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HHLR Advisors (Hillhouse)

Superinvestor

HHLR Advisors, Ltd.

SEC CIK
0001762304
Manager
Zhang Lei
Style
Growth
Latest filing
Aug 14, 2026

The latest 13F from HHLR Advisors (Hillhouse) covers Q2 2026 (filed Aug 14, 2026): 35 long positions worth $832.1M. The top 10 holdings make up 85.7% of the portfolio, and the largest is Legend Biotech Corp (LEGN) at 20.8%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Full comparison

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

New
6
Est. +$48.2M
Added
6
Est. +$81.6M
Reduced
7
Est. −$539.0M
Sold out
9
Est. −$343.4M

Top 5 holdings

Share of this quarter's portfolio value

  1. LEGNLegend Biotech Corp
    20.8%$172.8MHistory
  2. FUTUFutu Holdings Ltd
    19.9%$165.8MHistory
  3. AVBPArriVent BioPharma, Inc.
    16.4%$136.5MHistory
  4. MRVLMarvell Technology, Inc.
    5.8%$48.5MHistory
  5. VIPSVipshop Holdings Ltd
    5.5%$46.0MHistory

Share of portfolio

Top 5 holdings and the other 30 positions, by share of portfolio value

  1. LEGN20.8%
  2. FUTU19.9%
  3. AVBP16.4%
  4. MRVL5.8%
  5. VIPS5.5%
  6. Other 30 positions31.5%

Biggest buys

New and added positions, by estimated amount bought

  1. VIPSVipshop Holdings Ltd
    +$44.4MAddedHistory
  2. FUTUFutu Holdings Ltd
    +$32.7MAddedHistory
  3. ALMRAlamar Biosciences, Inc.
    +$25.9MNewHistory
  4. ODTXOdyssey Therapeutics, Inc.
    +$15.6MNewHistory
  5. NTESNetEase, Inc.
    +$4.48MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. FUTUFutu Holdings Ltd
    +8.32 pp11.6% → 19.9%History
  2. VIPSVipshop Holdings Ltd
    +5.41 pp0.1% → 5.5%History
  3. ALMRAlamar Biosciences, Inc.
    +3.11 pp0.0% → 3.1%History
  4. ODTXOdyssey Therapeutics, Inc.
    +1.87 pp0.0% → 1.9%History
  5. NTESNetEase, Inc.
    +0.54 pp0.0% → 0.5%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. ONCBeOne Medicines Ltd.
    −$307.2MSold outHistory
  2. PDDPDD Holdings Inc.
    −$279.6MReducedHistory
  3. BABAAlibaba Group Holding Ltd
    −$217.8MReducedHistory
  4. CWANClearwater Analytics Holdings, Inc.
    −$32.3MSold outHistory
  5. BEKEKE Holdings Inc.
    −$29.3MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. PDDPDD Holdings Inc.
    −20.86 pp25.4% → 4.6%History
  2. ONCBeOne Medicines Ltd.
    −18.36 pp18.4% → 0.0%History
  3. BABAAlibaba Group Holding Ltd
    −16.28 pp18.4% → 2.1%History
  4. CWANClearwater Analytics Holdings, Inc.
    −1.93 pp1.9% → 0.0%History
  5. BULLWebull Corp
    −0.19 pp0.4% → 0.2%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$832.1M
−$840.7M (−50.3%) vs. prior quarter
Positions
35
−3 vs. prior quarter
Top 10 concentration
85.7%
Top 10 as share of value
Turnover
10.4%
Q2 2026, one quarter
Average holding period
12.1 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $10.1B (Q1 2021)

