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 · 2025Q2

Sector36 positions

PDDPINDUODUO INCADR

Consumer Cyclical·Internet Retail

23.52%

of portfolio

Number of shares

6,976,804 sh

Holdings current value

$730.19M

Avg closing price

$112.77

Last action

Added 43.9%

2025Q4

Current —

FUTUFUTU HLDGS LTDADR

Financial Services·Capital Markets

17.17%

of portfolio

Number of shares

4,312,237 sh

Holdings current value

$532.95M

Avg closing price

$94.94

+73.9%

Last action

Trimmed 27.2%

2025Q4

Current $165.06

G9572D103WEBULL CORP

12.74%

of portfolio

Number of shares

33,080,846 sh

Holdings current value

$395.65M

Avg closing price

$11.96

Last action

Trimmed 45.0%

2025Q4

Current —

ONCBEIGENE LTDADR

Healthcare·Biotechnology

8.06%

of portfolio

Number of shares

1,034,306 sh

Holdings current value

$250.37M

Avg closing price

$136.90

Last action

Trimmed 72.8%

2025Q1

Current —

NTESNETEASE INCADR

Communication Services·Electronic Gaming & Multimedia

7.21%

of portfolio

Number of shares

1,663,668 sh

Holdings current value

$223.90M

Avg closing price

$94.08

Last action

Exited

2025Q4

Current —

LEGNLEGEND BIOTECH CORPADR

Healthcare·Biotechnology

6.84%

of portfolio

Number of shares

5,984,550 sh

Holdings current value

$212.39M

Avg closing price

$47.95

Last action

Trimmed 9.8%

2024Q4

Current —

BEKEKE HLDGS INCADR

Real Estate·Real Estate Services

4.27%

of portfolio

Number of shares

7,465,465 sh

Holdings current value

$132.44M

Avg closing price

$21.59

Last action

Trimmed 30.2%

2025Q3

Current —

BABAALIBABA GROUP HLDG LTDADR

Consumer Cyclical·Internet Retail

4.20%

of portfolio

Number of shares

1,149,700 sh

Holdings current value

$130.39M

Avg closing price

$146.43

-5.4%

Last action

Added

2025Q4

Current $138.59

AVBPARRIVENT BIOPHARMA INC

Healthcare·Biotechnology

3.14%

of portfolio

Number of shares

4,484,672 sh

Holdings current value

$97.63M

Avg closing price

$17.95

Last action

Trimmed 11.0%

2025Q4

Current —

G98196101WNS HLDGS LTD

3.12%

of portfolio

Number of shares

1,531,466 sh

Holdings current value

$96.85M

Avg closing price

$47.39

Last action

Exited

2025Q3

Current —

JDJD.COM INCADR

Consumer Cyclical·Internet Retail

2.39%

of portfolio

Number of shares

2,275,500 sh

Holdings current value

$74.27M

Avg closing price

$40.60

Last action

Exited

2025Q3

Current —

YSGYATSEN HLDG LTDADR

Consumer Defensive·Household & Personal Products

1.90%

of portfolio

Number of shares

6,111,933 sh

Holdings current value

$58.92M

Avg closing price

$2.11

Last action

Trimmed 16.7%

2025Q3

Current —

CWANCLEARWATER ANALYTICS HLDGS I

Technology·Software - Application

0.96%

of portfolio

Number of shares

1,365,971 sh

Holdings current value

$29.96M

Avg closing price

$21.93

Last action

New holding

2025Q2

Current —

CTKBCYTEK BIOSCIENCES INC

Healthcare·Medical Devices

0.73%

of portfolio

Number of shares

6,657,030 sh

Holdings current value

$22.63M

Avg closing price

$21.41

Last action

Trimmed 13.6%

2023Q2

Current —

VIPSVIPSHOP HOLDINGS LIMITEDADR

Consumer Cyclical·Internet Retail

0.55%

of portfolio

Number of shares

1,131,788 sh

Holdings current value

$17.03M

Avg closing price

$13.18

Last action

Exited

2025Q3

Current —

LILI AUTO INCADR

Consumer Cyclical·Auto Manufacturers

0.54%

of portfolio

Number of shares

620,000 sh

Holdings current value

$16.81M

Avg closing price

$26.23

Last action

Exited

2025Q3

Current —

NBPI MABADR

Healthcare·Biotechnology

0.47%

of portfolio

Number of shares

5,980,568 sh

Holdings current value

$14.47M

Avg closing price

$50.06

Last action

Trimmed 13.4%

2024Q4

Current —

ZTOZTO EXPRESS CAYMAN INCADR

Industrials·Integrated Freight & Logistics

0.38%

of portfolio

Number of shares

671,387 sh

Holdings current value

$11.92M

Avg closing price

$23.05

Last action

Exited

2025Q3

Current —

BZKANZHUN LIMITEDADR

Communication Services·Internet Content & Information

0.33%

