HHLR Advisors / Hillhouse (Zhang Lei)

Right before the Q1 de-risking, HHLR was loading UP on Alibaba — shares +65%, weight 14% → 26% to become the top position. The catch is they SIMULTANEOUSLY exited Baidu (8q), NetEase (14q), and cut Webull -82%. Net story: Hillhouse rotated from a diversified China-tech basket into a heavily-concentrated PDD + BABA pair — only to begin unwinding both the next quarter. Possibly a top-tick on the BABA enthusiasm cycle.

• ▲ ADDED
  ALIBABA GROUP HLDG LTD BABA

  Shares +65%, weight 14% → 26% as the new top position — full conviction add that gets unwound a quarter later.

• ★ HELD
  BEONE MEDICINES LTD ONC

  29 quarters held, +122% unrealized — the long-running biotech that becomes the dominant weight once China internet shrinks.

• ▼ REDUCED
  FUTU HLDGS LTD FUTU

  Cut -50% in shares even at +94% unrealized — taking profit but keeping core exposure.

• × EXIT
  BAIDU INC BIDU

  Closed after 8 quarters — China search exposure cleared.

• × EXIT
  NETEASE INC NTES

  Closed after 14 quarters — interesting because NetEase itself is a watchlist filer (id 323) and its own 13F is concentrated in PDD.

• ▼ REDUCED
  WEBULL CORP BULL

  Cut -82% from 12% prior weight — the post-IPO trade walked away from.

• ◐ CONCENTRATION

  Top-3 weight jumped 56% → 75% (+19pp) — extreme concentration into PDD + BABA + ONC, immediately reversed the next quarter.