HSG Holding Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), HSG Holding Ltd reported 19 stock positions worth $1.9 billion. Its top holding was PDD (PDD) at 77.2% of the portfolio, followed by Futu Holdings Ltd.-ADR (FUTU, 6.5%) and Webull (BULL, 5.5%). Compared with Q2 2025, it added to 1 and reduced 4. The biggest buy was Webull (BULL, shares +1%) and the biggest sale Pony AI (PONY, shares −82%).

Most Recent 13F
Q2 2026
Location
K3
CIK
0001470766
Portfolio Value
$1.9B (Q3 2025)
SEC Filing
0001193125-25-282908 ↗ filed Nov 14, 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 Q1 2025 Q2 2025: $1.9B Q2 2025 Q3 2025: $1.9B $1.9B Q3 2025 Q4 2025: $1.9B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.2B Q2 2026

Holdings 19 stocks · $1.9B

PDD PDD Holdings Inc. 77.21% 11,348,426 $1.5B Reduce -16.5%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 6.52% 740,352 $125.3M Reduce -30.0%
BULL Webull Corp. 5.54% 9,553,639 $106.4M Add +1.0%
BZ Kanzhun Ltd. - ADR 2.17% 1,900,000 $41.8M No change
COE 51 Talk Online Education Gro 1.91% 667,223 $36.6M No change
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 1.86% 1,939,017 $35.7M No change
PONY Pony AI Inc. 1.08% 1,076,905 $20.7M Reduce -81.8%
DDL Dingdong Cayman Ltd. -SPN ADR 1.07% 11,141,166 $20.5M No change
AVBP Arrivent Biopharma Inc. 0.68% 663,308 $13.0M No change
LOT Lotus Technology Inc. 0.47% 4,834,099 $9.1M No change
THCH TH International Ltd./Cayman 0.37% 2,900,606 $7.0M No change
BTDR Bitdeer Technologies Group-A 0.36% 293,732 $7.0M No change
GPCR Structure Therapeutics Inc. 0.24% 266,062 $4.6M No change
NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 0.23% 396,815 $4.5M Reduce -86.2%
ADAG Adagene Inc.-ADR 0.13% 1,343,364 $2.5M No change
BRNS Barinthus Biotherapeutics PL 0.10% 1,420,473 $2.0M No change
SOLAI LIMITED filed as BIT MINING LIMITED 0.04% 350,427 $855K No change
BNR Burning Rock Biotech Ltd.-ADR 0.01% 21,212 $215K No change
LYEL Lyell Immunopharma Inc. 0.00% 152,299 $73K No change

Portfolio Sells Q2 2025 → Q3 2025

PONY Pony AI Inc. Reduce -81.8% 1.08% −2.95
NOAH Noah Holdings Ltd.-Spon ADS Reduce -86.2% 0.23% −1.54
FUTU Futu Holdings Ltd.-ADR Reduce -30.0% 6.52% −0.21
PDD PDD Holdings Inc. Reduce -16.5% 77.21% +3.89

Portfolio Buys Q2 2025 → Q3 2025

BULL Webull Corp. Add +1.0% 5.54% −0.29

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