of portfolio

Number of shares

576,339 sh

Holdings current value

$10.28M

Avg closing price

$20.51

Last action

Exited

2025Q3

Current —

APIAGORA INCADR

0.26%

of portfolio

Number of shares

2,098,553 sh

Holdings current value

$8.00M

Avg closing price

$4.73

Last action

New holding

2024Q4

Current —

GOSSGOSSAMER BIO INC

Healthcare·Biotechnology

0.20%

of portfolio

Number of shares

4,974,041 sh

Holdings current value

$6.12M

Avg closing price

$16.64

Last action

Trimmed 33.0%

2022Q4

Current —

MAZEMAZE THERAPEUTICS INC

Healthcare·Biotechnology

0.18%

of portfolio

Number of shares

457,535 sh

Holdings current value

$5.61M

Avg closing price

$11.01

Last action

New holding

2025Q1

Current —

SGMTSAGIMET BIOSCIENCES INC

Healthcare·Biotechnology

0.18%

of portfolio

Number of shares

724,800 sh

Holdings current value

$5.52M

Avg closing price

$8.80

Last action

Trimmed 50.0%

2024Q1

Current —

EMSMART SH GLOBAL LTDADR

0.15%

of portfolio

Number of shares

3,949,700 sh

Holdings current value

$4.50M

Avg closing price

$6.07

Last action

Exited

2025Q4

Current —

TUYATUYA INCADR

Technology·Software - Infrastructure

0.12%

of portfolio

Number of shares

1,564,400 sh

Holdings current value

$3.61M

Avg closing price

$21.14

Last action

Trimmed 2.2%

2024Q1

Current —

CTNMCONTINEUM THERAPEUTICS INC

Healthcare·Biotechnology

0.09%

of portfolio

Number of shares

669,337 sh

Holdings current value

$2.66M

Avg closing price

$17.61

Last action

New holding

2024Q2

Current —

MOGUMOGU INCADR

0.06%

of portfolio

Number of shares

847,510 sh

Holdings current value

$1.80M

Avg closing price

$3.52

Last action

Trimmed 2.6%

2023Q1

Current —

BEDUBRIGHT SCHOLAR ED HLDGS LTDADR

0.06%

of portfolio

Number of shares

988,143 sh

Holdings current value

$1.75M

Avg closing price

$0.00

Last action

Exited

2025Q4

Current —

GEGENERAL ELECTRIC CO

Industrials·Aerospace & Defense

0.05%

of portfolio

Number of shares

6,305 sh

Holdings current value

$1.62M

Avg closing price

$219.71

+35.8%

Last action

Added 145.6%

2025Q3

Current $298.29

MCOMOODYS CORP

Financial Services·Financial Data & Stock Exchanges

0.04%

of portfolio

Number of shares

2,476 sh

Holdings current value

$1.24M

Avg closing price

$449.99

Last action

Added 20.0%

2025Q3

Current —

MSCIMSCI INC

Financial Services·Financial Data & Stock Exchanges

0.04%

of portfolio

Number of shares

2,008 sh

Holdings current value

$1.16M

Avg closing price

$600.01

-5.9%

Last action

Exited

2025Q3

Current $564.90

PACBPACIFIC BIOSCIENCES CALIF IN

Healthcare·Medical Devices

0.04%

of portfolio

Number of shares

918,892 sh

Holdings current value

$1.14M

Avg closing price

$25.40

-93.6%

Last action

New holding

2023Q3

Current $1.63

ALGSALIGOS THERAPEUTICS INC

0.02%

of portfolio

Number of shares

76,247 sh

Holdings current value

$549.7K

Avg closing price

$8.66

Last action

New holding

2024Q3

Current —

G9845F208LAKESHORE BIOPHARMA CO LTD

0.00%

of portfolio

Number of shares

75,179 sh

Holdings current value

$76.7K

Avg closing price

$3.45

Last action

Exited

2025Q3

Current —

UXINUXIN LTDADR

0.00%

of portfolio

Number of shares

19,156 sh

Holdings current value

$70.5K

Avg closing price

$2.12

Last action

New holding

2024Q1

Current —

G2124G120RIDGETECH INC

0.00%

of portfolio

Number of shares

20,167 sh

Holdings current value

$22.2K

Avg closing price

$3.12

Last action

New holding

2024Q1

Current —

Portfolio heatmap

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

WEBULL CORP

12.74%

WNS HLDGS LTD

3.12%

12 more

0.51%

Sector exposure

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

Consumer Cyclical5 pos$968.7M37.3%
Healthcare10 pos$618.6M23.8%
Financial Services3 pos$535.3M20.6%
Communication Services2 pos$234.2M9.0%
Real Estate1 pos$132.4M5.1%
Consumer Defensive1 pos$58.9M2.3%
Technology2 pos$33.6M1.3%
Industrials2 pos$13.5M0.5%

(16.4% unclassified, excluded from %)