HHLR Advisors (Hillhouse)

Zhang Lei

Latest filing · Q2 2026

Sold more than boughtFiled Aug 14, 2026 for holdings on Jun 30, 2026, 45 days after the quarter ended. The next one is due by Nov 14, 2026.

Stocks reported

$832M

as of Jun 30, 2026

Positions

all shown below

Top 10 stocks

85.7%

of the money in stocks

Options

None

none reported

What changed in Q2 2026

compared with Q1 2026, by number of shares

New buys6

ALMRAlamar Biosciences3.1%
ODTXOdyssey Therapeutics1.9%
NTESNetease0.5%
TXNTexas Instruments0.2%
ZMZoom Communications0.1%
RDGTRidgetech0.0%

Added to6

VIPSVipshop2683% more
FUTUFutu24.6% more
LITELumentum120% more
NVDANVIDIA113% more
COHRCoherent50.1% more
GLWCorning33.3% more

Trimmed6

PDDPdd Holdings88.0% fewer
BABAAlibaba Group92.5% fewer
BEKEKE Holdings47.6% fewer
BULLWebull79.3% fewer
MRVLMarvell Technology4.7% fewer
INTCIntel50.6% fewer

Exited9

ONCBeone Medicineswas 18.4%
Clearwater Analytics Holdings Iwas 1.9%
BBarrick Miningwas 0.1%
DDLDingdong Cayman Ltd -Spnwas 0.1%
AXIAYAxia Energiawas <0.1%
EWWiShares MSCI Mexico ETFwas <0.1%
VNETVnet Groupwas <0.1%
UXINUxinwas <0.1%
and 1 more in the filing

Portfolio

as of Jun 30, 2026 · source

#	Holding	Weight	Value	Shares	Vs last quarter	Held since
1	LEGNLegend Biotech	20.8%	$173M	6.0M	No change	Q2 2020
2	FUTUFutu Added +24.6%	19.9%	$166M	1.8M	Added +24.6%	Q3 2020
3	AVBPArrivent Biopharma	16.4%	$136M	3.9M	No change	Q1 2024
4	MRVLMarvell Technology Trimmed −4.7%	5.8%	$48.5M	163K	Trimmed −4.7%	Q1 2024
5	VIPSVipshop Added +2,683%	5.5%	$46.0M	3.5M	Added +2,683%	Q1 2020
6	PDDPdd Holdings Trimmed −88.0%	4.6%	$38.1M	500K	Trimmed −88.0%	≤ Q4 2018
7	BEKEKE Holdings Trimmed −47.6%	3.9%	$32.2M	2.2M	Trimmed −47.6%	Q3 2020
8	CTKBCytek Biosciences	3.5%	$29.5M	6.7M	No change	Q3 2021
9	ALMRAlamar Biosciences New	3.1%	$25.9M	956K	New	Q2 2026
10	BABAAlibaba Group Trimmed −92.5%	2.1%	$17.7M	184K	Trimmed −92.5%	≤ Q4 2018
11	ODTXOdyssey Therapeutics New	1.9%	$15.6M	832K	New	Q2 2026
12	YSGYatsen	1.9%	$15.5M	4.9M	No change	Q1 2024
13	NBPNovabridge Biosciences	1.4%	$11.7M	6.0M	No change	Q3 2020
14	CTNMContineum Therapeutics	1.3%	$11.0M	669K	No change	Q2 2024
15	MAZEMaze Therapeutics	1.3%	$10.9M	366K	No change	Q1 2025
16	APIAgora	1.0%	$8.4M	2.1M	No change	Q2 2020
17	TSMTaiwan Semiconductor	0.9%	$7.4M	16K	No change	Q2 2020
18	SGMTSagimet Biosciences	0.7%	$5.6M	725K	No change	Q3 2023
19	NTESNetease New	0.5%	$4.5M	35K	New	Q1 2021
20	GEGeneral Electric	0.5%	$3.8M	10K	No change	Q1 2024

Show 15 more

21	LITELumentum Added +120%	0.3%	$2.8M	3,300	Added +120%	Q1 2026
22	NVDANVIDIA Added +113%	0.3%	$2.8M	14K	Added +113%	Q1 2020
23	TUYATuya	0.3%	$2.8M	1.6M	No change	Q1 2021
24	GLWCorning Added +33.3%	0.3%	$2.6M	10K	Added +33.3%	Q1 2026
25	COHRCoherent Added +50.1%	0.3%	$2.5M	6,417	Added +50.1%	Q1 2026
26	BULLWebull Trimmed −79.3%	0.2%	$2.0M	310K	Trimmed −79.3%	Q2 2025
27	INTCIntel Trimmed −50.6%	0.2%	$2.0M	14K	Trimmed −50.6%	Q1 2026
28	PACBPacific Biosciences of Calif	0.2%	$1.5M	919K	No change	Q3 2021
29	TXNTexas Instruments New	0.2%	$1.4M	4,800	New	Q2 2026
30	MOGUMogu	0.2%	$1.4M	848K	No change	Q1 2022
31	Gossamer Bio	0.1%	$819K	5.0M	No change	Q1 2019
32	EQXEquinox Gold	0.1%	$782K	81K	No change	Q3 2025
33	ZMZoom Communications New	0.1%	$778K	9,010	New	Q2 2019
34	ALGSAligos Therapeutics	0.1%	$440K	76K	No change	Q3 2024
35	RDGTRidgetech New	0.0%	$204	136	New	Q2 2026

Values at quarter end, not today's prices.

