HHLR Advisors, an independent fund management platform under Hillhouse Capital that focuses on secondary market investment, announced its U.S. stock holdings as of the end of the first quarter of 2025. The 13F document shows that the total market value of HHLR's holdings in the first quarter increased from US$2.887 billion at the end of the previous quarter to US$3.539 billion, an increase of nearly 23%. Data shows that in the first quarter, HHLR continued to increase its allocation of Chinese assets, and newly entered and increased its holdings of nearly 20 Chinese concept stocks, including 10 companies such as Atour Group, Huazhu Group, Baidu, Yuchai International, Ideal Auto, Boss Direct Recruitment, and Ecarx Technology, as well as 8 companies such as Futu Holdings, Pinduoduo, NetEase, Beike, JD.com, Ctrip, and ZTO Express. As of the end of the first quarter of 2025, HHLR's top ten holdings were: Pinduoduo, Alibaba, Futu Holdings, BeiGene, NetEase, Beike, Legend Biotech, JD.com, Vipshop, and WNS HLDGS LTD, with Chinese concept stocks accounting for 9 seats. HHLR reduced its holdings in companies such as Alibaba and BeiGene in the first quarter.