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$100 million in assets must report to the SEC the securities held by the institution on a quarterly basis. For details, please refer to the SEC official website.
Hillhouse Capital portfolio market value
Quarter end date
December 31, 2019
Reporting date
February 14, 2020
Quarter portfolio shareholdings record (13-F)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % of portfolio | Holding period |
|---|---|---|---|---|---|---|
 IQIYI INC | IQ | 985.72m | 46,694,629 | 21.11 | 12.28% | At least 1 yrs |
 BEIGENE LTD | BGNE | 907.08m | 5,472,259 | 165.76 | 11.3% | At least 1 yrs |
 ALIGN TECHNOLOGY INC | ALGN | 656.75m | 2,353,591 | 279.04 | 8.18% | 0.25 yrs |
 TAL EDUCATION GROUP | TAL | 552.62m | 11,465,202 | 48.2 | 6.88% | At least 1 yrs |
 ZOOM VIDEO COMMUNICATIONS IN | ZM | 470.57m | 6,916,078 | 68.04 | 5.86% | - |
 UBER TECHNOLOGIES INC | UBER | 461.02m | 15,501,624 | 29.74 | 5.74% | 0.25 yrs |
 ALIBABA GROUP HLDG LTD | BABA | 419.9m | 1,979,716 | 212.1 | 5.23% | At least 1 yrs |
 JD COM INC | JD | 419.41m | 11,905,028 | 35.23 | 5.23% | At least 1 yrs |
 ENSTAR GROUP LIMITED | ESGR | 361.56m | 1,747,840 | 206.86 | 4.5% | 0.75 yrs |
 PINDUODUO INC | PDD | 330.14m | 8,729,366 | 37.82 | 4.11% | At least 1 yrs |
 CHINA BIOLOGIC PRODS HLDGS I | CBPO | 320.19m | 2,751,200 | 116.38 | 3.99% | At least 1 yrs |
 BILIBILI INC | BILI | 190.21m | 10,215,355 | 18.62 | 2.37% | At least 1 yrs |
 SEA LTD | SE | 172.95m | 4,300,000 | 40.22 | 2.15% | 0.75 yrs |
 FIBROGEN INC | FGEN | 169.66m | 3,955,787 | 42.89 | 2.11% | At least 1 yrs |
 BRIDGEBIO PHARMA INC | BBIO | 153.82m | 4,388,690 | 35.05 | 1.92% | 0.5 yrs |
 APELLIS PHARMACEUTICALS INC | APLS | 143.25m | 4,678,289 | 30.62 | 1.78% | At least 1 yrs |
 MONDELEZ INTL INC | MDLZ | 140.26m | 2,546,564 | 55.08 | 1.75% | At least 1 yrs |
 VIELA BIO INC | VIE | 124.65m | 4,591,176 | 27.15 | 1.55% | - |
 BLUEPRINT MEDICINES CORP | BPMC | 120.53m | 1,504,599 | 80.11 | 1.5% | At least 1 yrs |
 GOSSAMER BIO INC | GOSS | 92.4m | 5,911,541 | 15.63 | 1.15% | 0.75 yrs |
 NEW ORIENTAL ED & TECH GRP I | EDU | 73.14m | 603,208 | 121.25 | 0.91% | 0.75 yrs |
 SNAP INC | SNAP | 72.93m | 4,465,885 | 16.33 | 0.91% | 0.5 yrs |
 MYOKARDIA INC | MYOK | 71.14m | 975,987 | 72.89 | 0.89% | At least 1 yrs |
 NEXTCURE INC | NXTC | 59.35m | 1,053,570 | 56.33 | 0.74% | 0.5 yrs |
 LINE CORP | LN | 54.96m | 1,121,357 | 49.01 | 0.68% | At least 1 yrs |
 MELCO RESORTS AND ENTMT LTD | MLCO | 53.12m | 2,197,850 | 24.17 | 0.66% | At least 1 yrs |
 NETFLIX INC | NFLX | 44.13m | 136,400 | 323.57 | 0.55% | 0.25 yrs |
