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$100 million in assets must report to the SEC the securities held by the institution on a quarterly basis. For details, please refer to the SEC official website.
Hillhouse Capital portfolio market value
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Quarter end date
June 30, 2020
Reporting date
August 14, 2020
Quarter portfolio shareholdings record (13-F)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % of portfolio | Holding period |
|---|---|---|---|---|---|---|
 ZOOM VIDEO COMMUNICATIONS IN | ZM | 1.74b | 6,856,980 | 253.54 | 15.89% | 0.5 yrs |
 IQIYI INC | IQ | 1.08b | 46,694,629 | 23.19 | 9.9% | At least 1.5 yrs |
 BEIGENE LTD | BGNE | 1.03b | 5,472,259 | 188.4 | 9.42% | At least 1.5 yrs |
 ALIBABA GROUP HLDG LTD | BABA | 847.72m | 3,930,086 | 215.7 | 7.75% | At least 1.5 yrs |
 PINDUODUO INC | PDD | 846.71m | 9,863,866 | 85.84 | 7.74% | At least 1.5 yrs |
 UBER TECHNOLOGIES INC | UBER | 598.62m | 19,260,700 | 31.08 | 5.47% | 0.75 yrs |
 TAL EDUCATION GROUP | TAL | 540.62m | 7,906,041 | 68.38 | 4.94% | At least 1.5 yrs |
 JD.COM INC | JD | 470.03m | 7,810,402 | 60.18 | 4.3% | At least 1.5 yrs |
 BILIBILI INC | BILI | 421.61m | 9,102,063 | 46.32 | 3.85% | At least 1.5 yrs |
 CHINA BIOLOGIC PRODS HLDGS I | CBPO | 302.67m | 2,962,076 | 102.18 | 2.77% | At least 1.5 yrs |
 ENSTAR GROUP LIMITED | ESGR | 267.02m | 1,747,840 | 152.77 | 2.44% | 1.25 yrs |
 ALIGN TECHNOLOGY INC | ALGN | 216.91m | 790,365 | 274.44 | 1.98% | 0.75 yrs |
 APELLIS PHARMACEUTICALS INC | APLS | 164.22m | 5,028,289 | 32.66 | 1.5% | At least 1.5 yrs |
 FIBROGEN INC | FGEN | 160.33m | 3,955,787 | 40.53 | 1.47% | At least 1.5 yrs |
 BRIDGEBIO PHARMA INC | BBIO | 153.65m | 4,711,604 | 32.61 | 1.4% | 1 yrs |
 TESLA INC | TSLA | 140.78m | 130,378 | 1,079.81 | 1.29% | 0.25 yrs |
 SALESFORCE COM INC | CRM | 132.91m | 709,495 | 187.33 | 1.21% | 0.25 yrs |
 ZTO EXPRESS CAYMAN INC | ZTO | 126.05m | 3,433,592 | 36.71 | 1.15% | 0.25 yrs |
 MONDELEZ INTL INC | MDLZ | 124.31m | 2,431,164 | 51.13 | 1.14% | At least 1.5 yrs |
 VIELA BIO INC | VIE | 121.98m | 2,815,868 | 43.32 | 1.12% | 0.5 yrs |
 VIPSHOP HOLDINGS LIMITED | VIPS | 109.06m | 5,477,392 | 19.91 | 1% | 0.25 yrs |
 BLUEPRINT MEDICINES CORP | BPMC | 106.44m | 1,364,631 | 78 | 0.97% | At least 1.5 yrs |
 ARGENX SE | ARGX | 105.86m | 470,000 | 225.23 | 0.97% | 0.5 yrs |
 GOSSAMER BIO INC | GOSS | 96.47m | 7,420,974 | 13 | 0.88% | 1.25 yrs |
