HHLR Advisors / Hillhouse (Zhang Lei)

HHLR is in a clear shrinking-and-rotating phase — book down nearly 50% to $1.67B and top-3 weight dropped sharply 75% → 62% as Hillhouse cut its two flagship China-internet bets in half: PDD -61% in shares (weight 39% → 25%) and Alibaba -55% (26% → 18%). Biotech BeOne Medicines climbed to a co-top weight at 18.4% on +117% unrealized. Futu trimmed slightly but still 11.6%. Reads as Hillhouse continuing a multi-quarter de-risking from concentrated China-internet ADRs into the biotech sleeve.

• ▼ REDUCED
  PDD HOLDINGS INC PDD

  Cut -61% in shares — the largest single trim in the book. PDD's weight halved from 39% to 25%, signaling a meaningful retreat from the China e-commerce concentration.

• ▼ REDUCED
  ALIBABA GROUP HLDG LTD BABA

  Cut -55% in shares; weight 26% → 18%. The other half of the China-internet pair-trade unwind.

• ★ HELD
  BEONE MEDICINES LTD ONC

  Held flat in shares but weight climbed 10% → 18% as the price ran — the biotech now the co-top position. 30 quarters in the book at +117% unrealized.

• ★ HELD
  FUTU HLDGS LTD FUTU

  17 quarters held, weight 11.6%, +61% unrealized — the Chinese broker remains the third anchor.

• ◐ CONCENTRATION

  Top-3 weight 75% → 62% is meaningful de-concentration even as the book shrank — Hillhouse is actively diversifying the book post-China-tech overweight.