About Zhang Lei
Zhang Lei was born on December 12, 1972, graduated from Renmin University of China, and then graduated with an MBA from Yale University in the United States. After that, he returned to China to start a business, but after failing to start his business, he returned to Yale University to continue his education and had the opportunity to intern at the Yale Investment Office. Let him get acquainted with the famous investor David Swenson. This laid the foundation for his future investment. On June 1, 2005, 33-year-old Zhang Lei established Hillhouse Capital Group and served as CEO.
About Hillhouse Capital
Hillhouse Capital Group is an investment management company established in Beijing in 2005. Hillhouse’s fund size has grown from an initial US$20 million to US$30 billion in 2017, and it has become one of the largest private equity managed funds in Asia.
About SEC 13-F Filing
The United States Securities and Exchange Commission (SEC) regulated that institutional investor managers holding more than US$100 million in assets must report to the SEC the securities held by the institution on a quarterly basis. For details, please refer to the SEC official website.
Hillhouse Capital portfolio market value
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Quarter end date
September 30, 2019
Reporting date
November 14, 2019
Quarter portfolio shareholdings record (13-F)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % of portfolio | Holding period |
|---|---|---|---|---|---|---|
 IQIYI INC | IQ | 814.83m | 50,516,188 | 16.13 | 11.2% | At least 0.75 yrs |
 BEIGENE LTD | BGNE | 670.13m | 5,472,259 | 122.46 | 9.21% | At least 0.75 yrs |
 TAL EDUCATION GROUP | TAL | 487.15m | 14,227,551 | 34.24 | 6.7% | At least 0.75 yrs |
 JD COM INC | JD | 454.74m | 16,119,769 | 28.21 | 6.25% | At least 0.75 yrs |
 UBER TECHNOLOGIES INC | UBER | 375.59m | 12,326,519 | 30.47 | 5.16% | - |
 SEA LTD | SE | 370.07m | 11,957,037 | 30.95 | 5.09% | 0.5 yrs |
 ALIBABA GROUP HLDG LTD | BABA | 364.31m | 2,178,468 | 167.23 | 5.01% | At least 0.75 yrs |
 PINDUODUO INC | PDD | 359.14m | 11,146,615 | 32.22 | 4.94% | At least 0.75 yrs |
 ENSTAR GROUP LIMITED | ESGR | 331.95m | 1,747,840 | 189.92 | 4.56% | 0.5 yrs |
 CHINA BIOLOGIC PRODS HLDGS I | CBPO | 314.93m | 2,751,200 | 114.47 | 4.33% | At least 0.75 yrs |
 NEW ORIENTAL ED & TECH GRP I | EDU | 305.84m | 2,761,282 | 110.76 | 4.2% | 0.5 yrs |
 ALIGN TECHNOLOGY INC | ALGN | 283.23m | 1,565,500 | 180.92 | 3.89% | - |
 FACEBOOK INC | FB | 228.08m | 1,280,763 | 178.08 | 3.14% | 0.5 yrs |
 BILIBILI INC | BILI | 181.2m | 12,832,876 | 14.12 | 2.49% | At least 0.75 yrs |
