024Q1

Current —

Portfolio heatmap

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

RAYZEBIO INC

1.33%

ENFUSION INC

0.97%

YATSEN HLDG LTD

0.52%

ZTO

0.35%

25 more

2.54%

Sector exposure

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

Consumer Cyclical10 pos$1.92B40.0%
Healthcare10 pos$1.58B33.0%
Technology5 pos$500.8M10.4%
Real Estate1 pos$473.7M9.9%
Communication Services7 pos$214.4M4.5%
Financial Services2 pos$65.2M1.4%
Consumer Defensive1 pos$26.8M0.6%
Industrials1 pos$17.3M0.4%

(3.2% unclassified, excluded from %)