HHLR Advisors, LTD.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), HHLR Advisors, LTD. reported 49 stock positions worth $3.5 billion. Its top holding was PDD (PDD) at 21.9% of the portfolio, followed by Alibaba Group Holding-SP ADR (BABA, 14.6%) and Futu Holdings Ltd.-ADR (FUTU, 12.5%). Compared with Q4 2024, it opened 11 new positions, sold out of 7, added to 8 and reduced 10. The biggest buy was PDD (PDD, shares +140%) and the biggest sale Beone Medicines Ltd.-ADR (ONC, shares −73%).
- Most Recent 13F
- Q2 2026
- Location
- GRAND CAYMAN, E9
- CIK
- 0001762304
- Portfolio Value
- $3.5B (Q1 2025)
- SEC Filing
- 0000902664-25-002421 ↗ filed May 15, 2025
Holdings Value
Holdings 49 stocks · $3.5B
| PDD PDD Holdings Inc. | 21.94% | 6,562,576 | $776.7M | Add +140.4% |
| BABA Alibaba Group Holding-SP ADR | 14.60% | 3,907,755 | $516.7M | Reduce -20.0% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 12.46% | 4,307,492 | $440.9M | Add +285.2% |
| ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD | 7.95% | 1,034,306 | $281.5M | Reduce -72.8% |
| NTES Netease Inc.-ADR | 7.76% | 2,668,697 | $274.7M | Add +3.1% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 6.80% | 11,973,402 | $240.5M | Add +6.3% |
| LEGN Legend Biotech Corp.-ADR | 5.74% | 5,984,550 | $203.1M | No change |
| JD Jd.com Inc.-ADR | 5.59% | 4,811,700 | $197.9M | Add +184.7% |
| VIPS Vipshop Holdings Ltd. - ADR | 2.96% | 6,683,901 | $104.8M | Reduce -55.1% |
| WNS WNS Holdings Ltd. filed as WNS HLDGS LTD | 2.66% | 1,531,466 | $94.2M | No change |
| AVBP Arrivent Biopharma Inc. | 2.34% | 4,484,672 | $82.9M | No change |
| TCOM Trip.com Group Ltd.-ADR | 1.69% | 938,842 | $59.7M | Add +2.7% |
| ENFN Enfusion Inc. Class A | 1.57% | 4,975,183 | $55.5M | No change |
| YSG Yatsen Holding Ltd.-ADR | 0.94% | 6,885,873 | $33.1M | No change |
| CTKB Cytek Biosciences Inc. | 0.75% | 6,657,030 | $26.7M | No change |
| BIDU Baidu Inc. - Spon ADR | 0.44% | 170,000 | $15.6M | New |
| LI Li Auto Inc. - ADR | 0.44% | 620,000 | $15.6M | New |
| YUMC Yum China Holdings Inc. | 0.43% | 292,122 | $15.2M | New |
| ZTO Zto Express Cayman Inc.-ADR | 0.38% | 671,387 | $13.3M | Add +54.0% |
| BZ Kanzhun Ltd. - ADR | 0.31% | 576,339 | $11.0M | New |
| HTHT H World Group Ltd.-ADR | 0.25% | 237,332 | $8.8M | New |
| API Agora Inc.-ADR | 0.24% | 2,098,553 | $8.4M | No change |
| ATAT Atour Lifestyle Holdings-ADR | 0.19% | 242,342 | $6.9M | New |
| TSM Taiwan Semiconductor-SP ADR | 0.15% | 33,000 | $5.5M | Reduce -22.5% |
| GOSS Gossamer Bio Inc. | 0.15% | 4,974,041 | $5.5M | No change |
| MAZE Maze Therapeutics Inc. | 0.14% | 457,535 | $5.0M | New |
| NBP Novabridge Biosciences filed as I MAB | 0.14% | 5,980,568 | $4.9M | No change |
| TUYA Tuya Inc. | 0.13% | 1,564,400 | $4.7M | No change |
| CTNM Contineum Therapeutics Inc. Class A | 0.13% | 669,337 | $4.7M | No change |
| EM Smart Share Global Ltd. - ADR | 0.13% | 3,949,700 | $4.4M | No change |
| SOHU Sohu.com Ltd.-ADR | 0.07% | 201,432 | $2.7M | Reduce -60.5% |
| SGMT Sagimet Biosciences Inc. Class A | 0.07% | 724,800 | $2.4M | No change |
| MOGU Mogu Inc.-ADR | 0.05% | 847,510 | $1.9M | No change |
| BEDU Bright Scholar Education-ADR | 0.05% | 988,143 | $1.7M | No change |
| DHR Danaher Corp. | 0.05% | 8,026 | $1.6M | Reduce -38.6% |
| JOYY Joyy Inc.-ADR | 0.04% | 34,000 | $1.4M | Add +13.3% |
| GE General Electric filed as GE AEROSPACE | 0.04% | 6,757 | $1.4M | Reduce -34.6% |
| MCO Moody's Corp. | 0.03% | 2,637 | $1.2M | Reduce -41.1% |