 BRIGHT SCHOLAR ED HLDGS LTD | BEDU | 35.2m | 3,985,797 | 8.83 | 0.44% | At least 1 yrs |
 ARVINAS INC | ARVN | 35.15m | 855,308 | 41.09 | 0.44% | At least 1 yrs |
 GENMAB A S | GMAB | 33.49m | 1,500,000 | 22.33 | 0.42% | 0.25 yrs |
 ZAI LAB LTD | ZLAB | 33.19m | 798,001 | 41.59 | 0.41% | 0.25 yrs |
 SMILEDIRECTCLUB INC | SDC | 25.33m | 2,898,086 | 8.74 | 0.32% | 0.25 yrs |
 G1 THERAPEUTICS INC | GTHX | 25.09m | 949,431 | 26.43 | 0.31% | At least 1 yrs |
 MOGU INC | MOGU | 23.82m | 10,446,970 | 2.28 | 0.3% | 0.5 yrs |
 KINIKSA PHARMACEUTICALS LTD | KNSA | 20.97m | 1,895,888 | 11.06 | 0.26% | At least 1 yrs |
 AKERO THERAPEUTICS INC | AKRO | 19.78m | 891,201 | 22.19 | 0.25% | 0.5 yrs |
 REGENXBIO INC | RGNX | 18.68m | 456,000 | 40.97 | 0.23% | 0.5 yrs |
 QUALCOMM INC | QCOM | 17.65m | 200,000 | 88.23 | 0.22% | - |
 UXIN LTD | UXIN | 16.37m | 7,244,341 | 2.26 | 0.2% | 0.25 yrs |
 IGM BIOSCIENCES INC | IGMS | 13.36m | 350,000 | 38.16 | 0.17% | 0.25 yrs |
 HOOKIPA PHARMA INC | HOOK | 11.54m | 943,254 | 12.23 | 0.14% | 0.5 yrs |
 EIDOS THERAPEUTICS INC | EIDX | 10.25m | 178,600 | 57.39 | 0.13% | At least 1 yrs |
 SOHU COM LTD | SOHU | 8.97m | 802,034 | 11.18 | 0.11% | At least 1 yrs |
 CHINA JO-JO DRUGSTORES INC | CJJD | 8.81m | 4,840,000 | 1.82 | 0.11% | 0.25 yrs |
 MERUS N V | MRUS | 8.45m | 600,000 | 14.08 | 0.11% | - |
 ARGENX SE | ARGX | 8.03m | 50,000 | 160.52 | 0.1% | - |
 ARCUS BIOSCIENCES INC | RCUS | 7.75m | 767,128 | 10.1 | 0.1% | At least 1 yrs |
 AFFILIATED MANAGERS GROUP IN | AMG | 6.05m | 71,345 | 84.74 | 0.08% | - |
 10X GENOMICS INC | TXG | 5.72m | 75,000 | 76.25 | 0.07% | 0.25 yrs |
 TCR2 THERAPEUTICS INC | TCRR | 4.61m | 322,903 | 14.28 | 0.06% | 0.25 yrs |
 CELLULAR BIOMEDICINE GROUP I | CBMG | 3.82m | 235,214 | 16.24 | 0.05% | 0.25 yrs |
 CHINA INDEX HLDGS LTD | CIH | 1.09m | 300,000 | 3.64 | 0.01% | 0.5 yrs |
 PUXIN LTD | NEW | 1.03m | 126,145 | 8.2 | 0.01% | At least 1 yrs |
 FANG HLDGS LTD | SFUN | 858k | 300,000 | 2.86 | 0.01% | At least 1 yrs |
Buy (Compared to the previous quarter portfolio)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % change | % of portfolio |
|---|---|---|---|---|---|---|
| ZOOM VIDEO COMMUNICATIONS IN | ZM | 470.57m | 6,916,078 | 68.04 | N/A | 5.86% |
| ALIGN TECHNOLOGY INC | ALGN | 219.91m | 788,091 | 279.04 | +50.34% | 2.74% |
| VIELA BIO INC | VIE | 124.65m | 4,591,176 | 27.15 | N/A | 1.55% |
| UBER TECHNOLOGIES INC | UBER | 94.43m | 3,175,105 | 29.74 | +25.76% | 1.18% |
| FIBROGEN INC | FGEN | 19.41m | 452,500 | 42.89 | +12.92% | 0.24% |
| QUALCOMM INC | QCOM | 17.65m | 200,000 | 88.23 | N/A | 0.22% |
| MERUS N V | MRUS | 8.45m | 600,000 | 14.08 | N/A | 0.11% |