 MONDELEZ INTL INC | MDLZ | 140.88m | 2,546,564 | 55.32 | 1.94% | At least 0.75 yrs |
 FIBROGEN INC | FGEN | 129.55m | 3,503,287 | 36.98 | 1.78% | At least 0.75 yrs |
 APELLIS PHARMACEUTICALS INC | APLS | 112.7m | 4,678,289 | 24.09 | 1.55% | At least 0.75 yrs |
 BLUEPRINT MEDICINES CORP | BPMC | 110.1m | 1,498,516 | 73.47 | 1.51% | At least 0.75 yrs |
 GOSSAMER BIO INC | GOSS | 99.25m | 5,911,541 | 16.79 | 1.36% | 0.5 yrs |
 BRIDGEBIO PHARMA INC | BBIO | 94.22m | 4,388,690 | 21.47 | 1.3% | 0.25 yrs |
 MELCO RESORTS AND ENTMT LTD | MLCO | 85.32m | 4,395,700 | 19.41 | 1.17% | At least 0.75 yrs |
 AMAZON COM INC | AMZN | 84.11m | 48,456 | 1,735.9 | 1.16% | - |
 SNAP INC | SNAP | 70.56m | 4,465,885 | 15.8 | 0.97% | 0.25 yrs |
 NETFLIX INC | NFLX | 69.85m | 261,002 | 267.62 | 0.96% | - |
 MYOKARDIA INC | MYOK | 50.9m | 975,987 | 52.15 | 0.7% | At least 0.75 yrs |
 COVETRUS INC | CVET | 47.06m | 3,958,198 | 11.89 | 0.65% | - |
 LINE CORP | LN | 43.41m | 1,207,763 | 35.94 | 0.6% | At least 0.75 yrs |
 MOMO INC | MOMO | 42.91m | 1,385,000 | 30.98 | 0.59% | 0.25 yrs |
 TESLA INC | TSLA | 41.28m | 171,400 | 240.87 | 0.57% | 0.25 yrs |
 SMILEDIRECTCLUB INC | SDC | 40.57m | 2,923,086 | 13.88 | 0.56% | - |
 BRIGHT SCHOLAR ED HLDGS LTD | BEDU | 38.54m | 3,985,797 | 9.67 | 0.53% | At least 0.75 yrs |
 NEXTCURE INC | NXTC | 32.5m | 1,053,570 | 30.85 | 0.45% | 0.25 yrs |
 GENMAB A S | GMAB | 30.39m | 1,500,000 | 20.26 | 0.42% | - |
 APPLE INC | AAPL | 28.61m | 127,759 | 223.97 | 0.39% | - |
 SQUARE INC | SQ | 26.56m | 428,675 | 61.95 | 0.37% | - |
 MOGU INC | MOGU | 26.27m | 10,446,970 | 2.51 | 0.36% | 0.25 yrs |
 ZAI LAB LTD | ZLAB | 25.82m | 798,001 | 32.35 | 0.35% | - |
 UXIN LTD | UXIN | 23.13m | 9,439,181 | 2.45 | 0.32% | - |
 G1 THERAPEUTICS INC | GTHX | 21.63m | 949,431 | 22.78 | 0.3% | At least 0.75 yrs |
 NIO INC | NIO | 20.86m | 13,368,900 | 1.56 | 0.29% | - |
 HUAZHU GROUP LTD | HTHT | 20.19m | 611,490 | 33.02 | 0.28% | - |
 ARVINAS INC | ARVN | 18.43m | 855,308 | 21.55 | 0.25% | At least 0.75 yrs |
 MERCADOLIBRE INC | MELI | 17.97m | 32,600 | 551.23 | 0.25% | - |
 AKERO THERAPEUTICS INC | AKRO | 17.05m | 749,424 | 22.75 | 0.23% | 0.25 yrs |
 REGENXBIO INC | RGNX | 16.23m | 456,000 | 35.6 | 0.22% | 0.25 yrs |
 KINIKSA PHARMACEUTICALS LTD | KNSA | 15.89m | 1,867,622 | 8.51 | 0.22% | At least 0.75 yrs |
 MODERNA INC | MRNA | 15.58m | 978,434 | 15.92 | 0.21% | - |
 NOAH HLDGS LTD | NOAH | 14.05m | 481,220 | 29.2 | 0.19% | - |
 SOHU COM LTD | SOHU | 8.15m | 802,034 | 10.16 | 0.11% | At least 0.75 yrs |
 HOOKIPA PHARMA INC | HOOK | 7.07m | 943,254 | 7.5 | 0.1% | 0.25 yrs |
