The completion of the U.S. Securities and Exchange Commission's 13F filings for the fourth quarter of 2025 has revealed the investment adjustments of five leading Chinese institutions in U.S. stocks, including HHLR, Greenwoods, Gaoyi Asset, Oriental Harbor, and Himalaya Capital. Against the backdrop of marginal shifts in global liquidity and divergence within the AI industry, these major institutions demonstrated a clear pattern of "consensus amid divergence." E-commerce leader PDD Holdings Inc (PDD.US) received collective increases in holdings, emerging as the strongest consensus across institutions. Alphabet (GOOG.US) replaced NVIDIA (NVDA.US) as the new core investment for several firms. HHLR adopted an extreme concentration strategy around a "dual core," while Himalaya Capital showcased its commitment to long-term value investing through cautious maneuvers. Overall, top institutions generally opted to narrow their focus and increase portfolio concentration, shifting their AI investments from "computing power enthusiasm" toward "application and platform certainty." Chinese concept stocks tied to consumption recovery and e-commerce leaders became central to capital allocation strategies.
HHLR Advisors, HHLR's secondary market-focused arm, reported a total U.S. stock portfolio value of approximately $3.104 billion for the fourth quarter, down 24% sequentially. The number of holdings remained at 33, highlighting a strategy of "overall reduction with structural concentration." Chinese concept stocks continued to dominate, accounting for 92% of the portfolio’s value. Specifically, HHLR’s adjustments centered on leading Chinese e-commerce companies, with PDD Holdings Inc and Alibaba forming a "dual core" that made up 65% of the portfolio. The top holding, PDD Holdings Inc, saw a significant increase, with its value rising to $1.216 billion, or 39% of the portfolio, up from 28%. The second-largest holding, Alibaba, reached a value of $796 million, jumping from 14.4% to 26%. The firm maintained its positions in innovative drug companies such as BeiGene, Legend Biotech, and Arrivent BioPharma, which remained among its top ten holdings. Other notable moves included adding to its position in TSMC and initiating a position in the iShares Bitcoin ETF. Holdings in fintech names like Futu and Webull were reduced, while non-core Chinese stocks such as Sea Group were fully exited. Seven of the top ten holdings were Chinese concept stocks, collectively representing 92% of the portfolio, underscoring the growing emphasis on core Chinese assets.
Greenwoods Asset Management (Hong Kong) reported a total U.S. stock portfolio value of $4.045 billion for the fourth quarter, down 8.92% from the previous quarter, with significant changes in its holdings structure. The most notable shift occurred among tech giants: Alphabet replaced Meta as the largest holding, with an increase of 929,700 shares to approximately 2.69 million shares, valued at $842 million and accounting for 20.82% of the portfolio. Meanwhile, former AI computing leader NVIDIA saw a reduction of over 60%, with 1.5409 million shares sold, bringing its value down to $156 million and its weighting to just 3.86%, dropping from the third to the seventh position. Meta was also reduced by 229,100 shares, becoming the second-largest holding. Among Chinese concept stocks, PDD Holdings Inc received an additional 611,300 shares, solidifying its position as the third-largest holding. Positions in Alibaba and NetEase remained unchanged, reflecting continued confidence in China’s consumption and e-commerce sectors. Greenwoods also initiated a position in Broadcom while reducing holdings in TSMC and Ke Holdings. The top ten holdings accounted for 82.85% of the portfolio, maintaining a high level of concentration.
Gaoyi Asset’s overseas fund reported a total U.S. stock portfolio value of $683 million for the fourth quarter, holding only 13 securities, with the top ten positions representing over 98% of the portfolio, indicating extreme concentration. Chinese concept stocks remained the absolute core, with Huazhu Group (HTHT.US) as the top holding, valued at $243 million and accounting for 36% of the portfolio. The stock rose over 20% during the quarter, highlighting optimism about consumption recovery. PDD Holdings Inc was the second-largest holding, with a value of $222 million after an increase of 629,000 shares to 1.333 million shares, aligning with similar moves by Greenwoods and HHLR. Other additions included increases in Ke Holdings by 496,000 shares, RLX Technology by 325,000 shares, and iQiyi by 1.41 million shares, alongside a new position in Yatsen Holding. Alphabet, Yum China, and Ke Holdings rounded out the top five holdings, forming a dual-theme strategy of "Chinese consumption plus global technology."
Oriental Harbor, led by Dan Bin, reported a total portfolio value of $1.316 billion (approximately RMB 9.1 billion) for the fourth quarter, showing a slight sequential increase. The number of holdings was sharply reduced from 17 to 10, significantly raising portfolio concentration. Dan Bin’s adjustments mirrored those of Greenwoods: Alphabet replaced NVIDIA as the top holding, with a 40.55% increase in shares to 1.293 million. Combined with a nearly 29% stock price rise, the holding reached a value of $406 million, accounting for 30.85% of the portfolio. NVIDIA, despite a small increase, fell to the second position with a value of $237 million, or 18.02%. To focus on core positions, Oriental Harbor exited seven holdings, including Alibaba, Coinbase, Netflix, and TSMC, spanning sectors such as crypto assets, content platforms, and semiconductors. The firm also increased its stakes in U.S. tech giants like Microsoft, Apple, Meta, and Amazon, and added leveraged instruments such as the TQQQ (3x Long NASDAQ-100 ETF) and a 2x Long Alphabet ETF to enhance portfolio aggressiveness.
Himalaya Capital, managed by Li Lu, continued its classic approach of "long-term holding and concentrated positions" in the fourth quarter. While maintaining core holdings, the firm made precise structural optimizations, driving portfolio value from $3.23 billion to $3.57 billion through a combination of active adjustments and stock price appreciation. The portfolio remained highly concentrated, with the top four holdings—Alphabet, Bank of America, PDD Holdings Inc, and Berkshire Hathaway B—accounting for over 87% of the total. Alphabet (including Class A and C shares) was the absolute top holding, valued at $1.565 billion and representing 43.86% of the portfolio. Bank of America was the second-largest holding, valued at $574 million, or 16.08%, forming, alongside Berkshire Hathaway B (12.64%), a financial "ballast" for the portfolio. PDD Holdings Inc, as the third-largest holding, saw no change in share count, accounting for 14.64% and aligning with the consensus among the other four leading institutions. Positions in Occidental Petroleum and East West Bank remained unchanged, adhering to the firm’s long-term value investment framework. Li Lu’s key adjustments focused on "increasing consumer exposure" and "reducing energy allocations": a new position was initiated in Crocs, a prominent U.S. casual footwear brand, valued at approximately $53 million, or 1.50%, betting on global consumption recovery and improved company fundamentals. The energy stock Sable Offshore was fully exited, withdrawing from niche oil and gas exploration to optimize portfolio risk structure.
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