Hillhouse HHLR first quarter US stock position disclosure: increased holdings of JD.com KE Holdings Inc. Full Truck Alliance Co. Ltd. clearance NIO Inc.

The HHLR Advisors released the latest US stock position data, according to the Securities and Exchange Commission (SEC) website on May 17th.

The u.s. stock market continued to fall in the first quarter of 2022, with the Dow down 4.6%, the Nasdaq down 9.1% and the s & p 500 down 5%. HHLR made a deep adjustment to the positions of US stocks, reducing and liquidating 25 stocks.

At the end of the first quarter, HHLR held 64 stocks in the U. S. stock market, 12 fewer than in the fourth quarter of 2021. In addition, due to the reduction and clearance of many heavy stocks, the overall position size of HHLR also decreased accordingly. On the other hand, HHLR increased its holdings and bought 8 Chinese stocks, including JD.com, Vipshop Holdings Limited, Full Truck Alliance Co. Ltd., Futu and other Chinese stocks, indicating that it is still optimistic about Chinese assets.

The latest top ten HHLR stocks are BeiGene, Ltd., JD.com, Sai FTSE, Legend Biotech Corp, On Anrun, Vipshop Holdings Limited, iQIYI, Inc., SEA, Mondelez International Inc International, DoorDash.

HHLR Advisors is a fund management platform under Hillhouse focusing on secondary market investment, which is managed and operated by an independent secondary market investment team.

8 Chinese stocks gain new entry and increase their holdings.

In the first quarter, HHLR increased its holdings and new purchases of 12 stocks, including a number of US-listed stocks and technology industry companies.

HHLR increased its holdings and bought 8 Chinese stocks in the first quarter, including DiDi Global Inc., Vipshop Holdings Limited, JD.com, KE Holdings Inc., Full Truck Alliance Co. Ltd., Futu, Daqo New Energy Corp and ACM (Shengmei Semiconductor). Data show that DiDi Global Inc., Full Truck Alliance Co. Ltd., and KE Holdings Inc. are all companies invested by Hillhouse in the primary market, and the entry into the shareholding list should be the ADS that can be transferred from the common shares invested and listed in the primary market to the secondary market.

Continue the context of science and technology investment

The technology industry remains the main investment direction for HHLR.

According to the data, HHLR increased its holdings in SEA, ACM (Shengmei Semiconductor), Saifu and other technology companies in the first quarter.

Among them, ACM (Shengmei Semiconductor) is mainly engaged in the research and development, production and sales of semiconductor special equipment; in addition, Southeast Asia "Little Tencent" SEA and Safari continue to be among the top 10 HHLR stocks.

Most of the 25 stocks have made a profit.

The U. S. stock market experienced wild swings in the first quarter of this year, and earnings are expected to fall 12% month-on-month in the first quarter of 2022. In this context, HHLR adjusted 25 stocks, or for the sake of position control of the fund portfolio.

According to public data estimates, in the HHLR reduction, clearance of these 25 stocks, many have made good returns, continue to contribute profits for the portfolio.

Taking Pinduoduo as an example, HHLR bought more than 2 million shares in the third quarter of 2018 at a cost of about US $18, and held more than 10 million shares at the end of 2020. Pinduoduo's share price climbed to a record high of US $212 in February 2021. It is roughly estimated that HHLR has made a lot of money during the four years it has held Pinduoduo.

In the face of the market in the first quarter, a number of institutions have also made the same move.

HHLR cleared NIO Inc. and XPeng Inc. and reduced their holdings in the first quarter; similarly, Jing Lin also cleared two new car-building forces in the first quarter: ideal and XPeng Inc.. According to the latest 13F report, the hedge fund Bridgewater Fund also liquidated Tesla, Inc..