After the U.S. stock market closed on Wednesday, August 14th, HHLR Advisors, an independent fund management platform under Hillhouse Capital Group that focuses on secondary market investments, announced its U.S. stock holdings as of the end of the second quarter of 2024.The institutional investors' quarterly 13F report showed that HHLR Advisors, a subsidiary of Hillhouse Capital Group, significantly increased its holdings of Alibaba by 5.24 million shares in the second quarter, making it the third largest holding, accounting for 9.55% of the total holdings, compared to only 0.23% in the first quarter.HHLR Advisors also significantly increased its holdings of Vipshop by 14.61 million shares, as well as increased its holdings of other Chinese internet stocks such as NetEase and Ctrip. Its increased holdings of Futu Holdings also ranked among the top five. Among them, Ctrip's stock price performance in the second quarter was impressive, with a maximum increase of nearly 30%.Although HHLR Advisors reduced its holdings of Pinduoduo by 2.9 million shares in the second quarter, it remains its top holding. It also reduced its holdings of Beike by over 6 million shares, but Beike remains its fourth largest holding. In addition, Baidu and Manbang, which were reduced in the first quarter, were completely sold off in the second quarter.In the U.S. tech giants, Apple, NVIDIA, Google, and Meta received increased holdings, while Amazon and Microsoft were reduced. Chip stock AMD was completely sold off. However, analysts believe that apart from Chinese stocks, technology remains the main investment logic for HHLR Advisors.Overall data shows that in the second quarter, HHLR held a total of 78 stocks in the U.S. stock market, with a total market value of approximately $4.054 billion. Among them, 24 stocks were newly established, 17 stocks were increased, 17 stocks were reduced, and 9 stocks were completely sold off.The top ten holdings are Pinduoduo, BeiGene, Alibaba, Beike, Legend Biotech, Vipshop, NetEase, ARRIVENT BIOPHARMA, Ctrip, and KINIKSA PHARMACEUTICALS, with 8 of them being Chinese stocks.Analysts point out that at the end of the second quarter, Chinese stocks accounted for nearly 85% of the total market value of all U.S. stock holdings by HHLR, dominating the portfolio.In the first quarter of this year, HHLR Advisors under Hillhouse Capital Group had significantly bought into semiconductor technology stocks, establishing positions in AMD, NVIDIA, and TSMC, while at the same time completely selling off or reducing holdings of several Chinese internet stocks, including JD.com, Alibaba, and iQIYIAMD, which was cleared out in the second quarter, had become the sixth largest heavy stock in HHLR after establishing a new position in the first quarter. AMD fell by 10% in the second quarter

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In the entire US stock holdings at the end of the second quarter of HHLR, Chinese concept stocks account for nearly 85% of the total market value, dominating the position. Among the top ten major holdings, 8 are Chinese concept stocks, with Alibaba ranking as the third largest holding. Baidu and Manbang, which were reduced in the first quarter, were completely sold off. Amazon and Microsoft were reduced, while chip stock AMD was completely sold off

- HHLR Advisors, a fund management platform under Hillhouse Capital, significantly increased its holdings in Alibaba by 5.24 million shares, making it the third-largest position at 9.55% of total holdings, up from 0.23% in the first quarter.
- The platform also increased stakes in Vipshop by 14.61 million shares, as well as in other Chinese internet stocks like NetEase and Ctrip, with Ctrip showing a notable 30% price increase in the second quarter.
- Despite reducing positions in Pinduoduo by 2.9 million shares, it remains a top holding, while shedding over 6 million shares of KE Holdings, which still ranks as the fourth-largest holding. Additionally, Baidu and Full Truck Alliance, reduced in the first quarter, were completely divested in the second quarter.

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Hillhouse Capital (HHLR) significantly increased its holdings in Alibaba in the second quarter, while Pinduoduo remains its top heavy position, and it also increased its holdings in NVIDIA