 ARCUS BIOSCIENCES INC | RCUS | 6.98m | 767,128 | 9.1 | 0.1% | At least 0.75 yrs |
 EIDOS THERAPEUTICS INC | EIDX | 6.42m | 178,600 | 35.97 | 0.09% | At least 0.75 yrs |
 IGM BIOSCIENCES INC | IGMS | 6.21m | 350,000 | 17.75 | 0.09% | - |
 CHINA JO-JO DRUGSTORES INC | CJJD | 5.86m | 4,840,000 | 1.21 | 0.08% | - |
 TCR2 THERAPEUTICS INC | TCRR | 4.85m | 322,903 | 15.03 | 0.07% | - |
 10X GENOMICS INC | TXG | 3.78m | 75,000 | 50.4 | 0.05% | - |
 CELLULAR BIOMEDICINE GROUP I | CBMG | 3.5m | 235,214 | 14.86 | 0.05% | - |
 58 COM INC | WUBA | 2.86m | 57,964 | 49.31 | 0.04% | 0.25 yrs |
 CONSTELLATION PHARMCETICLS I | CNST | 1.59m | 246,883 | 6.46 | 0.02% | - |
 CHINA INDEX HLDGS LTD | CIH | 1.17m | 300,000 | 3.9 | 0.02% | 0.25 yrs |
 PUXIN LTD | NEW | 1m | 126,145 | 7.97 | 0.01% | At least 0.75 yrs |
 FANG HLDGS LTD | SFUN | 666k | 300,000 | 2.22 | 0.01% | At least 0.75 yrs |
 GS ACQUISITION HLDGS CORP | GSAH | 453k | 333,333 | 1.36 | 0.01% | - |
 NEON THERAPEUTICS INC | NTGN | 103k | 60,000 | 1.72 | 0% | - |
Buy (Compared to the previous quarter portfolio)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % change | % of portfolio |
|---|---|---|---|---|---|---|
| IQIYI INC | IQ | 580.78m | 36,006,170 | 16.13 | +248.15% | 7.98% |
| UBER TECHNOLOGIES INC | UBER | 375.59m | 12,326,519 | 30.47 | N/A | 5.16% |
| ALIGN TECHNOLOGY INC | ALGN | 283.23m | 1,565,500 | 180.92 | N/A | 3.89% |
| SEA LTD | SE | 236.99m | 7,657,037 | 30.95 | +178.07% | 3.26% |
| ENSTAR GROUP LIMITED | ESGR | 228.73m | 1,204,353 | 189.92 | +221.6% | 3.14% |
| ALIBABA GROUP HLDG LTD | BABA | 128.2m | 766,638 | 167.23 | +54.3% | 1.76% |
| PINDUODUO INC | PDD | 127.23m | 3,948,637 | 32.22 | +54.86% | 1.75% |
| BEIGENE LTD | BGNE | 126.66m | 1,034,306 | 122.46 | +23.31% | 1.74% |
| NEW ORIENTAL ED & TECH GRP I | EDU | 117.27m | 1,058,748 | 110.76 | +62.19% | 1.61% |
| TAL EDUCATION GROUP | TAL | 96.46m | 2,817,098 | 34.24 | +24.69% | 1.33% |
| AMAZON COM INC | AMZN | 84.11m | 48,456 | 1,735.9 | N/A | 1.16% |
| GOSSAMER BIO INC | GOSS | 83.51m | 4,974,041 | 16.79 | +530.56% | 1.15% |
| NETFLIX INC | NFLX | 69.85m | 261,002 | 267.62 | N/A | 0.96% |
| BILIBILI INC | BILI | 66.96m | 4,742,413 | 14.12 | +58.62% | 0.92% |
| APELLIS PHARMACEUTICALS INC | APLS | 50.55m | 2,098,581 | 24.09 | +81.35% | 0.69% |
| COVETRUS INC | CVET | 47.06m | 3,958,198 | 11.89 | N/A | 0.65% |
| BRIDGEBIO PHARMA INC | BBIO | 43.71m | 2,035,790 | 21.47 | +86.52% | 0.6% |
| SMILEDIRECTCLUB INC | SDC | 40.57m | 2,923,086 | 13.88 | N/A | 0.56% |
| GENMAB A S | GMAB | 30.39m | 1,500,000 | 20.26 | N/A | 0.42% |
| NEXTCURE INC | NXTC | 30.19m | 978,570 | 30.85 | +1,304.76% | 0.42% |
