HSG Holding Ltd
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), HSG Holding Ltd reported 19 stock positions worth $1.9 billion. Its top holding was PDD (PDD) at 73.3% of the portfolio, followed by Futu Holdings Ltd.-ADR (FUTU, 6.7%) and Webull (BULL, 5.8%). Compared with Q1 2025, it opened 3 new positions, sold out of 1 and reduced 1. The biggest buy was a new position in Webull (BULL) and the biggest sale an exit from TH International Ltd./Cayman (THCH).
- Most Recent 13F
- Q2 2026
- Location
- K3
- CIK
- 0001470766
- Portfolio Value
- $1.9B (Q2 2025)
- SEC Filing
- 0000950123-25-008345 ↗ filed Aug 14, 2025
Holdings Value
Holdings 19 stocks · $1.9B
| PDD PDD Holdings Inc. | 73.32% | 13,595,995 | $1.4B | No change |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 6.74% | 1,057,644 | $130.7M | No change |
| BULL Webull Corp. | 5.83% | 9,457,280 | $113.1M | New |
| PONY Pony AI Inc. | 4.03% | 5,922,997 | $78.2M | New |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 1.77% | 1,939,017 | $34.4M | No change |
| NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD | 1.77% | 2,876,720 | $34.3M | Reduce -3.8% |
| BZ Kanzhun Ltd. - ADR | 1.75% | 1,900,000 | $33.9M | No change |
| DDL Dingdong Cayman Ltd. -SPN ADR | 1.16% | 11,141,166 | $22.5M | No change |
| COE 51 Talk Online Education Gro | 1.13% | 667,223 | $22.0M | No change |
| AVBP Arrivent Biopharma Inc. | 0.74% | 663,308 | $14.4M | No change |
| LOT Lotus Technology Inc. | 0.55% | 4,834,099 | $10.6M | No change |
| THCH TH International Ltd./Cayman | 0.44% | 2,900,606 | $8.6M | New |
| GPCR Structure Therapeutics Inc. | 0.28% | 266,062 | $5.5M | No change |
| BTDR Bitdeer Technologies Group-A | 0.17% | 293,732 | $3.4M | No change |
| ADAG Adagene Inc.-ADR | 0.14% | 1,343,364 | $2.6M | No change |
| LYEL Lyell Immunopharma Inc. | 0.07% | 152,299 | $1.3M | No change |
| BRNS Barinthus Biotherapeutics PL | 0.07% | 1,420,473 | $1.3M | No change |
| SOLAI LIMITED filed as BIT MINING LIMITED | 0.04% | 350,427 | $718K | No change |
| BNR Burning Rock Biotech Ltd.-ADR | 0.00% | 21,212 | $67K | No change |
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
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 |