Smart Money Radar / Whales / Lei Zhang
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Lei Zhang

HHLR Advisors, Ltd. · Holdings as of Jun 30, 2025, filed by Aug 15, 2025 · US long stock positions only

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

Reported value
$3B
36 positions shown
Copycat since 2016
1.48x
4% per year
vs SPY
behind
SPY 3.57x same window
Top position
PDD
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 · Jun 2025
PDD 24% FUTU 17%
unlisted 13%
ONC 8% NTES 7% LEGN 7% BEKE 4% BABA 4% AVBP 3%
unlisted 3%
JD 2% YSG 2%
+21 more 3%
SymbolValue% of bookvs prior quarter
PDD $730M 24% added
FUTU $533M 17% unchanged
unlisted $396M 13% new
ONC $250M 8% unchanged
NTES $224M 7% trimmed
LEGN $212M 7% unchanged
BEKE $132M 4% trimmed
BABA $130M 4% trimmed
AVBP $98M 3% unchanged
unlisted $97M 3% unchanged
JD $74M 2% trimmed
YSG $59M 2% trimmed
unlisted $30M 1% new
CTKB $23M 1% unchanged
VIPS $17M 1% trimmed
LI $17M 1% unchanged
NBP $14M 0% unchanged
ZTO $12M 0% unchanged
BZ $10M 0% unchanged
API $8M 0% unchanged
GOSS $6M 0% unchanged
MAZE $6M 0% unchanged
SGMT $6M 0% unchanged
EM $5M 0% unchanged
TUYA $4M 0% unchanged
CTNM $3M 0% unchanged
MOGU $2M 0% unchanged
unlisted $2M 0% unchanged
GE $2M 0% trimmed
MCO $1M 0% trimmed
MSCI $1M 0% trimmed
PACB $1M 0% unchanged
ALGS $550K 0% unchanged
unlisted $77K 0% unchanged
UXIN $70K 0% unchanged
unlisted $22K 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.