HSG Holding Ltd
•CIK: 1470766•Filing: Q4 2025
**HSG Holding Ltd** manages $1.9B across a concentrated portfolio of 19 positions. The fund exhibits a significant overweighting in technology and internet-related names, highlighted by a dominant $1.20B stake in PDD. Further substantial allocations include $140.7M in BZ and $119.9M in FUTU, indicating a focused, high-conviction approach. This structure suggests an active, deep-value thesis targeting high-growth, market-leading Chinese technology equities.
Total AUM
$1.9B
QoQ Performance
-1.5%
Positions
19
Top 10 Concentration
97.1%
Latest Filing
Q4 2025
Top Holdings Allocation
PDD
BZ
FUTU
PONY
PDD63.6%
BZ7.4%
FUTU6.3%
PONY5.8%
BEKE4.8%
WEBULL2.9%
BRNS2.2%
DDL1.5%
📈 Biggest Buys
—
PONY AI INC
NEW
5.8% of portfolio
CRCL
CIRCLE INTERNET GROUP INC
NEW
1.2% of portfolio
📉 Biggest Sells
Sector Breakdown
Other100.0%
Changes from Q3 2025
NEW2 new positions
↓3 decreased
Historical Filings
Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023