HHLR ADVISORS LTD
Q4 2025 Form 13-F
GRAND CAYMAN, CAYMAN ISLANDS
CIK 0001762304
· CRD 166112
· Exempt reporting adviser
Holdings reported by
Evergreen Quality Fund GP Ltd since Q1 2024
Consolidated report · includes
1 manager
since Q3 2019
$3.1B Reported Value Total
HHLR ADVISORS, LTD. reports under management (AUM).
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Private funds (Form ADV)
4 funds
· $41.6B gross asset value
Hedge Fund: $41.6B
Source: Form ADV filed 2026-03-31
Reported value
$3.1B
Quarter over quarter
-17.4%
Holdings
33
Top-10 concentration
96.1%
Filing Structure
Reports holdings for
- HILLHOUSE INVESTMENT MANAGEMENT LTD · File #028-14183 · since Q3 2019
Holdings reported by
- Evergreen Quality Fund GP Ltd · since Q1 2024
Key People
Form ADV owners & control persons
Lei Zhang
SHAREHOLDER
Richard A. Hornung
CO-CHIEF OPERATING OFFICER, GENERAL COUNSEL
Bridget Nichola Kidner
DIRECTOR
Filing Navigation
13F Metrics
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Q4 2025 13F record
Q4 2025 13F filing summary
| Period of report | December 31, 2025 |
|---|---|
| Filed | February 17, 2026 |
| Form | 13F-HR |
| Reported value | $3.1B |
| Positions | 33 |
| Change in reported value | -24.1% |
| New positions | 6 |
| Exited positions | 6 |
| Position turnover | 30.8% |
| Top-10 concentration | 96.1% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
35 | $832.1M |
|
Q1 2026 13F
Filed May 15, 2026
|
38 | $1.7B |
|
Q4 2025 13F
Filed Feb 17, 2026
|
33 | $3.1B |
|
Q3 2025 13F
Filed Nov 14, 2025
|
33 | $4.1B |
|
Q2 2025 13F
Filed Aug 14, 2025
|
36 | $3.1B |
|
Q1 2025 13F
Filed May 15, 2025
|
49 | $3.5B |
|
Q4 2024 13F
Filed Feb 14, 2025
|
45 | $2.9B |
|
Q3 2024 13F
Filed Nov 14, 2024
|
48 | $4.6B |
|
Q2 2024 13F
Filed Aug 14, 2024
|
78 | $4.1B |
|
Q1 2024 13F
Filed May 14, 2024
|
63 | $4.6B |
|
Q4 2023 13F
Filed Feb 14, 2024
|
49 | $5.0B |
|
Q3 2023 13F
Filed Nov 14, 2023
|
60 | $4.5B |
|
Q2 2023 13F
Filed Aug 14, 2023
|
60 | $4.7B |
|
Q1 2023 13F
Filed May 15, 2023
|
70 | $5.6B |
|
Q4 2022 13F
Filed Feb 14, 2023
|
67 | $4.7B |
|
Q3 2022 13F
Filed Nov 14, 2022
|
61 | $3.8B |
|
Q2 2022 13F
Filed Aug 15, 2022
|
64 | $4.7B |
|
Q1 2022 13F
Filed May 16, 2022
|
64 | $4.8B |
|
Q4 2021 13F
Filed Feb 14, 2022
|
76 | $6.5B |
|
Q3 2021 13F
Filed Nov 15, 2021
|
85 | $7.6B |
11 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q4 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | PDD PDD HOLDINGS INC | $1.2B | 39.17% |
| 2 | BABA ALIBABA GROUP HLDG LTD | $796.0M | 25.65% |
| 3 | ONC BEONE MEDICINES LTD | $314.2M | 10.12% |
| 4 | FUTU FUTU HLDGS LTD | $267.7M | 8.63% |
| 5 | LEGN LEGEND BIOTECH CORP | $130.1M | 4.19% |
| 6 | AVBP ARRIVENT BIOPHARMA INC | $79.1M | 2.55% |
| 7 | BEKE KE HLDGS INC | $66.8M | 2.15% |
| 8 | BULL WEBULL CORP | $46.4M | 1.5% |
| 9 | CTKB CYTEK BIOSCIENCES INC | $33.6M | 1.08% |
| 10 | CWAN CLEARWATER ANALYTICS HLDGS I | $32.9M | 1.06% |
| 11 | NBP NOVABRIDGE BIOSCIENCES | $23.8M | 0.77% |
| 12 | YSG YATSEN HLDG LTD | $19.0M | 0.61% |
| 13 | MAZE MAZE THERAPEUTICS INC | $19.0M | 0.61% |
| 14 | GOSS GOSSAMER BIO INC | $15.4M | 0.5% |
| 15 | API AGORA INC | $8.5M | 0.28% |
| 16 | CTNM CONTINEUM THERAPEUTICS INC | $7.7M | 0.25% |
| 17 | SGMT SAGIMET BIOSCIENCES INC | $4.3M | 0.14% |
| 18 | TSM TAIWAN SEMICONDUCTOR MFG LTD | $3.4M | 0.11% |
| 19 | TUYA TUYA INC | $3.3M | 0.11% |
| 20 | GE GE AEROSPACE | $3.1M | 0.1% |
Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.