HHLR ADVISORS, LTD.

Exempt adviser

CIK

1762304

Location

GRAND CAYMAN, E9

Portfolio Value

Small $832,074,818

Diversification

Diversified

Reports for

HILLHOUSE INVESTMENT MANAGEMENT, LTD.

Files via

Evergreen Quality Fund GP, Ltd.

Filing Date

Global Rank

#2,825 / 8,825 ▼ 1187

Top Industry

Biotechnology 43.9%

Period ended 4 months ago

Filed Aug 14, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Exempt adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 166112

Roster of Nov 1, 2026

Private funds

2 funds · Hedge funds

Focus by fund count, roster of Nov 1, 2026

$22,060,008,606 gross assets

LEI

549300YXBX8YW9XQIP32

Private funds on Schedule D 7.B.(1)

As filed Mar 29, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$27,450,616,823 gross assets in 4 funds Hedge funds $27,450,616,823 (4)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	—	—
Apr 2025 to Mar 2026	—	—
Apr 2024 to Mar 2025	—	—
Jun 2023 to Mar 2024	—	—
May 2023	$0	—
Apr 2023	$45,871,192,456	Pooled investment vehicles (90%)

4 earlier changes not shown.

Schedule 13D/13G stakes

Stakes of 5% or more disclosed on Schedule 13D or 13G, each on the filer's latest filing for the security. These are event-dated stakes, not the quarter-end 13F portfolio below.

Company	Schedule	Event date	Filed	Shares	% of class	Change	Status
AVBP ArriVent BioPharma, Inc.	13G	Sep 30, 2024	1y	4,484,672	13.4%	—	Unconfirmed since Sep 30, 2024
EM Smart Share Global Ltd	13G/A	Dec 31, 2023	2y	62,367,293	14%	—	Unconfirmed since Dec 31, 2023
MOGU MOGU Inc.	13G/A	Dec 31, 2023	2y	254,253,005	11.8%	—	Unconfirmed since Dec 31, 2023

A 13D or 13G stays in force until its filer amends it and no amendment is due without a material change, so a stake with no filing in 24 months reads unconfirmed, never sold. An amendment reporting under 5% ends the filer's duty to amend, not necessarily the holding. Shares are restated onto today's split basis. Show 5 exited, below-5% or retired stakes

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 85.7% of the book (60%+)

Turnover

Medium turnover

46.2% over the last four quarters (30% to under 100%)

Horizon

Long horizon

Value-weighted holding period 13.1 quarters (12+), a floor since 0.3% of the book was already held when coverage starts

Closest benchmark: every 13F filer's combined book, active share 97.5%; sector active share 56.6% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

35 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

20.8%

−4.7 pts

Top 5

68.5%

−11.8 pts

Top 10

85.7%

−8.5 pts

HHI

1,241

Diversified−313

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Healthcare	50.7%	$422,254,930	13
Financial Services	19.9%	$165,758,848	1
Consumer Cyclical	12.4%	$103,226,830	4
Technology	10.1%	$84,092,375	12
Real Estate	3.9%	$32,233,017	1
Consumer Defensive	1.9%	$15,488,217	1
Communication Services	0.5%	$4,484,771	1
Industrials	0.5%	$3,753,370	1
Basic Materials	0.1%	$782,460	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

6 positions

Ticker	Company	Δ Shares	Shares	Value
VIPS	Vipshop Holdings Ltd	+3,345,700	3,470,400	$46,017,504
FUTU	Futu Holdings Ltd	+348,800	1,768,283	$165,758,848
NVDA	Nvidia Corp	+7,444	14,054	$2,812,064
GLW	Corning Inc	+2,566	10,266	$2,622,244
COHR	Coherent Corp.	+2,142	6,417	$2,531,313
LITE	Lumentum Holdings Inc.	+1,800	3,300	$2,831,598
No positions match the current search.

Trimmed

Positions the filer reduced

8 positions

Ticker	Company	Δ Shares	Shares	Value
PDD	PDD Holdings Inc.	−3,665,029	500,000	$38,140,000
BABA	Alibaba Group Holding Ltd	−2,269,723	183,934	$17,653,985
BEKE	KE Holdings Inc.	−2,017,901	2,218,377	$32,233,017
BULL	Webull Corp	−1,190,143	309,857	$2,020,267
RDGT	Ridgetech Inc.	−20,031	136	$204
INTC	Intel Corp	−14,670	14,300	$1,996,709
MRVL	Marvell Technology, Inc.	−8,100	162,933	$48,536,111
TSM	Taiwan Semiconductor Manufacturing Co Ltd	−10	15,510	$7,407,110
No positions match the current search.

New Positions

Positions the filer opened this quarter

5 positions

Ticker	Company	Shares	Value
ALMR	Alamar Biosciences, Inc.	956,462	$25,910,555
ODTX	Odyssey Therapeutics, Inc.	831,656	$15,560,283
NTES	NetEase, Inc.	34,999	$4,484,771
TXN	Texas Instruments Inc	4,800	$1,430,736
ZM	Zoom Communications, Inc.	9,010	$777,653
No positions match the current search.

