Smart Money Radar / Whales / Lei Zhang
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Lei Zhang

HHLR Advisors, Ltd. · Holdings as of Mar 31, 2025, filed by May 16, 2025 · US long stock positions only

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

Reported value
$4B
49 positions shown
Copycat since 2016
1.48x
4% per year
vs SPY
behind
SPY 3.57x same window
Top position
PDD
22% 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 · Mar 2025
PDD 22% BABA 15% FUTU 12% ONC 8% NTES 8% BEKE 7% LEGN 6% JD 6% VIPS 3%
unlisted 3%
AVBP 2%
+34 more 4%
SymbolValue% of bookvs prior quarter
PDD $777M 22% added
BABA $517M 15% trimmed
FUTU $441M 12% added
ONC $282M 8% trimmed
NTES $275M 8% added
BEKE $241M 7% added
LEGN $203M 6% unchanged
JD $198M 6% added
VIPS $105M 3% trimmed
unlisted $94M 3% unchanged
AVBP $83M 2% unchanged
TCOM $60M 2% added
unlisted $55M 2% unchanged
YSG $33M 1% unchanged
CTKB $27M 1% unchanged
BIDU $16M 0% new
LI $16M 0% new
YUMC $15M 0% new
ZTO $13M 0% added
BZ $11M 0% new
HTHT $9M 0% new
API $8M 0% unchanged
ATAT $7M 0% new
TSM $5M 0% trimmed
GOSS $5M 0% unchanged
MAZE $5M 0% new
NBP $5M 0% unchanged
TUYA $5M 0% unchanged
CTNM $5M 0% unchanged
EM $4M 0% unchanged
SOHU $3M 0% trimmed
SGMT $2M 0% unchanged
MOGU $2M 0% unchanged
unlisted $2M 0% unchanged
DHR $2M 0% trimmed
JOYY $1M 0% added
GE $1M 0% trimmed
MCO $1M 0% trimmed
MSCI $1M 0% trimmed
CYD $1M 0% new
PACB $1M 0% unchanged
WB $947K 0% new
XYF $720K 0% new
ALGS $629K 0% unchanged
unlisted $504K 0% new
MGX $205K 0% trimmed
unlisted $182K 0% unchanged
UXIN $76K 0% unchanged
unlisted $21K 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.