HSG Holding Ltd
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), HSG Holding Ltd reported 18 stock positions worth $2.4 billion. Its top holding was PDD (PDD) at 81.5% of the portfolio, followed by Kanzhun Ltd. - ADR (BZ, 4.4%) and Futu Holdings Ltd.-ADR (FUTU, 4.0%). Compared with Q3 2024, it opened 1 new position, sold out of 1 and reduced 6. The biggest buy was a new position in Burning Rock Biotech Ltd.-ADR (BNR) and the biggest sale Full Truck Alliance -SPN ADR (YMM, shares −88%).
- Most Recent 13F
- Q2 2026
- Location
- K3
- CIK
- 0001470766
- Portfolio Value
- $2.4B (Q4 2024)
- SEC Filing
- 0000950123-25-002761 ↗ filed Feb 14, 2025
Holdings Value
Holdings 18 stocks · $2.4B
| PDD PDD Holdings Inc. | 81.49% | 13,595,995 | $2.0B | Reduce -12.0% |
| BZ Kanzhun Ltd. - ADR | 4.43% | 7,358,396 | $107.1M | Reduce -22.9% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 3.99% | 1,057,644 | $96.6M | No change |
| THCH TH International Ltd./Cayman | 1.79% | 14,503,032 | $43.4M | No change |
| DDL Dingdong Cayman Ltd. -SPN ADR | 1.58% | 11,141,166 | $38.2M | No change |
| NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD | 1.37% | 2,988,830 | $33.2M | Reduce -9.4% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 1.35% | 1,939,017 | $32.8M | Reduce -33.3% |
| YMM Full Truck Alliance -SPN ADR | 1.27% | 2,721,822 | $30.8M | Reduce -87.6% |
| AVBP Arrivent Biopharma Inc. | 0.69% | 663,308 | $16.8M | No change |
| LOT Lotus Technology Inc. | 0.64% | 4,834,099 | $15.5M | Reduce -5.7% |
| COE 51 Talk Online Education Gro | 0.55% | 667,223 | $13.2M | No change |
| GPCR Structure Therapeutics Inc. | 0.31% | 266,062 | $7.5M | No change |
| BTDR Bitdeer Technologies Group-A | 0.26% | 293,732 | $6.4M | No change |
| ADAG Adagene Inc.-ADR | 0.10% | 1,343,364 | $2.4M | No change |
| LYEL Lyell Immunopharma Inc. | 0.07% | 3,045,997 | $1.7M | No change |
| BRNS Barinthus Biotherapeutics PL | 0.06% | 1,420,473 | $1.4M | No change |
| SOLAI LIMITED filed as BIT MINING LIMITED | 0.04% | 350,427 | $999K | No change |
| BNR Burning Rock Biotech Ltd.-ADR | 0.01% | 21,212 | $155K | New |
Portfolio Sells Q3 2024 → Q4 2024
| YMM Full Truck Alliance -SPN ADR | Reduce -87.6% | 1.27% | −6.24 |
| BZ Kanzhun Ltd. - ADR | Reduce -22.9% | 4.43% | −1.11 |
| BEKE Ke Holdings Inc.-ADR | Reduce -33.3% | 1.35% | −0.96 |
| NOAH Noah Holdings Ltd.-Spon ADS | Reduce -9.4% | 1.37% | −0.26 |
| LOT Lotus Technology Inc. | Reduce -5.7% | 0.64% | −0.22 |
| BNR Burning Rock Biotech Ltd.-ADR | Sold out | 0.00% | −0.00 |
| PDD PDD Holdings Inc. | Reduce -12.0% | 81.49% | +6.83 |
Portfolio Buys Q3 2024 → Q4 2024
| BNR Burning Rock Biotech Ltd.-ADR | New | 0.01% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 20 | $1.2B | PDD, FUTU, PONY, CRCL, BEKE |
| Q1 2026 | 20 | $1.6B | PDD, BEKE, PONY, FUTU, BULL |
| Q4 2025 | 19 | $1.9B | PDD, BZ, FUTU, PONY AI INC, BEKE |
| Q3 2025 | 19 | $1.9B | PDD, FUTU, BULL, BZ, COE |
| Q2 2025 | 19 | $1.9B | PDD, FUTU, BULL, PONY, BEKE |
| Q1 2025 | 17 | $1.7B | PDD, BEKE, FUTU, DDL, BZ |
| Q4 2024 | 18 | $2.4B | PDD, BZ, FUTU, THCH, DDL |
| Q3 2024 | 18 | $2.6B | PDD, YMM, BZ, FUTU, BEKE |
| Q2 2024 | 17 | $2.7B | PDD, BZ, YMM, FUTU, BEKE |
| Q1 2024 | 18 | $1.1B | YMM, BZ, PDD, FUTU, BEKE |