HHLR Advisors Boosts US-Listed Chinese Stocks, Adds JD.com Amid Market Optimism

During the first quarter of 2025, HHLR Advisors, a subsidiary under Hillhouse Capital focusing on secondary market investments, notably increased its holdings in US-listed Chinese stocks. The firm's total holdings value surged by nearly 23%, from $28.87 billion at the end of the previous quarter to $35.39 billion.

The primary focus of HHLR's strategic investments during Q1 was directed towards enhancing positions in Chinese entities such as Atour Lifestyle Holdings, Huazhu Group Limited, and Baidu, further solidifying their commitment to these markets. The firm also boosted its stakes in companies including Pinduoduo, NetEase, KE Holdings, and Trip.com, indicating a bullish stance on the Chinese economic landscape.

Notably, JD.com emerged as a fresh addition to HHLR's top ten stock holdings, reflecting a significant accumulation of shares. As of the first quarter's conclusion, HHLR held approximately 481.17 million shares of JD.com, marking an increase of 312.17 million shares since the previous year-end. This addition aligns with JD.com's strong performance, with revenue hitting approximately $415 billion and a notable user growth of over 20%, underscoring JD's robust market dynamics.

Despite these acquisitions, HHLR maintained its tactical approach by offloading portions of its investments in Alibaba and BeiGene, continuing the profit-taking strategy from the fourth quarter of the previous year. Alibaba's stock appreciated by 56%, while BeiGene saw a 47% increase, which might have driven HHLR to realize gains from these holdings.

Overall, HHLR's investment choices underscore a strong inclination towards Chinese equities, capitalizing on their growth potential amid favorable market conditions. This strategic maneuver highlights HHLR's adeptness in navigating fluctuations and seizing opportunities within the dynamic space of Chinese companies listed on American exchanges.