 BEAM THERAPEUTICS INC | BEAM | 83.06m | 2,966,403 | 28 | 0.76% | 0.25 yrs |
 MYOKARDIA INC | MYOK | 66.73m | 690,658 | 96.62 | 0.61% | At least 1.5 yrs |
 SEA LTD | SE | 64.18m | 598,489 | 107.24 | 0.59% | 1.25 yrs |
 TAIWAN SEMICONDUCTOR MFG LTD | TSM | 62.48m | 1,100,495 | 56.77 | 0.57% | - |
 KINIKSA PHARMACEUTICALS LTD | KNSA | 62.27m | 2,443,833 | 25.48 | 0.57% | At least 1.5 yrs |
 GENMAB A/S | GMAB | 50.84m | 1,500,000 | 33.89 | 0.46% | 0.75 yrs |
 OTIS WORLDWIDE CORP | OTIS | 34.94m | 614,556 | 56.86 | 0.32% | - |
 ALLOGENE THERAPEUTICS INC | ALLO | 34.26m | 800,000 | 42.82 | 0.31% | - |
 LINE CORP | LN | 33.86m | 676,211 | 50.07 | 0.31% | At least 1.5 yrs |
 ZAI LAB LTD | ZLAB | 32.85m | 400,000 | 82.13 | 0.3% | 0.75 yrs |
 BRIGHT SCHOLAR ED HLDGS LTD | BEDU | 31.33m | 3,985,797 | 7.86 | 0.29% | At least 1.5 yrs |
 LEGEND BIOTECH CORP | LEGN | 27.66m | 650,000 | 42.56 | 0.25% | - |
 NOVAVAX INC | NVAX | 27.18m | 326,038 | 83.35 | 0.25% | - |
 MELCO RESORT ENTMNT LTD | MLCO | 26.37m | 1,698,877 | 15.52 | 0.24% | At least 1.5 yrs |
 AKERO THERAPEUTICS INC | AKRO | 26.33m | 1,056,673 | 24.92 | 0.24% | 1 yrs |
 IGM BIOSCIENCES INC | IGMS | 25.55m | 350,000 | 73 | 0.23% | 0.75 yrs |
 AFFILIATED MANAGERS GROUP IN | AMG | 24.98m | 335,073 | 74.56 | 0.23% | 0.5 yrs |
 ADC THERAPEUTICS SA | ADCT | 23.41m | 500,000 | 46.81 | 0.21% | - |
 FORMA THERAPEUTICS HLDGS INC | FMTX | 23.25m | 500,000 | 46.49 | 0.21% | - |
 G1 THERAPEUTICS INC | GTHX | 23.03m | 949,431 | 24.26 | 0.21% | At least 1.5 yrs |
 JOYY INC | JOYY | 21.21m | 239,476 | 88.55 | 0.19% | - |
 ARVINAS INC | ARVN | 20.96m | 625,000 | 33.54 | 0.19% | At least 1.5 yrs |
 MOGU INC | MOGU | 18.8m | 10,446,970 | 1.8 | 0.17% | 1 yrs |
 REGENXBIO INC | RGNX | 16.79m | 456,000 | 36.83 | 0.15% | 1 yrs |
 ARCUS BIOSCIENCES INC | RCUS | 15.46m | 625,000 | 24.74 | 0.14% | At least 1.5 yrs |
 NEXTCURE INC | NXTC | 13.69m | 638,307 | 21.44 | 0.13% | 1 yrs |
 AVIDITY BIOSCIENCES INC | RNA | 12.01m | 425,000 | 28.26 | 0.11% | - |
 GRUBHUB INC | GRUB | 11.91m | 169,386 | 70.3 | 0.11% | 0.25 yrs |
 HOOKIPA PHARMA INC | HOOK | 10.96m | 943,254 | 11.62 | 0.1% | 1 yrs |
 BURNING ROCK BIOTECH LTD | BNR | 10.8m | 400,000 | 27.01 | 0.1% | - |
 MERUS N V | MRUS | 9.65m | 600,000 | 16.09 | 0.09% | 0.5 yrs |
 EIDOS THERAPEUTICS INC | EIDX | 8.51m | 178,600 | 47.67 | 0.08% | At least 1.5 yrs |
 CALLIDITAS THERAPEUTICS AB | CALT | 8.15m | 350,000 | 23.3 | 0.07% | - |
 LEAP THERAPEUTICS INC | LPTX | 7.53m | 3,604,040 | 2.09 | 0.07% | - |
