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$100 million in assets must report to the SEC the securities held by the institution on a quarterly basis. For details, please refer to the SEC official website.
Hillhouse Capital portfolio market value
Quarter end date
March 31, 2020
Reporting date
May 15, 2020
Quarter portfolio shareholdings record (13-F)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % of portfolio | Holding period |
|---|---|---|---|---|---|---|
 ZOOM VIDEO COMMUNICATIONS IN | ZM | 905.13m | 6,194,437 | 146.12 | 12.2% | 0.25 yrs |
 IQIYI INC | IQ | 831.16m | 46,694,629 | 17.8 | 11.2% | At least 1.25 yrs |
 BEIGENE LTD | BGNE | 673.69m | 5,472,259 | 123.11 | 9.08% | At least 1.25 yrs |
 UBER TECHNOLOGIES INC | UBER | 537.76m | 19,260,700 | 27.92 | 7.25% | 0.5 yrs |
 JD COM INC | JD | 482.15m | 11,905,028 | 40.5 | 6.5% | At least 1.25 yrs |
 TAL EDUCATION GROUP | TAL | 399.74m | 7,505,520 | 53.26 | 5.39% | At least 1.25 yrs |
 ALIBABA GROUP HLDG LTD | BABA | 385.01m | 1,979,716 | 194.48 | 5.19% | At least 1.25 yrs |
 PINDUODUO INC | PDD | 314.52m | 8,729,366 | 36.03 | 4.24% | At least 1.25 yrs |
 CHINA BIOLOGIC PRODS HLDGS I | CBPO | 296.94m | 2,751,200 | 107.93 | 4% | At least 1.25 yrs |
 ENSTAR GROUP LIMITED | ESGR | 277.99m | 1,747,840 | 159.05 | 3.75% | 1 yrs |
 BILIBILI INC | BILI | 239.24m | 10,215,355 | 23.42 | 3.22% | At least 1.25 yrs |
 ALIGN TECHNOLOGY INC | ALGN | 185.53m | 1,066,551 | 173.95 | 2.5% | 0.5 yrs |
 VIELA BIO INC | VIE | 174.47m | 4,591,176 | 38 | 2.35% | 0.25 yrs |
 FIBROGEN INC | FGEN | 137.46m | 3,955,787 | 34.75 | 1.85% | At least 1.25 yrs |
 BRIDGEBIO PHARMA INC | BBIO | 136.64m | 4,711,604 | 29 | 1.84% | 0.75 yrs |
 APELLIS PHARMACEUTICALS INC | APLS | 134.71m | 5,028,289 | 26.79 | 1.82% | At least 1.25 yrs |
 MONDELEZ INTL INC | MDLZ | 127.53m | 2,546,564 | 50.08 | 1.72% | At least 1.25 yrs |
 VIPSHOP HLDGS LTD | VIPS | 109.76m | 7,045,054 | 15.58 | 1.48% | - |
 BLUEPRINT MEDICINES CORP | BPMC | 94.34m | 1,613,294 | 58.48 | 1.27% | At least 1.25 yrs |
 ZTO EXPRESS CAYMAN INC | ZTO | 90.92m | 3,433,592 | 26.48 | 1.23% | - |
 SALESFORCE COM INC | CRM | 79.26m | 550,500 | 143.98 | 1.07% | - |
 TESLA INC | TSLA | 68.32m | 130,378 | 524 | 0.92% | - |
 GOSSAMER BIO INC | GOSS | 60m | 5,911,541 | 10.15 | 0.81% | 1 yrs |
 SEA LTD | SE | 55.39m | 1,250,000 | 44.31 | 0.75% | 1 yrs |
 BEAM THERAPEUTICS INC | BEAM | 53.4m | 2,966,403 | 18 | 0.72% | - |
 SNAP INC | SNAP | 53.1m | 4,465,885 | 11.89 | 0.72% | 0.75 yrs |
 MYOKARDIA INC | MYOK | 45.75m | 975,987 | 46.88 | 0.62% | At least 1.25 yrs |
 LINE CORP | LN | 41.94m | 871,256 | 48.14 | 0.57% | At least 1.25 yrs |
 NEXTCURE INC | NXTC | 39.06m | 1,053,570 | 37.07 | 0.53% | 0.75 yrs |
 ARVINAS INC | ARVN | 34.47m | 855,308 | 40.3 | 0.46% | At least 1.25 yrs |
 GENMAB A S | GMAB | 31.79m | 1,500,000 | 21.19 | 0.43% | 0.5 yrs |
 KINIKSA PHARMACEUTICALS LTD | KNSA | 29.35m | 1,895,888 | 15.48 | 0.4% | At least 1.25 yrs |
 ZAI LAB LTD | ZLAB | 28.43m | 552,256 | 51.48 | 0.38% | 0.5 yrs |
 MELCO RESORTS AND ENTMNT LTD | MLCO | 27.25m | 2,197,850 | 12.4 | 0.37% | At least 1.25 yrs |
 BRIGHT SCHOLAR ED HLDGS LTD | BEDU | 26.82m | 3,985,797 | 6.73 | 0.36% | At least 1.25 yrs |
 IGM BIOSCIENCES INC | IGMS | 19.65m | 350,000 | 56.15 | 0.26% | 0.5 yrs |
 AKERO THERAPEUTICS INC | AKRO | 18.89m | 891,201 | 21.2 | 0.25% | 0.75 yrs |
 AFFILIATED MANAGERS GROUP IN | AMG | 18.14m | 306,643 | 59.14 | 0.24% | 0.25 yrs |
 REGENXBIO INC | RGNX | 14.77m | 456,000 | 32.38 | 0.2% | 0.75 yrs |
