HHLR Advisors, LTD.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), HHLR Advisors, LTD. reported 33 stock positions worth $4.1 billion. Its top holding was PDD (PDD) at 27.8% of the portfolio, followed by Alibaba Group Holding-SP ADR (BABA, 14.4%) and Futu Holdings Ltd.-ADR (FUTU, 13.8%). Compared with Q2 2025, it opened 5 new positions, sold out of 8, added to 4 and reduced 4. The biggest buy was Alibaba Group Holding-SP ADR (BABA, shares +186%) and the biggest sale Netease Inc.-ADR (NTES, shares −52%).
- Most Recent 13F
- Q2 2026
- Location
- GRAND CAYMAN, E9
- CIK
- 0001762304
- Portfolio Value
- $4.1B (Q3 2025)
- SEC Filing
- 0000902664-25-004996 ↗ filed Nov 14, 2025
Holdings Value
Holdings 33 stocks · $4.1B
| PDD PDD Holdings Inc. | 27.76% | 8,592,600 | $1.1B | Add +23.2% |
| BABA Alibaba Group Holding-SP ADR | 14.37% | 3,289,666 | $588.0M | Add +186.1% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 13.77% | 3,238,179 | $563.2M | Reduce -24.9% |
| BULL Webull Corp. | 11.96% | 33,080,846 | $489.3M | No change |
| ONC Beone Medicines Ltd.-ADR | 8.61% | 1,034,306 | $352.4M | No change |
| BIDU Baidu Inc. - Spon ADR | 5.29% | 1,641,000 | $216.2M | New |
| LEGN Legend Biotech Corp.-ADR | 4.77% | 5,984,550 | $195.2M | No change |
| NTES Netease Inc.-ADR | 2.94% | 790,807 | $120.2M | Reduce -52.5% |
| AVBP Arrivent Biopharma Inc. | 2.02% | 4,484,672 | $82.7M | No change |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 1.97% | 4,236,278 | $80.5M | Reduce -43.3% |
| YMM Full Truck Alliance -SPN ADR | 1.29% | 4,066,553 | $52.7M | New |
| YSG Yatsen Holding Ltd.-ADR | 1.08% | 4,885,873 | $44.3M | Reduce -20.1% |
| SE Sea Ltd.-ADR | 0.79% | 180,050 | $32.2M | New |
| CWAN Clearwater Analytics HDS-A | 0.60% | 1,365,971 | $24.6M | No change |
| CTKB Cytek Biosciences Inc. | 0.56% | 6,657,030 | $23.1M | No change |
| NBP Novabridge Biosciences filed as I MAB | 0.55% | 5,980,568 | $22.6M | No change |
| GOSS Gossamer Bio Inc. | 0.32% | 4,974,041 | $13.1M | No change |
| MAZE Maze Therapeutics Inc. | 0.29% | 457,535 | $11.9M | No change |
| API Agora Inc.-ADR | 0.20% | 2,098,553 | $8.0M | No change |
| CTNM Contineum Therapeutics Inc. Class A | 0.19% | 669,337 | $7.9M | No change |
| EM Smart Share Global Ltd. - ADR | 0.13% | 3,949,700 | $5.3M | No change |
| SGMT Sagimet Biosciences Inc. Class A | 0.12% | 724,800 | $5.0M | No change |
| TUYA Tuya Inc. | 0.09% | 1,564,400 | $3.9M | No change |
| GE General Electric filed as GE AEROSPACE | 0.07% | 10,043 | $3.0M | Add +59.3% |
| MOGU Mogu Inc.-ADR | 0.07% | 847,510 | $2.9M | No change |
| BEDU Bright Scholar Education-ADR | 0.05% | 988,143 | $1.9M | No change |
| MCO Moody's Corp. | 0.03% | 2,888 | $1.4M | Add +16.6% |
| PACB Pacific Biosciences of Calif | 0.03% | 918,892 | $1.2M | No change |
| EQX Equinox Gold Corp. | 0.02% | 80,500 | $903K | New |
| B Barrick Mining Corp. | 0.02% | 25,400 | $832K | New |
| ALGS Aligos Therapeutics Inc. | 0.02% | 76,247 | $747K | No change |
| UXIN Uxin Ltd. - ADR | 0.00% | 19,156 | $66K | No change |
| RDGT Ridgetech Inc. | 0.00% | 20,167 | $25K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| NTES Netease Inc.-ADR | Reduce -52.5% | 2.94% | −4.27 |
| FUTU Futu Holdings Ltd.-ADR | Reduce -24.9% | 13.77% | −3.40 |
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −3.12 |
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −2.39 |
| BEKE Ke Holdings Inc.-ADR | Reduce -43.3% | 1.97% | −2.30 |
| YSG Yatsen Holding Ltd.-ADR | Reduce -20.1% | 1.08% | −0.82 |
| VIPS Vipshop Holdings Ltd. - ADR | Sold out | 0.00% | −0.55 |
| LI Li Auto Inc. - ADR | Sold out | 0.00% | −0.54 |
| ZTO Zto Express Cayman Inc.-ADR | Sold out | 0.00% | −0.38 |
| BZ Kanzhun Ltd. - ADR | Sold out | 0.00% | −0.33 |
| MSCI MSCI Inc. | Sold out | 0.00% | −0.04 |
| LSBCF Lakeshore Biopharma Co. Ltd. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| BABA Alibaba Group Holding-SP ADR | Add +186.1% | 14.37% | +10.17 |
| BIDU Baidu Inc. - Spon ADR | New | 5.29% | +5.29 |
| PDD PDD Holdings Inc. | Add +23.2% | 27.76% | +4.24 |
| YMM Full Truck Alliance -SPN ADR | New | 1.29% | +1.29 |
| SE Sea Ltd.-ADR | New | 0.79% | +0.79 |
| EQX Equinox Gold Corp. | New | 0.02% | +0.02 |
| GE General Electric | Add +59.3% | 0.07% | +0.02 |
| B Barrick Mining Corp. | New | 0.02% | +0.02 |
| MCO Moody's Corp. | Add +16.6% | 0.03% | −0.01 |
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 |