 SOHU COM LTD | SOHU | 7.39m | 802,034 | 9.21 | 0.07% | At least 1.5 yrs |
 PASSAGE BIO INC | PASG | 6.85m | 250,616 | 27.33 | 0.06% | 0.25 yrs |
 10X GENOMICS INC | TXG | 6.7m | 75,000 | 89.31 | 0.06% | 0.75 yrs |
 CHINA JO-JO DRUGSTORES INC | CJJD | 6.68m | 4,840,000 | 1.38 | 0.06% | 0.75 yrs |
 KEURIG DR PEPPER INC | KDP | 6.01m | 211,556 | 28.4 | 0.05% | - |
 GDS HLDGS LTD | GDS | 5.31m | 66,700 | 79.66 | 0.05% | - |
 TCR2 THERAPEUTICS INC | TCRR | 4.96m | 322,903 | 15.36 | 0.05% | 0.75 yrs |
 HUAZHU GROUP LTD | HTHT | 4.51m | 128,786 | 35.05 | 0.04% | - |
 UXIN LTD | UXIN | 4.29m | 2,996,543 | 1.43 | 0.04% | 0.75 yrs |
 CELLULAR BIOMEDICINE GROUP I | CBMG | 3.52m | 235,214 | 14.97 | 0.03% | 0.75 yrs |
 COVETRUS INC | CVET | 2.77m | 155,124 | 17.89 | 0.03% | 0.25 yrs |
 AGORA INC | API | 1.33m | 30,050 | 44.16 | 0.01% | - |
 PUXIN LTD | NEW | 651k | 126,145 | 5.16 | 0.01% | At least 1.5 yrs |
 CHINA INDEX HLDGS LTD | CIH | 642k | 300,000 | 2.14 | 0.01% | 1 yrs |
 MEREO BIOPHARMA GROUP PLC | MREO | 382k | 124,970 | 3.06 | 0% | - |
 FANG HLDGS LTD | SFUN | 340k | 30,000 | 11.33 | 0% | At least 1.5 yrs |
Buy (Compared to the previous quarter portfolio)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % change | % of portfolio |
|---|---|---|---|---|---|---|
| ALIBABA GROUP HLDG LTD | BABA | 420.7m | 1,950,370 | 215.7 | +98.52% | 3.85% |
| ZOOM VIDEO COMMUNICATIONS IN | ZM | 167.98m | 662,543 | 253.54 | +10.7% | 1.54% |
| PINDUODUO INC | PDD | 97.39m | 1,134,500 | 85.84 | +13% | 0.89% |
| ARGENX SE | ARGX | 94.6m | 420,000 | 225.23 | +840% | 0.86% |
| TAIWAN SEMICONDUCTOR MFG LTD | TSM | 62.48m | 1,100,495 | 56.77 | N/A | 0.57% |
| OTIS WORLDWIDE CORP | OTIS | 34.94m | 614,556 | 56.86 | N/A | 0.32% |
| ALLOGENE THERAPEUTICS INC | ALLO | 34.26m | 800,000 | 42.82 | N/A | 0.31% |
| SALESFORCE COM INC | CRM | 29.78m | 158,995 | 187.33 | +28.88% | 0.27% |
| LEGEND BIOTECH CORP | LEGN | 27.66m | 650,000 | 42.56 | N/A | 0.25% |
| TAL EDUCATION GROUP | TAL | 27.39m | 400,521 | 68.38 | +5.34% | 0.25% |
| NOVAVAX INC | NVAX | 27.18m | 326,038 | 83.35 | N/A | 0.25% |
| ADC THERAPEUTICS SA | ADCT | 23.41m | 500,000 | 46.81 | N/A | 0.21% |
| FORMA THERAPEUTICS HLDGS INC | FMTX | 23.25m | 500,000 | 46.49 | N/A | 0.21% |
| CHINA BIOLOGIC PRODS HLDGS I | CBPO | 21.55m | 210,876 | 102.18 | +7.66% | 0.2% |
| JOYY INC | JOYY | 21.21m | 239,476 | 88.55 | N/A | 0.19% |
| GOSSAMER BIO INC | GOSS | 19.62m | 1,509,433 | 13 | +25.53% | 0.18% |
