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Hillhouse US Stock Hedge Fund Adds Holdings in Pinduoduo & Alibaba in 3Q
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HHLR Advisors, Hillhouse's US stock hedge fund, revealed that its holdings as of 3Q25 had reached a total market value of USD4.09 billion, up from USD3.105 billion in 2Q25, according to Chinese media reports.

Specifically, Pinduoduo (PDD.US) remained the largest holding, with an increase of 1.62 million shares in 3Q25 to bring the market value to USD1.14 billion. Alibaba (BABA.US) ranked second, with a total of nearly 3.29 million shares after an increase of 2.14 million shares during the quarter, totaling a market value of USD588 million. Futu (FUTU.US) occupied the third position, with the fund reducing its holdings by 1.07 million shares to 3.24 million shares valued at USD563 million.

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In addition, HHLR Advisors bought 1.64 million Baidu (BIDU.US) shares during the quarter, making it the sixth-largest holding with a market value of USD216 million. It also slashed its holdings in NetEase (NTES.US) and cleared its positions in JD.com (JD.US), Vipshop (VIPS.US), and Li Auto (LI.US).
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