Greenwoods Asset Management Hong Kong Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Greenwoods Asset Management Hong Kong Ltd. reported 31 stock positions worth $3.2 billion. Its top holding was Meta Platforms Class A (META) at 17.3% of the portfolio, followed by PDD (PDD, 17.0%) and Netease Inc.-ADR (NTES, 11.4%). Compared with Q4 2024, it opened 3 new positions, sold out of 8, added to 11 and reduced 13. The biggest buy was Futu Holdings Ltd.-ADR (FUTU, shares +48%) and the biggest sale an exit from DoorDash Class A (DASH).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001848138
- Portfolio Value
- $3.2B (Q1 2025)
- SEC Filing
- 0001848138-25-000004 ↗ filed May 14, 2025
Holdings Value
Holdings 31 stocks · $3.2B
| META Meta Platforms Inc. Class A | 17.31% | 969,277 | $558.7M | Add +10.3% |
| PDD PDD Holdings Inc. | 17.00% | 4,635,519 | $548.6M | No change |
| NTES Netease Inc.-ADR | 11.40% | 3,575,098 | $367.9M | Reduce -1.6% |
| YMM Full Truck Alliance -SPN ADR | 10.28% | 25,995,141 | $332.0M | Reduce -0.1% |
| TSM Taiwan Semiconductor-SP ADR | 8.10% | 1,574,557 | $261.4M | Add +26.5% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 6.03% | 1,901,635 | $194.6M | Add +48.2% |
| AAPL Apple Inc. | 5.38% | 782,255 | $173.8M | Add +5.1% |
| ZTO Zto Express Cayman Inc.-ADR | 4.03% | 6,557,350 | $130.1M | Reduce -0.9% |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 3.74% | 2,688,992 | $120.8M | No change |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 2.97% | 4,771,806 | $95.9M | Add +777.5% |
| BABA Alibaba Group Holding-SP ADR | 2.46% | 601,142 | $79.5M | New |
| EDU New Oriental Educatio-SP ADR | 2.07% | 1,396,039 | $66.7M | Add +13.7% |
| INTC Intel Corp. | 1.53% | 2,179,995 | $49.5M | New |
| DQ Daqo New Energy Corp.-ADR | 1.50% | 2,672,161 | $48.4M | Reduce -1.6% |
| NBIS Nebius Group NV | 1.45% | 2,218,014 | $46.8M | Reduce -29.8% |
| TAL Tal Education Group- ADR | 1.00% | 2,448,817 | $32.3M | Reduce -26.3% |
| TCOM Trip.com Group Ltd.-ADR | 0.76% | 383,543 | $24.4M | Add +118.9% |
| JKS Jinkosolar Holding Co.-ADR | 0.45% | 780,933 | $14.6M | Add +37.0% |
| SE Sea Ltd.-ADR | 0.37% | 90,734 | $11.8M | Reduce -57.3% |
| HSAI Hesai Group | 0.34% | 748,553 | $11.1M | New |
| FWONK Liberty Media Corp. Class C | 0.34% | 122,645 | $11.0M | Reduce -69.2% |
| MSFT Microsoft Corp. | 0.33% | 28,650 | $10.8M | Reduce -83.9% |
| CSIQ Canadian Solar Inc. | 0.30% | 1,115,861 | $9.7M | Add +60.4% |
| GOOGL Alphabet Inc. Class A | 0.22% | 45,990 | $7.1M | Reduce -90.8% |
| HDL Super Hi International Holdi | 0.19% | 268,341 | $6.2M | Reduce -2.5% |
| LEGN Legend Biotech Corp.-ADR | 0.09% | 90,109 | $3.1M | Add +36.3% |
| REGN Regeneron Pharmaceuticals | 0.09% | 4,750 | $3.0M | Add +37.7% |
| ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD | 0.08% | 9,329 | $2.5M | Reduce -69.6% |
| UNH Unitedhealth Group Inc. | 0.07% | 4,338 | $2.3M | Reduce -69.4% |
