HSG Holding Ltd

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), HSG Holding Ltd reported 17 stock positions worth $1.7 billion. Its top holding was PDD (PDD) at 80.2% of the portfolio, followed by Ke Holdings Inc.-ADR (BEKE, 6.3%) and Futu Holdings Ltd.-ADR (FUTU, 5.5%). Compared with Q4 2024, it sold out of 1 and reduced 2. The biggest sale was Kanzhun Ltd. - ADR (BZ, shares −74%).

Most Recent 13F
Q2 2026
Location
K3
CIK
0001470766
Portfolio Value
$1.7B (Q1 2025)
SEC Filing
0000950123-25-004919 ↗ filed May 13, 2025

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $1.1B Q1 2024 Q2 2024: $2.7B Q2 2024 Q3 2024: $2.6B Q3 2024 Q4 2024: $2.4B Q4 2024 Q1 2025: $1.7B $1.7B Q1 2025 Q2 2025: $1.9B Q2 2025 Q3 2025: $1.9B Q3 2025 Q4 2025: $1.9B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.2B Q2 2026

Holdings 17 stocks · $1.7B
PDD PDD Holdings Inc. 80.18% 13,595,995 $1.4B No change
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 6.32% 1,939,017 $107.6M No change
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 5.48% 1,057,644 $93.4M No change
DDL Dingdong Cayman Ltd. -SPN ADR 1.71% 11,141,166 $29.1M No change
BZ Kanzhun Ltd. - ADR 1.63% 1,900,000 $27.8M Reduce -74.2%
NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 1.55% 2,988,830 $26.5M No change
AVBP Arrivent Biopharma Inc. 0.82% 663,308 $14.0M No change
COE 51 Talk Online Education Gro 0.64% 667,223 $11.0M No change
THCH TH International Ltd./Cayman 0.44% 2,900,606 $7.5M Reduce -80.0%
LOT Lotus Technology Inc. 0.37% 4,834,099 $6.3M No change
GPCR Structure Therapeutics Inc. 0.36% 266,062 $6.2M No change
BTDR Bitdeer Technologies Group-A 0.17% 293,732 $2.9M No change
ADAG Adagene Inc.-ADR 0.12% 1,343,364 $2.0M No change
LYEL Lyell Immunopharma Inc. 0.09% 3,045,997 $1.5M No change
BRNS Barinthus Biotherapeutics PL 0.07% 1,420,473 $1.2M No change
SOLAI LIMITED filed as BIT MINING LIMITED 0.04% 350,427 $627K No change
BNR Burning Rock Biotech Ltd.-ADR 0.00% 21,212 $62K No change

Portfolio Sells Q4 2024 → Q1 2025
BZ Kanzhun Ltd. - ADR Reduce -74.2% 1.63% −2.80
THCH TH International Ltd./Cayman Reduce -80.0% 0.44% −1.35
YMM Full Truck Alliance -SPN ADR Sold out 0.00% −1.27

Portfolio Buys Q4 2024 → Q1 2025
None this quarter.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 20$1.2BPDD, FUTU, PONY, CRCL, BEKE
Q1 2026 20$1.6BPDD, BEKE, PONY, FUTU, BULL
Q4 2025 19$1.9BPDD, BZ, FUTU, PONY AI INC, BEKE
Q3 2025 19$1.9BPDD, FUTU, BULL, BZ, COE
Q2 2025 19$1.9BPDD, FUTU, BULL, PONY, BEKE
Q1 2025 17$1.7BPDD, BEKE, FUTU, DDL, BZ
Q4 2024 18$2.4BPDD, BZ, FUTU, THCH, DDL
Q3 2024 18$2.6BPDD, YMM, BZ, FUTU, BEKE
Q2 2024 17$2.7BPDD, BZ, YMM, FUTU, BEKE
Q1 2024 18$1.1BYMM, BZ, PDD, FUTU, BEKE