Note: This article was first published on TechNode China (in Chinese).

Hillhouse Capital is a top investment institution whose investment moves are often regarded as trendsetting when related to US-listed Chinese firms. This year, the firm’s latest investment disclosure showed its new position: heavily selling Chinese EV trio Nio, Xpeng, and Li Auto, reorienting several bets in e-commerce, and keeping investments in biotechnology with some adjustments. 

The detailed investment moves can be found in a report filed by HHLR Advisors, the fund management arm of Hillhouse. HHLR Advisors filed its first-quarter 13F form on May 16, a quarterly report required to be filed by institutional investment managers overseeing at least $100 million in assets. It discloses their holdings and acts and is something of a cheat sheet for investors assessing their own positions. 

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Jasmine Zheng

Jasmine Zheng is a reporter for TechNode China. She covers financial technology, health technology, and e-commerce.

Ward Zhou

Ward Zhou is a tech reporter based in Shanghai. He covers stories about industry of digital content, hardware, and anything geek. Reach him at ward.zhou[a]technode.com.