| KINIKSA PHARMACEUTICALS LTD | KNSA | 13.96m | 547,945 | 25.48 | +28.9% | 0.13% |
| AVIDITY BIOSCIENCES INC | RNA | 12.01m | 425,000 | 28.26 | N/A | 0.11% |
| BURNING ROCK BIOTECH LTD | BNR | 10.8m | 400,000 | 27.01 | N/A | 0.1% |
| CALLIDITAS THERAPEUTICS AB | CALT | 8.15m | 350,000 | 23.3 | N/A | 0.07% |
| LEAP THERAPEUTICS INC | LPTX | 7.53m | 3,604,040 | 2.09 | N/A | 0.07% |
| KEURIG DR PEPPER INC | KDP | 6.01m | 211,556 | 28.4 | N/A | 0.05% |
| GDS HLDGS LTD | GDS | 5.31m | 66,700 | 79.66 | N/A | 0.05% |
| HUAZHU GROUP LTD | HTHT | 4.51m | 128,786 | 35.05 | N/A | 0.04% |
| AKERO THERAPEUTICS INC | AKRO | 4.12m | 165,472 | 24.92 | +18.57% | 0.04% |
| AFFILIATED MANAGERS GROUP IN | AMG | 2.12m | 28,430 | 74.56 | +9.27% | 0.02% |
| AGORA INC | API | 1.33m | 30,050 | 44.16 | N/A | 0.01% |
| MEREO BIOPHARMA GROUP PLC | MREO | 382k | 124,970 | 3.06 | N/A | 0% |
| FANG HLDGS LTD | SFUN | 340k | 30,000 | 11.33 | 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 |
|---|---|---|---|---|---|---|
| JD COM INC | JD | 246.41m | 4,094,626 | 60.18 | -34.39% | 2.25% |
| VIELA BIO INC | VIE | 76.91m | 1,775,308 | 43.32 | -38.67% | 0.7% |
| ALIGN TECHNOLOGY INC | ALGN | 75.8m | 276,186 | 274.44 | -25.9% | 0.69% |
| SEA LTD | SE | 69.87m | 651,511 | 107.24 | -52.12% | 0.64% |
 SNAP INC | SNAP | 53.1m | 4,465,885 | 11.89 | -100% | 0.72% |
| BILIBILI INC | BILI | 51.57m | 1,113,292 | 46.32 | -10.9% | 0.47% |
| VIPSHOP HLDGS LTD | VIPS | 31.21m | 1,567,662 | 19.91 | -22.25% | 0.29% |
| MYOKARDIA INC | MYOK | 27.57m | 285,329 | 96.62 | -29.23% | 0.25% |
| BLUEPRINT MEDICINES CORP | BPMC | 19.4m | 248,663 | 78 | -15.41% | 0.18% |
 SMILEDIRECTCLUB INC | SDC | 13.53m | 2,898,086 | 4.67 | -100% | 0.18% |
 NVIDIA CORP | NVDA | 13.18m | 50,000 | 263.6 | -100% | 0.18% |
| ZAI LAB LTD | ZLAB | 12.5m | 152,256 | 82.13 | -27.57% | 0.11% |
| LINE CORP | LN | 9.77m | 195,045 | 50.07 | -22.39% | 0.09% |
| NEXTCURE INC | NXTC | 8.9m | 415,263 | 21.44 | -39.41% | 0.08% |
| MELCO RESORTS AND ENTMNT LTD | MLCO | 7.74m | 498,973 | 15.52 | -22.7% | 0.07% |
| ARVINAS INC | ARVN | 7.72m | 230,308 | 33.54 | -26.93% | 0.07% |
| UXIN LTD | UXIN | 6.07m | 4,247,798 | 1.43 | -58.64% | 0.06% |
| MONDELEZ INTL INC | MDLZ | 5.9m | 115,400 | 51.13 | -4.53% | 0.05% |
| ARCUS BIOSCIENCES INC | RCUS | 3.52m | 142,128 | 24.74 | -18.53% | 0.03% |
| FANG HLDGS LTD | SFUN | 405k | 300,000 | 1.35 | -100% | 0.01% |
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