| MSCI MSCI Inc. | 0.03% | 2,128 | $1.2M | Reduce -41.7% |
| CYD China Yuchai Intl Ltd. | 0.03% | 70,000 | $1.2M | New |
| PACB Pacific Biosciences of Calif | 0.03% | 918,892 | $1.1M | No change |
| WB Weibo Corp.-Spon ADR | 0.03% | 100,000 | $947K | New |
| XYF X Financial-ADR filed as X FINL | 0.02% | 50,000 | $720K | New |
| ALGS Aligos Therapeutics Inc. | 0.02% | 76,247 | $629K | No change |
| ECX Ecarx Holdings Inc. Class A | 0.01% | 400,000 | $504K | New |
| MGX Metagenomi Therapeutics Inc. | 0.01% | 150,699 | $205K | Reduce -80.6% |
| LSBCF Lakeshore Biopharma Co. Ltd. | 0.01% | 75,179 | $182K | No change |
| UXIN Uxin Ltd. - ADR | 0.00% | 19,156 | $76K | No change |
| RDGT Ridgetech Inc. | 0.00% | 20,167 | $21K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| ONC Beone Medicines Ltd.-ADR | Reduce -72.8% | 7.95% | −16.39 |
| VIPS Vipshop Holdings Ltd. - ADR | Reduce -55.1% | 2.96% | −3.98 |
| KNSA Kiniksa Pharmaceuticals Inte | Sold out | 0.00% | −1.08 |
| BBIO Bridgebio Pharma Inc. | Sold out | 0.00% | −0.97 |
| SOHU Sohu.com Ltd.-ADR | Reduce -60.5% | 0.07% | −0.16 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -22.5% | 0.15% | −0.14 |
| MGX Metagenomi Therapeutics Inc. | Reduce -80.6% | 0.01% | −0.09 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −0.09 |
| DHR Danaher Corp. | Reduce -38.6% | 0.05% | −0.06 |
| MSCI MSCI Inc. | Reduce -41.7% | 0.03% | −0.04 |
| MCO Moody's Corp. | Reduce -41.1% | 0.03% | −0.04 |
| TT Trane Technologies PLC | Sold out | 0.00% | −0.03 |
| DADA Dada Nexus Ltd.-ADR | Sold out | 0.00% | −0.03 |
| GE General Electric | Reduce -34.6% | 0.04% | −0.02 |
| PYXS Pyxis Oncology Inc. | Sold out | 0.00% | −0.02 |
| MOMO Hello Group Inc. -SPN ADR | Sold out | 0.00% | −0.01 |
| BABA Alibaba Group Holding-SP ADR | Reduce -20.0% | 14.60% | +0.25 |
Portfolio Buys Q4 2024 → Q1 2025
| PDD PDD Holdings Inc. | Add +140.4% | 21.94% | +12.77 |
| FUTU Futu Holdings Ltd.-ADR | Add +285.2% | 12.46% | +9.36 |
| JD Jd.com Inc.-ADR | Add +184.7% | 5.59% | +3.56 |
| BIDU Baidu Inc. - Spon ADR | New | 0.44% | +0.44 |
| LI Li Auto Inc. - ADR | New | 0.44% | +0.44 |
| YUMC Yum China Holdings Inc. | New | 0.43% | +0.43 |
| BZ Kanzhun Ltd. - ADR | New | 0.31% | +0.31 |
| HTHT H World Group Ltd.-ADR | New | 0.25% | +0.25 |
| ATAT Atour Lifestyle Holdings-ADR | New | 0.19% | +0.19 |
| MAZE Maze Therapeutics Inc. | New | 0.14% | +0.14 |
| ZTO Zto Express Cayman Inc.-ADR | Add +54.0% | 0.38% | +0.08 |
| CYD China Yuchai Intl Ltd. | New | 0.03% | +0.03 |
| WB Weibo Corp.-Spon ADR | New | 0.03% | +0.03 |
| XYF X Financial-ADR | New | 0.02% | +0.02 |
| ECX Ecarx Holdings Inc. Class A | New | 0.01% | +0.01 |
| JOYY Joyy Inc.-ADR | Add +13.3% | 0.04% | −0.00 |
| NTES Netease Inc.-ADR | Add +3.1% | 7.76% | −0.24 |
| BEKE Ke Holdings Inc.-ADR | Add +6.3% | 6.80% | −0.39 |
| TCOM Trip.com Group Ltd.-ADR | Add +2.7% | 1.69% | −0.49 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 35 | $832.1M | LEGN, FUTU, AVBP, MRVL, VIPS |
| Q1 2026 | 38 | $1.7B | PDD, BABA, ONC, FUTU, LEGN |
| Q4 2025 | 33 | $3.1B | PDD, BABA, ONC, FUTU, LEGN |
| Q3 2025 | 33 | $4.1B | PDD, BABA, FUTU, BULL, ONC |
| Q2 2025 | 36 | $3.1B | PDD, FUTU, BULL, ONC, NTES |
| Q1 2025 | 49 | $3.5B | PDD, BABA, FUTU, ONC, NTES |
| Q4 2024 | 45 | $2.9B | ONC, BABA, PDD, NTES, BEKE |
| Q3 2024 | 48 | $4.6B | ONC, BABA, PDD, LEGN, VIPS |
| Q2 2024 | 77 | $4.1B | PDD, ONC, BABA, BEKE, LEGN |
| Q1 2024 | 63 | $4.6B | PDD, ONC, BEKE, LEGN, MSFT |