| ARGENX SE | ARGX | 8.03m | 50,000 | 160.52 | N/A | 0.1% |
| AFFILIATED MANAGERS GROUP IN | AMG | 6.05m | 71,345 | 84.74 | N/A | 0.08% |
| AKERO THERAPEUTICS INC | AKRO | 3.15m | 141,777 | 22.19 | +18.92% | 0.04% |
| BLUEPRINT MEDICINES CORP | BPMC | 487.31k | 6,083 | 80.11 | +0.41% | 0.01% |
| KINIKSA PHARMACEUTICALS LTD | KNSA | 312.63k | 28,266 | 11.06 | +1.51% | 0% |
Sell (Compared to the previous quarter portfolio)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % change | % of portfolio |
|---|---|---|---|---|---|---|
| SEA LTD | SE | 307.97m | 7,657,037 | 40.22 | -64.04% | 3.84% |
| NEW ORIENTAL ED & TECH GRP I | EDU | 261.67m | 2,158,074 | 121.25 | -78.15% | 3.26% |
 FACEBOOK INC | FB | 228.08m | 1,280,763 | 178.08 | -100% | 3.14% |
| JD COM INC | JD | 148.49m | 4,214,741 | 35.23 | -26.15% | 1.85% |
| TAL EDUCATION GROUP | TAL | 133.15m | 2,762,349 | 48.2 | -19.42% | 1.66% |
| PINDUODUO INC | PDD | 91.42m | 2,417,249 | 37.82 | -21.69% | 1.14% |
 AMAZON COM INC | AMZN | 84.11m | 48,456 | 1,735.9 | -100% | 1.16% |
| IQIYI INC | IQ | 80.67m | 3,821,559 | 21.11 | -7.57% | 1.01% |
| MELCO RESORTS AND ENTMT LTD | MLCO | 53.12m | 2,197,850 | 24.17 | -50% | 0.66% |
| BILIBILI INC | BILI | 48.74m | 2,617,521 | 18.62 | -20.4% | 0.61% |
 COVETRUS INC | CVET | 47.06m | 3,958,198 | 11.89 | -100% | 0.65% |
 MOMO INC | MOMO | 42.91m | 1,385,000 | 30.98 | -100% | 0.59% |
| ALIBABA GROUP HLDG LTD | BABA | 42.16m | 198,752 | 212.1 | -9.12% | 0.53% |
 TESLA INC | TSLA | 41.28m | 171,400 | 240.87 | -100% | 0.57% |
| NETFLIX INC | NFLX | 40.32m | 124,602 | 323.57 | -47.74% | 0.5% |
 APPLE INC | AAPL | 28.61m | 127,759 | 223.97 | -100% | 0.39% |
 SQUARE INC | SQ | 26.56m | 428,675 | 61.95 | -100% | 0.37% |
 NIO INC | NIO | 20.86m | 13,368,900 | 1.56 | -100% | 0.29% |
 HUAZHU GROUP LTD | HTHT | 20.19m | 611,490 | 33.02 | -100% | 0.28% |
 MERCADOLIBRE INC | MELI | 17.97m | 32,600 | 551.23 | -100% | 0.25% |
 MODERNA INC | MRNA | 15.58m | 978,434 | 15.92 | -100% | 0.21% |
 NOAH HLDGS LTD | NOAH | 14.05m | 481,220 | 29.2 | -100% | 0.19% |
| UXIN LTD | UXIN | 4.96m | 2,194,840 | 2.26 | -23.25% | 0.06% |
| LINE CORP | LN | 4.23m | 86,406 | 49.01 | -7.15% | 0.05% |
 58 COM INC | WUBA | 2.86m | 57,964 | 49.31 | -100% | 0.04% |
 CONSTELLATION PHARMCETICLS I | CNST | 1.59m | 246,883 | 6.46 | -100% | 0.02% |
 GS ACQUISITION HLDGS CORP | GSAH | 453k | 333,333 | 1.36 | -100% | 0.01% |
| SMILEDIRECTCLUB INC | SDC | 218.5k | 25,000 | 8.74 | -0.86% | 0% |
 NEON THERAPEUTICS INC | NTGN | 103k | 60,000 | 1.72 | -100% | 0% |
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