Smart Money Radar / Whales / Lei Zhang
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Lei Zhang

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

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

Reported value
$4B
33 positions shown
Copycat since 2016
1.48x
4% per year
vs SPY
behind
SPY 3.57x same window
Top position
PDD
28% 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 · Sep 2025
PDD 28% BABA 14% FUTU 14%
unlisted 12%
ONC 9% BIDU 5% LEGN 5% NTES 3% AVBP 2% BEKE 2%
+18 more 2%
SymbolValue% of bookvs prior quarter
PDD $1.1B 28% added
BABA $588M 14% added
FUTU $563M 14% trimmed
unlisted $489M 12% unchanged
ONC $352M 9% unchanged
BIDU $216M 5% new
LEGN $195M 5% unchanged
NTES $120M 3% trimmed
AVBP $83M 2% unchanged
BEKE $80M 2% trimmed
YMM $53M 1% new
YSG $44M 1% trimmed
SE $32M 1% new
unlisted $25M 1% unchanged
CTKB $23M 1% unchanged
NBP $23M 1% unchanged
GOSS $13M 0% unchanged
MAZE $12M 0% unchanged
API $8M 0% unchanged
CTNM $8M 0% unchanged
EM $5M 0% unchanged
SGMT $5M 0% unchanged
TUYA $4M 0% unchanged
GE $3M 0% added
MOGU $3M 0% unchanged
unlisted $2M 0% unchanged
MCO $1M 0% added
PACB $1M 0% unchanged
EQX $903K 0% new
B $832K 0% new
ALGS $747K 0% unchanged
UXIN $66K 0% unchanged
unlisted $25K 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.