 SMILEDIRECTCLUB INC | SDC | 13.53m | 2,898,086 | 4.67 | 0.18% | 0.5 yrs |
 NVIDIA CORP | NVDA | 13.18m | 50,000 | 263.6 | 0.18% | - |
 MOGU INC | MOGU | 11.96m | 10,446,970 | 1.15 | 0.16% | 0.75 yrs |
 UXIN LTD | UXIN | 11.16m | 7,244,341 | 1.54 | 0.15% | 0.5 yrs |
 ARCUS BIOSCIENCES INC | RCUS | 10.65m | 767,128 | 13.88 | 0.14% | At least 1.25 yrs |
 G1 THERAPEUTICS INC | GTHX | 10.46m | 949,431 | 11.02 | 0.14% | At least 1.25 yrs |
 CHINA JO-JO DRUGSTORES INC | CJJD | 8.76m | 4,840,000 | 1.81 | 0.12% | 0.5 yrs |
 EIDOS THERAPEUTICS INC | EIDX | 8.75m | 178,600 | 48.99 | 0.12% | At least 1.25 yrs |
 HOOKIPA PHARMA INC | HOOK | 7.78m | 943,254 | 8.25 | 0.1% | 0.75 yrs |
 MERUS N V | MRUS | 7.26m | 600,000 | 12.1 | 0.1% | 0.25 yrs |
 GRUBHUB INC | GRUB | 6.9m | 169,386 | 40.73 | 0.09% | - |
 ARGENX SE | ARGX | 6.59m | 50,000 | 131.74 | 0.09% | 0.25 yrs |
 SOHU COM LTD | SOHU | 5m | 802,034 | 6.23 | 0.07% | At least 1.25 yrs |
 10X GENOMICS INC | TXG | 4.67m | 75,000 | 62.32 | 0.06% | 0.5 yrs |
 PASSAGE BIO INC | PASG | 3.95m | 250,616 | 15.75 | 0.05% | - |
 CELLULAR BIOMEDICINE GROUP I | CBMG | 3.72m | 235,214 | 15.82 | 0.05% | 0.5 yrs |
 TCR2 THERAPEUTICS INC | TCRR | 2.5m | 322,903 | 7.74 | 0.03% | 0.5 yrs |
 COVETRUS INC | CVET | 1.26m | 155,124 | 8.14 | 0.02% | - |
 PUXIN LTD | NEW | 540k | 126,145 | 4.28 | 0.01% | At least 1.25 yrs |
 CHINA INDEX HLDGS LTD | CIH | 405k | 300,000 | 1.35 | 0.01% | 0.75 yrs |
 FANG HLDGS LTD | SFUN | 405k | 300,000 | 1.35 | 0.01% | At least 1.25 yrs |
Buy (Compared to the previous quarter portfolio)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % change | % of portfolio |
|---|---|---|---|---|---|---|
| VIPSHOP HLDGS LTD | VIPS | 109.76m | 7,045,054 | 15.58 | N/A | 1.48% |
| UBER TECHNOLOGIES INC | UBER | 104.95m | 3,759,076 | 27.92 | +24.25% | 1.41% |
| ZTO EXPRESS CAYMAN INC | ZTO | 90.92m | 3,433,592 | 26.48 | N/A | 1.23% |
| SALESFORCE COM INC | CRM | 79.26m | 550,500 | 143.98 | N/A | 1.07% |
| TESLA INC | TSLA | 68.32m | 130,378 | 524 | N/A | 0.92% |
| BEAM THERAPEUTICS INC | BEAM | 53.4m | 2,966,403 | 18 | N/A | 0.72% |
| AFFILIATED MANAGERS GROUP IN | AMG | 13.92m | 235,298 | 59.14 | +329.8% | 0.19% |
| NVIDIA CORP | NVDA | 13.18m | 50,000 | 263.6 | N/A | 0.18% |
| APELLIS PHARMACEUTICALS INC | APLS | 9.38m | 350,000 | 26.79 | +7.48% | 0.13% |
| BRIDGEBIO PHARMA INC | BBIO | 9.36m | 322,914 | 29 | +7.36% | 0.13% |
| GRUBHUB INC | GRUB | 6.9m | 169,386 | 40.73 | N/A | 0.09% |
| BLUEPRINT MEDICINES CORP | BPMC | 6.36m | 108,695 | 58.48 | +7.22% | 0.09% |
| PASSAGE BIO INC | PASG | 3.95m | 250,616 | 15.75 | N/A | 0.05% |
| COVETRUS INC | CVET | 1.26m | 155,124 | 8.14 | N/A | 0.02% |
Sell (Compared to the previous quarter portfolio)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % change | % of portfolio |
|---|---|---|---|---|---|---|
| ALIGN TECHNOLOGY INC | ALGN | 223.88m | 1,287,040 | 173.95 | -54.68% | 3.02% |
| TAL EDUCATION GROUP | TAL | 210.89m | 3,959,682 | 53.26 | -34.54% | 2.84% |
| SEA LTD | SE | 135.15m | 3,050,000 | 44.31 | -70.93% | 1.82% |
| ZOOM VIDEO COMMUNICATIONS IN | ZM | 105.45m | 721,641 | 146.12 | -10.43% | 1.42% |
 NEW ORIENTAL ED & TECH GRP I | EDU | 73.14m | 603,208 | 121.25 | -100% | 0.91% |
 NETFLIX INC | NFLX | 44.13m | 136,400 | 323.57 | -100% | 0.55% |
 QUALCOMM INC | QCOM | 17.65m | 200,000 | 88.23 | -100% | 0.22% |
| ZAI LAB LTD | ZLAB | 12.65m | 245,745 | 51.48 | -30.8% | 0.17% |
| LINE CORP | LN | 12.04m | 250,101 | 48.14 | -22.3% | 0.16% |
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