Smart Money Radar / Whales / Lei Zhang
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Lei Zhang

HHLR Advisors, Ltd. · Holdings as of Dec 31, 2024, filed by Feb 15, 2025 · US long stock positions only

Hillhouse's public book. Asia-rooted growth conviction.

Reported value
$3B
45 positions shown
Copycat since 2016
1.48x
4% per year
vs SPY
behind
SPY 3.57x same window
Top position
ONC
24% of book

Copying these filings vs SPY

$1 at every deadline since 2016
SPY 3.57x Lei Zhang 1.48x
Price returns, dividends excluded on both lines. A copycat of public filings traded at each deadline, not the fund's actual performance.
Mar 2026 Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Sep 2023 Jun 2023

The book

tile = share of the filed book · tap a tile for the ticker · Dec 2024
ONC 24% BABA 14% PDD 9% NTES 8% BEKE 7% VIPS 7% LEGN 7% AVBP 4% FUTU 3%
TCOM 2%
+30 more 5%
SymbolValue% of bookvs prior quarter
ONC $703M 24% trimmed
BABA $414M 14% trimmed
PDD $265M 9% trimmed
NTES $231M 8% unchanged
BEKE $207M 7% added
VIPS $200M 7% trimmed
LEGN $195M 7% trimmed
AVBP $119M 4% unchanged
FUTU $89M 3% added
unlisted $73M 3% new
TCOM $63M 2% trimmed
JD $59M 2% added
unlisted $51M 2% unchanged
CTKB $43M 1% unchanged
KNSA $31M 1% unchanged
BBIO $28M 1% unchanged
YSG $27M 1% unchanged
CTNM $10M 0% unchanged
API $9M 0% new
ZTO $9M 0% trimmed
TSM $8M 0% added
SOHU $7M 0% trimmed
NBP $5M 0% trimmed
GOSS $4M 0% unchanged
SGMT $3M 0% unchanged
ALGS $3M 0% unchanged
DHR $3M 0% added
MGX $3M 0% unchanged
TUYA $3M 0% unchanged
EM $3M 0% unchanged
GEV $3M 0% unchanged
MSCI $2M 0% new
MCO $2M 0% added
MOGU $2M 0% unchanged
GE $2M 0% added
unlisted $2M 0% unchanged
PACB $2M 0% unchanged
JOYY $1M 0% unchanged
TT $864K 0% added
unlisted $847K 0% added
PYXS $597K 0% unchanged
MOMO $413K 0% new
unlisted $259K 0% new
UXIN $89K 0% unchanged
unlisted $35K 0% unchanged
Positions built under SEC confidential treatment appear only after the SEC releases them. Cash, foreign listings and shorts never appear in these filings.