Smart Money Radar / Whales / Lei Zhang
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Lei Zhang

HHLR Advisors, Ltd. · Holdings as of Dec 31, 2025, filed by Feb 15, 2026 · US long stock positions only

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

Reported value
$3B
33 positions shown
Copycat since 2016
1.48x
4% per year
vs SPY
behind
SPY 3.57x same window
Top position
PDD
39% 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 2025
PDD 39% BABA 26% ONC 10% FUTU 9% LEGN 4% AVBP 3% BEKE 2%
+18 more 1%
SymbolValue% of bookvs prior quarter
PDD $1.2B 39% added
BABA $796M 26% added
ONC $314M 10% unchanged
FUTU $268M 9% trimmed
LEGN $130M 4% unchanged
AVBP $79M 3% trimmed
BEKE $67M 2% unchanged
unlisted $46M 1% trimmed
CTKB $34M 1% unchanged
unlisted $33M 1% unchanged
NBP $24M 1% unchanged
YSG $19M 1% unchanged
MAZE $19M 1% unchanged
GOSS $15M 0% unchanged
API $9M 0% unchanged
CTNM $8M 0% unchanged
SGMT $4M 0% unchanged
TSM $3M 0% new
TUYA $3M 0% unchanged
GE $3M 0% unchanged
GOOGL $2M 0% new
MOGU $2M 0% unchanged
IBIT $2M 0% new
PACB $2M 0% unchanged
MCO $1M 0% unchanged
EQX $1M 0% unchanged
B $1M 0% unchanged
AXIA $885K 0% new
ALGS $711K 0% unchanged
VNET $449K 0% new
AXIA.PC $219K 0% new
UXIN $65K 0% unchanged
unlisted $57K 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.