HSG Holding Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), HSG Holding Ltd reported 19 stock positions worth $1.9 billion. Its top holding was PDD (PDD) at 63.6% of the portfolio, followed by Kanzhun Ltd. - ADR (BZ, 7.4%) and Futu Holdings Ltd.-ADR (FUTU, 6.3%). Compared with Q3 2025, it opened 2 new positions, sold out of 2 and reduced 3. The biggest buy was a new position in Pony AI and the biggest sale Webull (BULL, shares −26%).

Most Recent 13F
Q2 2026
Location
K3
CIK
0001470766
Portfolio Value
$1.9B (Q4 2025)
SEC Filing
0001193125-26-051708 ↗ filed Feb 13, 2026

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 Q3 2025 Q4 2025: $1.9B $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. 63.61% 11,348,426 $1.2B No change
BZ Kanzhun Ltd. - ADR 7.44% 1,900,000 $140.7M No change
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 6.34% 740,352 $119.9M No change
PONY AI INC 5.78% 7,538,358 $109.3M New
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 4.79% 1,939,017 $90.6M No change
BULL Webull Corp. 2.92% 7,053,639 $55.2M Reduce -26.2%
BRNS Barinthus Biotherapeutics PL 2.23% 1,420,473 $42.2M No change
DDL Dingdong Cayman Ltd. -SPN ADR 1.52% 10,091,839 $28.7M Reduce -9.4%
GPCR Structure Therapeutics Inc. 1.29% 266,062 $24.4M No change
CRCL Circle Internet Group Inc. 1.20% 312,200 $22.7M New
AVBP Arrivent Biopharma Inc. 0.88% 663,308 $16.7M No change
COE 51 Talk Online Education Gro 0.64% 474,901 $12.2M Reduce -28.8%
LOT Lotus Technology Inc. 0.39% 4,834,099 $7.3M No change
THCH TH International Ltd./Cayman 0.34% 2,900,606 $6.4M No change
BTDR Bitdeer Technologies Group-A 0.22% 293,732 $4.1M No change
LYEL Lyell Immunopharma Inc. 0.21% 152,299 $3.9M No change
ADAG Adagene Inc.-ADR 0.14% 1,343,364 $2.7M No change
BNR Burning Rock Biotech Ltd.-ADR 0.05% 21,212 $871K No change
SOLAI LIMITED 0.02% 350,427 $343K No change

Portfolio Sells Q3 2025 → Q4 2025
BULL Webull Corp. Reduce -26.2% 2.92% −2.62
COE 51 Talk Online Education Gro Reduce -28.8% 0.64% −1.26
PONY Pony AI Inc. Sold out 0.00% −1.08
NOAH Noah Holdings Ltd.-Spon ADS Sold out 0.00% −0.23
DDL Dingdong Cayman Ltd. -SPN ADR Reduce -9.4% 1.52% +0.45

Portfolio Buys Q3 2025 → Q4 2025
PONY AI INC New 5.78% +5.78
CRCL Circle Internet Group Inc. New 1.20% +1.20

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