| PFE Pfizer Inc. | 0.06% | 74,200 | $1.9M | No change |
| RERE Atrenew Inc. | 0.05% | 525,000 | $1.5M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| DASH DoorDash Inc. Class A | Sold out | 0.00% | −5.47 |
| GOOGL Alphabet Inc. Class A | Reduce -90.8% | 0.22% | −2.78 |
| MSFT Microsoft Corp. | Reduce -83.9% | 0.33% | −2.04 |
| NBIS Nebius Group NV | Reduce -29.8% | 1.45% | −1.31 |
| V Visa Inc. Class A | Sold out | 0.00% | −1.15 |
| FWONK Liberty Media Corp. Class C | Reduce -69.2% | 0.34% | −0.82 |
| AS Amer Sports Inc. | Sold out | 0.00% | −0.68 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.46 |
| SE Sea Ltd.-ADR | Reduce -57.3% | 0.37% | −0.35 |
| PBR Petroleo Brasileiro-Spon ADR | Sold out | 0.00% | −0.32 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.22 |
| TME Tencent Music Entertainm-ADR | Sold out | 0.00% | −0.17 |
| DQ Daqo New Energy Corp.-ADR | Reduce -1.6% | 1.50% | −0.17 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −0.16 |
| UNH Unitedhealth Group Inc. | Reduce -69.4% | 0.07% | −0.16 |
| ONC Beone Medicines Ltd.-ADR | Reduce -69.6% | 0.08% | −0.10 |
| HDL Super Hi International Holdi | Reduce -2.5% | 0.19% | −0.06 |
| ZTO Zto Express Cayman Inc.-ADR | Reduce -0.9% | 4.03% | −0.06 |
| TAL Tal Education Group- ADR | Reduce -26.3% | 1.00% | −0.05 |
| NTES Netease Inc.-ADR | Reduce -1.6% | 11.40% | +1.16 |
| YMM Full Truck Alliance -SPN ADR | Reduce -0.1% | 10.28% | +1.39 |
Portfolio Buys Q4 2024 → Q1 2025
| FUTU Futu Holdings Ltd.-ADR | Add +48.2% | 6.03% | +2.79 |
| BEKE Ke Holdings Inc.-ADR | Add +777.5% | 2.97% | +2.65 |
| BABA Alibaba Group Holding-SP ADR | New | 2.46% | +2.46 |
| INTC Intel Corp. | New | 1.53% | +1.53 |
| META Meta Platforms Inc. Class A | Add +10.3% | 17.31% | +1.05 |
| TCOM Trip.com Group Ltd.-ADR | Add +118.9% | 0.76% | +0.38 |
| HSAI Hesai Group | New | 0.34% | +0.34 |
| TSM Taiwan Semiconductor-SP ADR | Add +26.5% | 8.10% | +0.33 |
| CSIQ Canadian Solar Inc. | Add +60.4% | 0.30% | +0.05 |
| LEGN Legend Biotech Corp.-ADR | Add +36.3% | 0.09% | +0.03 |
| REGN Regeneron Pharmaceuticals | Add +37.7% | 0.09% | +0.02 |
| JKS Jinkosolar Holding Co.-ADR | Add +37.0% | 0.45% | +0.00 |
| EDU New Oriental Educatio-SP ADR | Add +13.7% | 2.07% | −0.42 |
| AAPL Apple Inc. | Add +5.1% | 5.38% | −0.51 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 21 | $2.2B | GOOGL, INTC, PDD, YMM, FUTU |
| Q1 2026 | 25 | $3.9B | GOOGL, PDD, NTES, YMM, META |
| Q4 2025 | 28 | $4.0B | GOOGL, META, PDD, NTES, YMM |
| Q3 2025 | 30 | $4.4B | META, NTES, NVDA, PDD, GOOGL |
| Q2 2025 | 28 | $2.9B | META, NTES, YMM, PDD, FUTU |
| Q1 2025 | 31 | $3.2B | META, PDD, NTES, YMM, TSM |
| Q4 2024 | 36 | $3.2B | META, PDD, NTES, YMM, TSM |
| Q3 2024 | 35 | $3.2B | PDD, META, NTES, TSM, YMM |
| Q2 2024 | 41 | $3.8B | PDD, META, TSM, MSFT, NTES |
| Q1 2024 | 39 | $3.2B | META, PDD, MSFT, NTES, DASH |