| FIBROGEN INC | FGEN | 28.8m | 778,768 | 36.98 | +28.58% | 0.4% |
| APPLE INC | AAPL | 28.61m | 127,759 | 223.97 | N/A | 0.39% |
| SQUARE INC | SQ | 26.56m | 428,675 | 61.95 | N/A | 0.37% |
| ZAI LAB LTD | ZLAB | 25.82m | 798,001 | 32.35 | N/A | 0.35% |
| UXIN LTD | UXIN | 23.13m | 9,439,181 | 2.45 | N/A | 0.32% |
| NIO INC | NIO | 20.86m | 13,368,900 | 1.56 | N/A | 0.29% |
| HUAZHU GROUP LTD | HTHT | 20.19m | 611,490 | 33.02 | N/A | 0.28% |
| FACEBOOK INC | FB | 18.02m | 101,163 | 178.08 | +8.58% | 0.25% |
| MERCADOLIBRE INC | MELI | 17.97m | 32,600 | 551.23 | N/A | 0.25% |
| MODERNA INC | MRNA | 15.58m | 978,434 | 15.92 | N/A | 0.21% |
| NOAH HLDGS LTD | NOAH | 14.05m | 481,220 | 29.2 | N/A | 0.19% |
| MOGU INC | MOGU | 13.14m | 5,223,485 | 2.51 | +100% | 0.18% |
| MOMO INC | MOMO | 12.9m | 416,307 | 30.98 | +42.98% | 0.18% |
| JD COM INC | JD | 10.42m | 369,300 | 28.21 | +2.34% | 0.14% |
| REGENXBIO INC | RGNX | 8.9m | 250,000 | 35.6 | +121.36% | 0.12% |
| AKERO THERAPEUTICS INC | AKRO | 7.38m | 324,424 | 22.75 | +76.34% | 0.1% |
| IGM BIOSCIENCES INC | IGMS | 6.21m | 350,000 | 17.75 | N/A | 0.09% |
| CHINA JO-JO DRUGSTORES INC | CJJD | 5.86m | 4,840,000 | 1.21 | N/A | 0.08% |
| ARVINAS INC | ARVN | 4.96m | 230,308 | 21.55 | +36.85% | 0.07% |
| HOOKIPA PHARMA INC | HOOK | 4.93m | 657,540 | 7.5 | +230.14% | 0.07% |
| TCR2 THERAPEUTICS INC | TCRR | 4.85m | 322,903 | 15.03 | N/A | 0.07% |
| 10X GENOMICS INC | TXG | 3.78m | 75,000 | 50.4 | N/A | 0.05% |
| CELLULAR BIOMEDICINE GROUP I | CBMG | 3.5m | 235,214 | 14.86 | N/A | 0.05% |
| ARCUS BIOSCIENCES INC | RCUS | 3.11m | 342,128 | 9.1 | +80.5% | 0.04% |
| CONSTELLATION PHARMCETICLS I | CNST | 1.59m | 246,883 | 6.46 | N/A | 0.02% |
| FANG HLDGS LTD | SFUN | 666k | 300,000 | 2.22 | N/A | 0.01% |
| GS ACQUISITION HLDGS CORP | GSAH | 453k | 333,333 | 1.36 | N/A | 0.01% |
| KINIKSA PHARMACEUTICALS LTD | KNSA | 270.05k | 31,734 | 8.51 | +1.73% | 0% |
| NEON THERAPEUTICS INC | NTGN | 103k | 60,000 | 1.72 | N/A | 0% |
Sell (Compared to the previous quarter portfolio)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % change | % of portfolio |
|---|---|---|---|---|---|---|
| 58 COM INC | WUBA | 113.54m | 2,302,778 | 49.31 | -97.54% | 1.56% |
| TESLA INC | TSLA | 84.11m | 349,180 | 240.87 | -67.08% | 1.16% |
 TENCENT MUSIC ENTMT GROUP | TME | 22.04m | 1,470,491 | 14.99 | -100% | 0.49% |
 ZOOM VIDEO COMMUNICATIONS IN | ZM | 19.98m | 225,000 | 88.79 | -100% | 0.45% |
 BEYOND MEAT INC | BYND | 2.41m | 15,000 | 160.67 | -100% | 0.05% |
| FANG HLDGS LTD | SFUN | 932k | 1,500,000 | 0.62 | -100% | 0.02% |
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