According to the 13F report, in the fourth quarter of 2025, HHLR Advisors, a subsidiary of Hillhouse, increased its stakes in Alibaba, Pinduoduo, iShares Bitcoin, and TSMC, liquidated its position in Baidu, reduced its holdings in NetEase, Bright Schol, Futu Holdings, Manbang, Webull, and others, with major holdings including Pinduoduo, Alibaba, Futu Holdings, etc.
