Data as of Q4 2025 (Dec 31, 2025)

HHLR ADVISORS, LTD.

•CIK: 1762304•Filing: Q4 2025

HHLR Advisors, Ltd., managed by the seasoned team of Harry Halperin and Robert R. Looney, is known for its concentrated, high-conviction bets, currently holding 33 positions with a focus on Chinese tech and biotech sectors. Recently, the fund has increased its stakes in Maze and PacBio, while significantly reducing exposure to NRSCF and YSG, reflecting a strategic pivot towards growth in biotechnology and digital health.

Total AUM
$3.1B
QoQ Performance
-24.1%
Positions
32
Top 10 Concentration
96.1%
Latest Filing
Q4 2025

Top Holdings Allocation

PDD
BABA
ONC
FUTU
PDD39.2%
BABA25.6%
ONC10.1%
FUTU8.6%
LEGN4.2%
AVBP2.5%
BEKE2.2%
WEBULL1.5%

📈 Biggest Buys

BABA
ALIBABA GROUP HLDG LTD
+65.1%
25.6% of portfolio
PDD
PDD HOLDINGS INC
+24.8%
39.2% of portfolio
TSM
TAIWAN SEMICONDUCTOR MFG LTD
NEW
0.1% of portfolio
GOOGL
ALPHABET INC
NEW
0.1% of portfolio
IBIT
ISHARES BITCOIN TRUST ETF
NEW
0.1% of portfolio

📉 Biggest Sells

FUTU
FUTU HLDGS LTD
-49.7%
8.6% of portfolio
—
WEBULL CORP
-81.9%
1.5% of portfolio
AVBP
ARRIVENT BIOPHARMA INC
-12.4%
2.5% of portfolio

Sector Breakdown

Other99.8%
Industrial0.1%
Technology0.1%

🚪 Exited Positionssold since Q3 2025

BIDUN
BAIDU INC
SOLD
$216.2M
NTES
NETEASE INC
SOLD
$120.2M
YMM
FULL TRUCK ALLIANCE CO LTD
SOLD
$52.7M
SE
SEA LTD
SOLD
$32.2M
EM
SMART SH GLOBAL LTD
SOLD
$5.3M
+1 more exited positions

Changes from Q3 2025

NEW6 new positions
↑2 increased
↓3 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

PDD39.2%
PDD HOLDINGS INC
$1.2B
BABA25.6%
ALIBABA GROUP HLDG LTD
$796.0M
ONC10.1%
BEONE MEDICINES LTD
$314.2M
FUTU8.6%
FUTU HLDGS LTD
$267.7M
LEGN4.2%
LEGEND BIOTECH CORP
$130.1M

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