Filing history

31 quarters since Q4 2018

Quarter	Filed	Lag	Stocks	Positions	Filing
Q2 2026	Aug 14, 2026	45d	$832M	35	EDGAR
Q1 2026	May 15, 2026	45d	$1.67B	38	EDGAR
Q4 2025	Feb 17, 2026	48d	$3.10B	33	EDGAR
Q3 2025	Nov 14, 2025	45d	$4.09B	33	EDGAR
Q2 2025	Aug 14, 2025	45d	$3.10B	36	EDGAR
Q1 2025	May 15, 2025	45d	$3.54B	49	EDGAR
Q4 2024	Feb 14, 2025	45d	$2.89B	45	EDGAR
Q3 2024	Nov 14, 2024	45d	$4.56B	48	EDGAR
Q2 2024	Aug 14, 2024	45d	$4.05B	78	EDGAR
Q1 2024	May 14, 2024	44d	$4.60B	63	EDGAR
Q4 2023	Feb 14, 2024	45d	$4.96B	49	EDGAR
Q3 2023	Nov 14, 2023	45d	$4.48B	60	EDGAR
Q2 2023	Aug 14, 2023	45d	$4.70B	60	EDGAR
Q1 2023	May 15, 2023	45d	$5.64B	70	EDGAR
Q4 2022	Feb 14, 2023	45d	$4.74B	67	EDGAR
Q3 2022	Nov 14, 2022	45d	$3.80B	61	EDGAR
Q2 2022	Aug 15, 2022	46d	$4.67B	64	EDGAR
Q1 2022	May 16, 2022	46d	$4.79B	64	EDGAR
Q4 2021	Feb 14, 2022	45d	$6.47B	76	EDGAR
Q3 2021	Nov 15, 2021	46d	$7.65B	85	EDGAR
Q2 2021	Aug 16, 2021	47d	$9.71B	89	EDGAR
Q1 2021	May 17, 2021	47d	$10.1B	91	EDGAR
Q4 2020	Feb 12, 2021	43d	$12.6B	95	EDGAR
Q3 2020	Nov 16, 2020	47d	$13.2B	89	EDGAR
Q2 2020	Aug 14, 2020	45d	$10.9B	74	EDGAR
Q1 2020	May 15, 2020	45d	$7.42B	60	EDGAR
Q4 2019	Feb 14, 2020	45d	$8.03B	54	EDGAR
Q3 2019	Nov 14, 2019	45d	$7.27B	64	EDGAR
Q2 2019	Aug 14, 2019	45d	$4.47B	43	EDGAR
Q1 2019	May 15, 2019	45d	$3.59B	30	EDGAR
Q4 2018	Feb 14, 2019	45d	$2.41B	32	EDGAR

They usually file 45 days after the quarter ends. * amended later.

Earlier filings, quarter by quarter

Aug 14
NewALMR3.1% of the bookNewODTX1.9% of the bookNewNTES0.5% of the bookNewTXN0.2% of the bookAddedVIPS2,683% more sharesAddedFUTU24.6% more shares
Holdings as of Jun 30 (Q2 2026), filed 45 days later (the report at the SEC)
May 15
NewMRVL1.0% of the bookNewVIPS0.1% of the bookNewINTC0.1% of the bookNewNVDA0.1% of the bookAddedTSM37.4% more sharesAddedVNET22.6% more shares
Holdings as of Mar 31 (Q1 2026), filed 45 days later (the report at the SEC)
Feb 17
NewTSM0.1% of the bookNewGOOGL0.1% of the bookNewIBIT0.1% of the bookNewAXIAY<0.1% of the bookAddedBABA65.1% more sharesAddedPDD24.8% more shares
Holdings as of Dec 31 (Q4 2025), filed 48 days later (the report at the SEC)
Nov 14
NewBIDU5.3% of the bookNewYMM1.3% of the bookNewSE0.8% of the bookNewEQX<0.1% of the bookAddedBABA186% more sharesAddedPDD23.2% more shares
Holdings as of Sep 30 (Q3 2025), filed 45 days later (the report at the SEC)
Aug 14
NewBULL12.7% of the bookNewClearwater Analytics Hldgs I1.0% of the bookAddedPDD6.3% more sharesAddedFUTU0.1% more sharesTrimmedBABA70.6% fewer sharesTrimmedNTES37.7% fewer shares
Holdings as of Jun 30 (Q2 2025), filed 45 days later (the report at the SEC)
May 15
NewBIDU0.4% of the bookNewLI0.4% of the bookNewYUMC0.4% of the bookNewBZ0.3% of the bookAddedPDD140% more sharesAddedFUTU285% more shares
Holdings as of Mar 31 (Q1 2025), filed 45 days later (the report at the SEC)

About HHLR Advisors (Hillhouse): Asia-focused investor. The filing shows its US-listed positions only. A 13F is up to 45 days old when filed and shows long US stock positions only. Not investment advice.