HHLR Advisors released the latest US stock position data, according to the Securities and Exchange Commission (SEC) website on Aug. 16.
At the end of the second quarter, HHLR held 64 stocks in the U. S. stock market, with a total market capitalization of $4.7 billion, roughly the same as the previous quarter. In the second quarter, HHLR continued to increase the centralized allocation of Chinese assets and heavy investment in its investment portfolio, and increased its holdings and new purchases of 9 US-listed stocks.
HHLR Advisors is a fund manager specializing in secondary market investment under Gaobao, which is managed and operated by an independent secondary market investment team.
The top 10 Chinese stocks account for 7 seats.
In the second quarter, the top ten HHLR stocks are: BeiGene, Ltd., JD.com, Sai FTSE, DoorDash, SEA, Vipshop Holdings Limited, Legend Biotech Corp, BABA, KE Holdings Inc., Daqo New Energy Corp, of which 7 are US-listed stocks.
On the whole, of all US stock positions held by HHLR in the second quarter, the total market value of Chinese stocks was nearly US $3 billion, accounting for 64% of the market capitalization. At the same time, HHLR carried out a total of 9 Chinese stocks in the second quarter, such as increased holdings and new purchases, which continues to show that the HHLR investment team is optimistic about Chinese assets.
In addition, HHLR reduced its holdings of stocks such as iQIYI, Inc., On Ang run and Full Truck Alliance Co. Ltd. in the second quarter. It is understood that these three companies are Hillhouse's investment in the primary market and belong to the normal reduction and exit of the fund.
A number of organizations "copy the bottom" BABA and Pinduoduo
In the second quarter, HHLR built positions again in BABA and Pinduoduo, buying 1.89 million shares and 1.39 million shares respectively.
It is worth noting that BABA has also been favored by investment institutions such as Jinglin and Blackrock. The latest data show that Jinglin assets increased its holdings of BABA by 936000 shares in the second quarter. By the end of the second quarter, the number of shares held reached 1.243 million shares, with a market capitalization of $140 million, making it the sixth largest stock. Blackrock bought 57700 shares of BABA ADR in the second quarter, increasing the position by 1%. During the same period, Jing Lin also increased the position of Pinduoduo and bought 240000 shares.
In the second quarter, the share prices of BABA and Pinduoduo both showed a further downward trend. BABA's stock price in the second quarter was as low as 78 US dollars, which is 34% lower than that at the end of the fourth quarter of 2021. Pinduoduo's stock price in the second quarter was as low as 31 US dollars, 46% lower than the share price at the end of the fourth quarter of 2021. Market participants believe that investment institutions, including HHLR, bought BABA and Pinduoduo in the second quarter, perhaps in a low "bottom".
Technology and new energy are still important directions.
In the second quarter, science and technology and new energy are still the key investment directions of HHLR.
In the direction of technology investment, HHLR also bought Amazon.Com Inc, Microsoft Corp and other technology companies while continuing to hold heavy positions in SIFE, SEA, DoorDash and Coupang.
In the direction of new energy, although HHLR cleared Li Auto Inc., whose US stock price rose as much as 48% in that quarter, it also bought Tesla, Inc. and JinkoSolar Holding Co Ltd Holdings, and increased its position in Daqo New Energy Corp and Daqo New Energy Corp, which also entered the top 10 heavy stocks of HHLR, still continuing the long-term logic of HHLR's investment in new energy.
In the second quarter, HHLR bought 1.14 million shares of JinkoSolar Holding Co Ltd Holdings. According to public data, JinkoSolar Holding Co Ltd Holdings is a photovoltaic manufacturer with a vertically integrated industrial chain, covering the production of high-quality silicon ingots, wafers, battery wafers and efficient single polycrystalline photovoltaic modules.