HHLR Advisors, LTD.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), HHLR Advisors, LTD. reported 33 stock positions worth $3.1 billion. Its top holding was PDD (PDD) at 39.2% of the portfolio, followed by Alibaba Group Holding-SP ADR (BABA, 25.6%) and Beone Medicines Ltd.-ADR (ONC, 10.1%). Compared with Q3 2025, it opened 6 new positions, sold out of 6, added to 2 and reduced 3. The biggest buy was PDD (PDD, shares +25%) and the biggest sale Webull (BULL, shares −82%).
- Most Recent 13F
- Q2 2026
- Location
- GRAND CAYMAN, E9
- CIK
- 0001762304
- Portfolio Value
- $3.1B (Q4 2025)
- SEC Filing
- 0000902664-26-001126 ↗ filed Feb 17, 2026
Holdings Value
Holdings 33 stocks · $3.1B
| PDD PDD Holdings Inc. | 39.17% | 10,721,400 | $1.2B | Add +24.8% |
| BABA Alibaba Group Holding-SP ADR | 25.65% | 5,430,346 | $796.0M | Add +65.1% |
| ONC Beone Medicines Ltd.-ADR | 10.12% | 1,034,306 | $314.2M | No change |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 8.63% | 1,630,249 | $267.7M | Reduce -49.7% |
| LEGN Legend Biotech Corp.-ADR | 4.19% | 5,984,550 | $130.1M | No change |
| AVBP Arrivent Biopharma Inc. | 2.55% | 3,929,117 | $79.1M | Reduce -12.4% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 2.15% | 4,236,278 | $66.8M | No change |
| BULL Webull Corp. | 1.50% | 5,974,604 | $46.4M | Reduce -81.9% |
| CTKB Cytek Biosciences Inc. | 1.08% | 6,657,030 | $33.6M | No change |
| CWAN Clearwater Analytics HDS-A | 1.06% | 1,365,971 | $32.9M | No change |
| NBP Novabridge Biosciences | 0.77% | 5,980,568 | $23.8M | No change |
| YSG Yatsen Holding Ltd.-ADR | 0.61% | 4,885,873 | $19.0M | No change |
| MAZE Maze Therapeutics Inc. | 0.61% | 457,535 | $19.0M | No change |
| GOSS Gossamer Bio Inc. | 0.50% | 4,974,041 | $15.4M | No change |
| API Agora Inc.-ADR | 0.28% | 2,098,553 | $8.5M | No change |
| CTNM Contineum Therapeutics Inc. Class A | 0.25% | 669,337 | $7.7M | No change |
| SGMT Sagimet Biosciences Inc. Class A | 0.14% | 724,800 | $4.3M | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.11% | 11,300 | $3.4M | New |
| TUYA Tuya Inc. | 0.11% | 1,564,400 | $3.3M | No change |
| GE General Electric filed as GE AEROSPACE | 0.10% | 10,043 | $3.1M | No change |
| GOOGL Alphabet Inc. Class A | 0.07% | 7,300 | $2.3M | New |
| MOGU Mogu Inc.-ADR | 0.06% | 847,510 | $1.8M | No change |
| IBIT iShares Bitcoin Trust ETF | 0.06% | 35,300 | $1.8M | New |
| PACB Pacific Biosciences of Calif | 0.06% | 918,892 | $1.7M | No change |
| MCO Moody's Corp. | 0.05% | 2,888 | $1.5M | No change |
| EQX Equinox Gold Corp. | 0.04% | 80,500 | $1.1M | No change |
| B Barrick Mining Corp. | 0.04% | 25,400 | $1.1M | No change |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELET BRAS SA | 0.03% | 96,600 | $885K | New |
| ALGS Aligos Therapeutics Inc. | 0.02% | 76,247 | $711K | No change |
| VNET Vnet Group Inc.-ADR | 0.01% | 53,100 | $449K | New |
| AXICY Axia Energia-ADR Pref C filed as CENTRAIS ELET BRAS SA | 0.01% | 25,390 | $219K | New |
| UXIN Uxin Ltd. - ADR | 0.00% | 19,156 | $65K | No change |
| RDGT Ridgetech Inc. | 0.00% | 20,167 | $57K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| BULL Webull Corp. | Reduce -81.9% | 1.50% | −10.46 |
| BIDU Baidu Inc. - Spon ADR | Sold out | 0.00% | −5.29 |
| FUTU Futu Holdings Ltd.-ADR | Reduce -49.7% | 8.63% | −5.14 |
| NTES Netease Inc.-ADR | Sold out | 0.00% | −2.94 |
| YMM Full Truck Alliance -SPN ADR | Sold out | 0.00% | −1.29 |
| SE Sea Ltd.-ADR | Sold out | 0.00% | −0.79 |
| EM Smart Share Global Ltd. - ADR | Sold out | 0.00% | −0.13 |
| BEDU Bright Scholar Education-ADR | Sold out | 0.00% | −0.05 |
| AVBP Arrivent Biopharma Inc. | Reduce -12.4% | 2.55% | +0.52 |
Portfolio Buys Q3 2025 → Q4 2025
| PDD PDD Holdings Inc. | Add +24.8% | 39.17% | +11.41 |
| BABA Alibaba Group Holding-SP ADR | Add +65.1% | 25.65% | +11.27 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.11% | +0.11 |
| GOOGL Alphabet Inc. Class A | New | 0.07% | +0.07 |
| IBIT iShares Bitcoin Trust ETF | New | 0.06% | +0.06 |
| AXIAY Axia Energia-ADR | New | 0.03% | +0.03 |
| VNET Vnet Group Inc.-ADR | New | 0.01% | +0.01 |
| AXICY Axia Energia-ADR Pref C | New | 0.01% | +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 |