Q1 2021: $10.1BQ2 2021: $9.71BQ3 2021: $7.65BQ4 2021: $6.47BQ1 2022: $4.79BQ2 2022: $4.67BQ3 2022: $3.80BQ4 2022: $4.74BQ1 2023: $5.64BQ2 2023: $4.70BQ3 2023: $4.48BQ4 2023: $4.96BQ1 2024: $4.60BQ2 2024: $4.05BQ3 2024: $4.56BQ4 2024: $2.89BQ1 2025: $3.54BQ2 2025: $3.10BQ3 2025: $4.09BQ4 2025: $3.10BQ1 2026: $1.67BQ2 2026: $832.1M
Q1 2021Q2 2026
13F filings of HHLR Advisors (Hillhouse) by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202635$832.1MLEGNFUTUAVBPvs. Q1 2026SEC
Q1 2026May 15, 202638$1.67BPDDBABAONCvs. Q4 2025SEC
Q4 2025Feb 17, 202633$3.10BPDDBABAONCvs. Q3 2025SEC
Q3 2025Nov 14, 202533$4.09BPDDBABAFUTUvs. Q2 2025SEC
Q2 2025Aug 14, 202536$3.10BPDDFUTUBULLvs. Q1 2025SEC
Q1 2025May 15, 202549$3.54BPDDBABAFUTUvs. Q4 2024SEC
Q4 2024Feb 14, 202545$2.89BONCBABAPDDvs. Q3 2024SEC
Q3 2024Nov 14, 202448$4.56BONCBABAPDDvs. Q2 2024SEC
Q2 2024Aug 14, 202478$4.05BPDDONCBABAvs. Q1 2024SEC
Q1 2024May 14, 202463$4.60BPDDONCBEKEvs. Q4 2023SEC
Q4 2023Feb 14, 202449$4.96BPDDONCBEKEvs. Q3 2023SEC
Q3 2023Nov 14, 202360$4.48BONCPDDBEKEvs. Q2 2023SEC
Q2 2023Aug 14, 202360$4.70BONCPDDBEKEvs. Q1 2023SEC
Q1 2023May 15, 202370$5.64BONCPDDBEKEvs. Q4 2022SEC
Q4 2022Feb 14, 202367$4.74BONCJDBEKEvs. Q3 2022SEC
Q3 2022Nov 14, 202261$3.80BONCCRMJDvs. Q2 2022SEC
Q2 2022Aug 15, 202264$4.67BONCJDCRMvs. Q1 2022SEC
Q1 2022May 16, 202264$4.79BONCJDDASHvs. Q4 2021SEC
Q4 2021Feb 14, 202276$6.47BONCONONLEGNvs. Q3 2021SEC
Q3 2021Nov 15, 202185$7.65BONCLEGNNBPvs. Q2 2021SEC
Q2 2021Aug 16, 202189$9.71BONCPDDIQvs. Q1 2021SEC
Q1 2021May 17, 202191$10.1BONCPDDIQ–SEC

13D and 13G filings

Companies where HHLR Advisors (Hillhouse) reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

HHLR Advisors (Hillhouse) does not currently report owning 5% or more of any company.

Latest filings

64 filings on file made by HHLR Advisors (Hillhouse) or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by HHLR Advisors (Hillhouse)
CompanyFiled (ET)FilerFormStakeChangeEvent dateFiling
NBPNovaBridge BiosciencesNov 5, 20269:41 PM ETHHLR Advisors, Ltd.and 1 otherSuperinvestorHHLR Advisors (Hillhouse)13D/A4.90%13.3M shares–Below 5%Nov 5, 2026SEC
Smart Share Global LtdClass A ordinary shares, par value $0.0001 per shareNov 24, 20254:05 PM ETHillhouse Investment Management, Ltd.and 1 other13D/A14.40%62.4M shares0.00 ppfrom 14.40%Nov 24, 2025SEC
ONCBeOne Medicines Ltd.May 13, 20254:15 PM ETHHLR Advisors, Ltd.and 1 otherSuperinvestorHHLR Advisors (Hillhouse)13D/A4.90%68.6M shares−1.80 ppfrom 6.70%Below 5%May 9, 2025SEC
ONCBeOne Medicines Ltd.Mar 3, 20259:30 PM ETHHLR Advisors, Ltd.and 1 otherSuperinvestorHHLR Advisors (Hillhouse)13D/A6.70%92.8M shares–Mar 3, 2025SEC
APIAgora, Inc.Feb 14, 20254:05 PM ETHHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13G/A2.30%8.39M shares–Below 5%Dec 31, 2024SEC
ONCBeOne Medicines Ltd.Dec 4, 2024HHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13D/AOld format–––SEC
ALGSAligos Therapeutics, Inc.Nov 14, 2024HHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13G/AOld format–––SEC
AVBPArriVent BioPharma, Inc.Nov 14, 2024HHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13GOld format–New–SEC
KNSAKiniksa Pharmaceuticals International, plcNov 14, 2024HHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13G/AOld format–––SEC
Smart Share Global LtdFeb 14, 2024HHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13G/AOld format–––SEC
KNSAKiniksa Pharmaceuticals International, plcFeb 14, 2024HHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13G/AOld format–––SEC
CTKBCytek Biosciences, Inc.Feb 14, 2024HHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13G/AOld format–––SEC
ALGSAligos Therapeutics, Inc.Feb 14, 2024HHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13G/AOld format–––SEC
MOGUMOGU Inc.Feb 14, 2024HHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13G/AOld format–––SEC
Bright Scholar Education Holdings LtdFeb 14, 2024HHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13G/AOld format–––SEC
APIAgora, Inc.Feb 14, 2024HHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13G/AOld format–––SEC
KNSAKiniksa Pharmaceuticals International, plcAug 18, 2023HHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13G/AOld format–––SEC
NBPNovaBridge BiosciencesJun 30, 2023HHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13D/AOld format–––SEC
ONCBeOne Medicines Ltd.Feb 14, 2023HHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13D/AOld format–––SEC
ONONOn Holding AGFeb 14, 2023HHLR Advisors, Ltd.SuperinvestorHHLR Advisors (Hillhouse)13G/AOld format–––SEC