HHLR Advisors, LTD.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), HHLR Advisors, LTD. reported 36 stock positions worth $3.1 billion. Its top holding was PDD (PDD) at 23.5% of the portfolio, followed by Futu Holdings Ltd.-ADR (FUTU, 17.2%) and Webull (BULL, 12.7%). Compared with Q1 2025, it opened 2 new positions, sold out of 15, added to 2 and reduced 9. The biggest buy was a new position in Webull (BULL) and the biggest sale Alibaba Group Holding-SP ADR (BABA, shares −71%).
- Most Recent 13F
- Q2 2026
- Location
- GRAND CAYMAN, E9
- CIK
- 0001762304
- Portfolio Value
- $3.1B (Q2 2025)
- SEC Filing
- 0000902664-25-003621 ↗ filed Aug 14, 2025
Holdings Value
Holdings 36 stocks · $3.1B
| PDD PDD Holdings Inc. | 23.52% | 6,976,804 | $730.2M | Add +6.3% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 17.17% | 4,312,237 | $532.9M | Add +0.1% |
| BULL Webull Corp. | 12.74% | 33,080,846 | $395.6M | New |
| ONC Beone Medicines Ltd.-ADR | 8.06% | 1,034,306 | $250.4M | No change |
| NTES Netease Inc.-ADR | 7.21% | 1,663,668 | $223.9M | Reduce -37.7% |
| LEGN Legend Biotech Corp.-ADR | 6.84% | 5,984,550 | $212.4M | No change |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 4.27% | 7,465,465 | $132.4M | Reduce -37.6% |
| BABA Alibaba Group Holding-SP ADR | 4.20% | 1,149,700 | $130.4M | Reduce -70.6% |
| AVBP Arrivent Biopharma Inc. | 3.14% | 4,484,672 | $97.6M | No change |
| WNS WNS Holdings Ltd. filed as WNS HLDGS LTD | 3.12% | 1,531,466 | $96.8M | No change |
| JD Jd.com Inc.-ADR | 2.39% | 2,275,500 | $74.3M | Reduce -52.7% |
| YSG Yatsen Holding Ltd.-ADR | 1.90% | 6,111,933 | $58.9M | Reduce -11.2% |
| CWAN Clearwater Analytics HDS-A | 0.96% | 1,365,971 | $30.0M | New |
| CTKB Cytek Biosciences Inc. | 0.73% | 6,657,030 | $22.6M | No change |
| VIPS Vipshop Holdings Ltd. - ADR | 0.55% | 1,131,788 | $17.0M | Reduce -83.1% |
| LI Li Auto Inc. - ADR | 0.54% | 620,000 | $16.8M | No change |
| NBP Novabridge Biosciences filed as I MAB | 0.47% | 5,980,568 | $14.5M | No change |
| ZTO Zto Express Cayman Inc.-ADR | 0.38% | 671,387 | $11.9M | No change |
| BZ Kanzhun Ltd. - ADR | 0.33% | 576,339 | $10.3M | No change |
| API Agora Inc.-ADR | 0.26% | 2,098,553 | $8.0M | No change |
| GOSS Gossamer Bio Inc. | 0.20% | 4,974,041 | $6.1M | No change |
| MAZE Maze Therapeutics Inc. | 0.18% | 457,535 | $5.6M | No change |
| SGMT Sagimet Biosciences Inc. Class A | 0.18% | 724,800 | $5.5M | No change |
| EM Smart Share Global Ltd. - ADR | 0.14% | 3,949,700 | $4.5M | No change |
| TUYA Tuya Inc. | 0.12% | 1,564,400 | $3.6M | No change |
| CTNM Contineum Therapeutics Inc. Class A | 0.09% | 669,337 | $2.7M | No change |
| MOGU Mogu Inc.-ADR | 0.06% | 847,510 | $1.8M | No change |
| BEDU Bright Scholar Education-ADR | 0.06% | 988,143 | $1.7M | No change |
| GE General Electric filed as GE AEROSPACE | 0.05% | 6,305 | $1.6M | Reduce -6.7% |
| MCO Moody's Corp. | 0.04% | 2,476 | $1.2M | Reduce -6.1% |
| MSCI MSCI Inc. | 0.04% | 2,008 | $1.2M | Reduce -5.6% |
| PACB Pacific Biosciences of Calif | 0.04% | 918,892 | $1.1M | No change |
| ALGS Aligos Therapeutics Inc. | 0.02% | 76,247 | $550K | No change |
| LSBCF Lakeshore Biopharma Co. Ltd. | 0.00% | 75,179 | $77K | No change |
| UXIN Uxin Ltd. - ADR | 0.00% | 19,156 | $70K | No change |
| RDGT Ridgetech Inc. | 0.00% | 20,167 | $22K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| BABA Alibaba Group Holding-SP ADR | Reduce -70.6% | 4.20% | −10.40 |
| JD Jd.com Inc.-ADR | Reduce -52.7% | 2.39% | −3.20 |
| BEKE Ke Holdings Inc.-ADR | Reduce -37.6% | 4.27% | −2.53 |
| VIPS Vipshop Holdings Ltd. - ADR | Reduce -83.1% | 0.55% | −2.41 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −1.69 |
| ENFN Enfusion Inc. Class A | Sold out | 0.00% | −1.57 |
| NTES Netease Inc.-ADR | Reduce -37.7% | 7.21% | −0.55 |
| BIDU Baidu Inc. - Spon ADR | Sold out | 0.00% | −0.44 |
| YUMC Yum China Holdings Inc. | Sold out | 0.00% | −0.43 |
| HTHT H World Group Ltd.-ADR | Sold out | 0.00% | −0.25 |
| ATAT Atour Lifestyle Holdings-ADR | Sold out | 0.00% | −0.19 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −0.15 |
| SOHU Sohu.com Ltd.-ADR | Sold out | 0.00% | −0.07 |
| DHR Danaher Corp. | Sold out | 0.00% | −0.05 |
| JOYY Joyy Inc.-ADR | Sold out | 0.00% | −0.04 |
| CYD China Yuchai Intl Ltd. | Sold out | 0.00% | −0.03 |
| WB Weibo Corp.-Spon ADR | Sold out | 0.00% | −0.03 |
| XYF X Financial-ADR | Sold out | 0.00% | −0.02 |
| ECX Ecarx Holdings Inc. Class A | Sold out | 0.00% | −0.01 |
| MGX Metagenomi Therapeutics Inc. | Sold out | 0.00% | −0.01 |
| MSCI MSCI Inc. | Reduce -5.6% | 0.04% | +0.00 |
| MCO Moody's Corp. | Reduce -6.1% | 0.04% | +0.01 |
| GE General Electric | Reduce -6.7% | 0.05% | +0.01 |
| YSG Yatsen Holding Ltd.-ADR | Reduce -11.2% | 1.90% | +0.96 |
Portfolio Buys Q1 2025 → Q2 2025
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 |