On February 15, Beijing time, Hillhouse released its latest 13F document, which is the position report for the fourth quarter ended December 31, 2019.

This time, the Hillhouse position report is very distinctive:Reduce the holdings of many stars, and liquidate a number of star technology companies, including Apple Inc, NIO Inc., Amazon.Com Inc, Tesla, Inc., Facebook Inc and so on. Where on earth did Hillhouse's money go?

By the end of 2019, the top five Hillhouse stocks are iQIYI, Inc., BeiGene, Ltd., Avery Technology, TAL Education Group and Zoom.

In the fourth quarter, Hillhouse held 54 u.s. companies with a combined market capitalization of $8.026 billion, with the top 10 holdings accounting for 69.33% of the total. In the third quarter, Hillhouse held 64 U. S. stock companies with a total market capitalization of $7.274 billion.

In the fourth quarter, Hillhouse Capital bought six new stocks, increased its holdings by 8 stocks, reduced its holdings by 13 stocks, cleared 16 stocks and held 27 stocks unchanged.

Specifically, this 13F mainly has the following important information:

• Buy 6 new stocks: Zhongcang office video software Zoom, expand the layout of the health care field

Among the new companies bought by Hillhouse in the fourth quarter, the office video software Zoom is the largest.-- holding 69.16 million shares as of the fourth quarter, with a market capitalization of 470 million, accounting for 5.79% of the total positionIs the fifth largest stock in Hillhouse.Hillhouse estimates the average cost of buying Zoom at $68.04, with the latest price at $90.95.

At present, it is during the period of epidemic prevention and control, Zoom is stimulated by the cloud office trend, and its share price has soared. I have to sigh that this layout is really ahead of time!

In addition, Hillhouse has joined another technology company--$Qualcomm Inc (QCOM.US) $。

It is worth mentioning that the other four companies all belong to the field of health care.They are respectively$Viela Bio (VIE.US) $、$Merus B.V. (MRUS.US) $、$argenx N.V. (ARGX.US) $. Viela Bio is the largest buyer, with a market capitalization of $125 million at the end of the fourth quarter, ranking 18th among Hillhouse positions.

• Add 8 stocks: plus UBER TECHNOLOGIES INC and Healthcare

Hillhouse bought UBER TECHNOLOGIES INC for the first time in the second quarter of 2019 and reduced its holdings in the third quarter. The average cost of increasing the position in the fourth quarter is expected to be $42.97 and the current price is $39.66.UBER TECHNOLOGIES INC is the sixth largest position in Hillhouse at the end of the fourth quarter.

Except for UBER TECHNOLOGIES INCThe other seven companies are in the field of health care.Among them$Eli Technology (ALGN.US) $New purchases were made in the third quarter of 2019 and positions continued to increase in the fourth quarter.Avery Technology is currently the third largest position for Hillhouse in the fourth quarter.Accounting for 8.07% of the total position.

With the improvement of living standards, the public demand for health care and health care is more and more detailed, higher and higher. Hillhouse has expanded its investment map in the medical field on such a large scale, the logic behind this is worth thinking about.

• Reduction of 13 stocks: 9 are US-listed stocks

In the fourth quarter Hillhouse reduction list, mainly US-listed stocks, according to the extent of reduction from the highest to the lowest, in turn:$New Oriental Education & Technology Group (EDU.US) $（-78%）、$Sea Limited (SE.US) $（-64%）、$Melco Resorts and Entertainment Ltd (MLCO.US) $（-50%）、$Netflix Inc (NFLX.US) $(-47%)、$JD.com (JD.US) $(-26%)、$Uxin Ltd. (UXIN.US) $（-23%）、$Pinduoduo (PDD.US) $(-21%)、$Bilibili Inc. (BILI.US) $(-20%）、$TAL Education Group (TAL.US) $(-19%)、$BABA (BABA.US) $（-9%）、$iQIYI, Inc. (IQ.US) $（-7%）$LINE Corporation (LN.US) $(-7%）、$SmileDirectClub (SDC.US) $。

It is worth noting that despite the reduction of holdingsBy the end of the fourth quarter, iQIYI, Inc. and TAL Education Group were still the first and fourth largest positions in Hillhouse, respectively.

• Clearance of 16 stocks: Apple Inc, NIO Inc., Amazon.Com Inc, Tesla, Inc., Facebook Inc

The following is a list of all the stocks cleared by Hillhouse in the fourth quarter, including well-known star companies:$Apple Inc (AAPL.US) $、$Huazhu (HTHT.US) $、$58.com (WUBA.US) $、$Square, INC. (SQ.US) $、$NIO Inc. (NIO.US) $、$Amazon.Com Inc (AMZN.US) $、$Tesla, Inc. (TSLA.US) $、$Facebook Inc (FB.US) $、$Momo Inc (MOMO.US) $等。

Hillhouse began to reduce its holdings of NIO Inc. in the third quarter of 2019, by 68.12%, and cleared its holdings in the fourth quarter.

It is worth pointing out,Hillhouse is an important investor before NIO Inc. 's listing.. In 2015, Hillhouse Capital led a round of financing of US $100m, and continued to invest in NIO Inc. in round C and round C +.When NIO Inc. was in IPO, Hillhouse held 7.5% of the shares, making it NIO Inc. 's third largest shareholder.. In addition, NIO Inc. announced the issuance of $650 million convertible bonds on January 30, 2019, when Tencent and NIO Inc. subscribed for $30 million and $10 million, respectively.

NIO Inc. 's share price has been depressed all the way in 2019 and has rebounded slightly this year. As of Feb. 14, it closed at $3.77, still well below its offering price of $6.26.

• Among the top 10 positions, only 2 companies remained unchanged: BeiGene, Ltd. firmly ranked second.

Among the top 10 positions in Hillhouse in the fourth quarter, only two companies remain unchanged, namely, biopharmaceutical companies.$BeiGene, Ltd. (BGNE.US) $And insurance companies.$Ensta (ESGR.US) $。

Finally, there is an overview picture. The following figure shows the top five companies that Hillhouse Capital bought and sold in the fourth quarter of 2019: Zoom, number one, and New Oriental Education & Technology Group, number one.

Overall, the top five stocks of Hillhouse Capital in the fourth quarter are as follows:$iQIYI, Inc. (IQ.US) $（12.28%）、$BeiGene, Ltd. (BGNE.US) $（11.3%）、$Eli Technology (ALGN.US) $（8.18%)、$TAL Education Group (TAL.US) $（6.89%）、$Zoom Video Communications Inc (ZM.US) $（8.86%）。

Futu Securities collates for you according to the latest 13F document of Hillhouse Capital.$Hillhouse Capital position (BK2123.US) $Concept section, you can click to view.