BeiGene issued an announcement stating that the company's shareholder HHLRFund, LP and its affiliated entities reduced their holdings of the company's overseas outstanding shares by 16 million shares on May 9, and their shareholding ratio dropped from 6.03% to 4.89%, and they are no longer shareholders holding more than 5% of the company's shares. It is worth noting that as of September 30, 2024, HHLRFund, LP and its affiliated entities held 10.31% of the shares. This means that in more than 7 months, Hillhouse's share reduction ratio was as high as 5.42 percentage points, and it sold more than half of its holdings. An industry insider told reporters that the investment period of a fund generally does not exceed 10 years. Hillhouse's reduction in holdings this time is mainly because it has invested in BeiGene for more than 10 years. The fund is now due and LP has a distribution demand. This is a normal exit of the fund. "For investment institutions, the business model is to invest in different targets, lock in profits and exit, and then look at new investments to make asset reallocations."