Sold Out

Positions the filer fully exited

8 positions

Ticker	Company	Shares	Value
ONC	BeOne Medicines Ltd.	1,034,306	$307,157,852
—		1,365,971	$32,305,214
B	Barrick Mining Corp	25,400	$1,036,066
DDL	Dingdong (Cayman) Ltd	354,500	$911,065
AXIAY	AXIA Energia S.A.	63,100	$711,768
EWW	iShares MSCI Mexico ETF	8,800	$662,024
VNET	VNET Group, Inc.	65,100	$546,189
UXIN	Uxin Ltd	19,156	$58,808
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

35 tracked positions · $832,074,818 total · filing declares 35 positions · $832,072,843 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
LEGN	Legend Biotech Corp Healthcare	Held	5,984,550	0	$172,833,804	+59.6%	25	unpriced	20.77%
FUTU	Futu Holdings Ltd Financial Services	Added	1,768,283	+348,800	$165,758,848	−14.6%	9	$100.30	19.92%
AVBP	ArriVent BioPharma, Inc. Healthcare	Held	3,929,117	0	$136,497,524	+50.6%	10	$19.88	16.40%
MRVL	Marvell Technology, Inc. Technology	Reduced	162,933	-8,100	$48,536,111	+186.5%	2	$83.99	5.83%
VIPS	Vipshop Holdings Ltd Consumer Cyclical	Added	3,470,400	+3,345,700	$46,017,504	+2247.5%	2	$14.39	5.53%
PDD	PDD Holdings Inc. Consumer Cyclical	Reduced	500,000	-3,665,029	$38,140,000	−91.0%	17	$112.42	4.58%
BEKE	KE Holdings Inc. Real Estate	Reduced	2,218,377	-2,017,901	$32,233,017	−49.2%	24	$20.67	3.87%
CTKB	Cytek Biosciences, Inc. Healthcare	Held	6,657,030	0	$29,490,642	+1.4%	20	$23.52	3.54%
ALMR	Alamar Biosciences, Inc. Healthcare	NEW	956,462	NEW	$25,910,555	NEW	1	$22.63	3.11%
BABA	Alibaba Group Holding Ltd Consumer Cyclical	Reduced	183,934	-2,269,723	$17,653,985	−94.3%	17	$132.55	2.12%
ODTX	Odyssey Therapeutics, Inc. Healthcare	NEW	831,656	NEW	$15,560,283	NEW	1	$17.54	1.87%
YSG	Yatsen Holding Ltd Consumer Defensive	Held	4,885,873	0	$15,488,217	+2.9%	23	$14.45	1.86%
NBP	NovaBridge Biosciences Healthcare	Held	5,980,568	0	$11,662,107	−20.7%	24	$51.24	1.40%
CTNM	Contineum Therapeutics, Inc. Healthcare	Held	669,337	0	$10,970,433	+25.5%	9	$16.10	1.32%
MAZE	Maze Therapeutics, Inc. Healthcare	Held	366,028	0	$10,922,275	−0.0%	6	$12.04	1.31%
API	Agora, Inc. Technology	Held	2,098,553	0	$8,373,226	+12.7%	7	$4.10	1.01%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Reduced	15,510	-10	$7,407,110	+41.2%	3	$307.20	0.89%
SGMT	Sagimet Biosciences Inc. Healthcare	Held	724,800	0	$5,602,704	+47.9%	12	$13.31	0.67%
NTES	NetEase, Inc. Communication Services	NEW	34,999	NEW	$4,484,771	NEW	1	$118.02	0.54%
GE	General Electric Co Industrials	Held	10,043	0	$3,753,370	+31.7%	10	$203.07	0.45%
LITE	Lumentum Holdings Inc. Technology	Added	3,300	+1,800	$2,831,598	+168.6%	2	$736.28	0.34%
NVDA	Nvidia Corp Technology	Added	14,054	+7,444	$2,812,064	+143.9%	2	$195.19	0.34%
TUYA	Tuya Inc. Technology	Held	1,564,400	0	$2,753,344	−23.8%	22	unpriced	0.33%
GLW	Corning Inc Technology	Added	10,266	+2,566	$2,622,244	+150.5%	2	$135.93	0.32%
COHR	Coherent Corp. Technology	Added	6,417	+2,142	$2,531,313	+148.6%	2	$270.62	0.30%
BULL	Webull Corp Technology	Reduced	309,857	-1,190,143	$2,020,267	−71.9%	5	$14.98	0.24%
INTC	Intel Corp Technology	Reduced	14,300	-14,670	$1,996,709	+56.2%	2	$45.84	0.24%
PACB	Pacific Biosciences Of California, Inc. Healthcare	Held	918,892	0	$1,543,738	+27.3%	12	$11.43	0.19%
TXN	Texas Instruments Inc Technology	NEW	4,800	NEW	$1,430,736	NEW	1	$277.43	0.17%
MOGU	MOGU Inc. Consumer Cyclical	Held	847,510	0	$1,415,341	−25.1%	26+	before history	0.17%
GOSS	Gossamer Bio, Inc. Healthcare	Held	4,974,041	0	$820,716	−49.8%	26+	before history	0.10%
EQX	Equinox Gold Corp. Basic Materials	Held	80,500	0	$782,460	−32.8%	4	$7.95	0.09%
ZM	Zoom Communications, Inc. Technology	NEW	9,010	NEW	$777,653	NEW	1	$94.53	0.09%
ALGS	Aligos Therapeutics, Inc. Healthcare	Held	76,247	0	$439,945	−22.3%	23	$299.49	0.05%
RDGT	Ridgetech Inc. Healthcare	Reduced	136	-20,031	$204	−66.3%	10	unpriced	0.00%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.