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$100 million in assets must report to the SEC the securities held by the institution on a quarterly basis. For details, please refer to the SEC official website.
Hillhouse Capital portfolio market value
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Quarter end date
March 31, 2021
Reporting date
May 17, 2021
Quarter portfolio shareholdings record (13-F)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % of portfolio | Holding period |
|---|---|---|---|---|---|---|
 BEIGENE LTD | BGNE | 1.9b | 5,472,259 | 348.08 | 18.82% | At least 2.25 yrs |
 PINDUODUO INC | PDD | 1.37b | 10,222,922 | 133.88 | 13.53% | At least 2.25 yrs |
 IQIYI INC | IQ | 642.34m | 38,648,477 | 16.62 | 6.35% | At least 2.25 yrs |
 ZOOM VIDEO COMMUNICATIONS IN | ZM | 634.86m | 1,975,966 | 321.29 | 6.27% | 1.25 yrs |
 ENSTAR GROUP LIMITED | ESGR | 431.25m | 1,747,840 | 246.73 | 4.26% | 2 yrs |
 UBER TECHNOLOGIES INC | UBER | 370.2m | 6,791,449 | 54.51 | 3.66% | 1.5 yrs |
 JD.COM INC | JD | 351.01m | 4,162,336 | 84.33 | 3.47% | At least 2.25 yrs |
 CHINA BIOLOGIC PRODS HLDGS I | CBPO | 350.74m | 2,962,076 | 118.41 | 3.47% | At least 2.25 yrs |
 BRIDGEBIO PHARMA INC | BBIO | 330.3m | 5,362,014 | 61.6 | 3.26% | 1.75 yrs |
 I MAB | IMAB | 320.69m | 6,616,170 | 48.47 | 3.17% | 0.5 yrs |
 KE HLDGS INC | BEKE | 285.59m | 5,012,100 | 56.98 | 2.82% | 0.5 yrs |
 GDS HLDGS LTD | GDS | 254.92m | 3,143,623 | 81.09 | 2.52% | 0.75 yrs |
 SALESFORCE COM INC | CRM | 240.78m | 1,136,476 | 211.87 | 2.38% | 1 yrs |
 BILIBILI INC | BILI | 213.94m | 1,998,271 | 107.06 | 2.11% | At least 2.25 yrs |
 APELLIS PHARMACEUTICALS INC | APLS | 195.59m | 4,558,029 | 42.91 | 1.93% | At least 2.25 yrs |
 BEAM THERAPEUTICS INC | BEAM | 165.9m | 2,072,679 | 80.04 | 1.64% | 1 yrs |
 DOORDASH INC | DASH | 143.76m | 1,096,300 | 131.13 | 1.42% | 0.25 yrs |
 FIBROGEN INC | FGEN | 137.31m | 3,955,787 | 34.71 | 1.36% | At least 2.25 yrs |
 MONDELEZ INTL INC | MDLZ | 108.99m | 1,862,164 | 58.53 | 1.08% | At least 2.25 yrs |
 ARGENX SE | ARGX | 103.42m | 375,540 | 275.39 | 1.02% | 1.25 yrs |
 KODIAK SCIENCES INC | KOD | 100.76m | 888,627 | 113.39 | 1% | 0.25 yrs |
 PLAYTIKA HLDG CORP | PLTK | 89.27m | 3,280,699 | 27.21 | 0.88% | - |
 ZTO EXPRESS CAYMAN INC | ZTO | 75.81m | 2,600,777 | 29.15 | 0.75% | 1 yrs |
 BLUEPRINT MEDICINES CORP | BPMC | 73.77m | 758,691 | 97.23 | 0.73% | At least 2.25 yrs |
 GOSSAMER BIO INC | GOSS | 68.64m | 7,420,974 | 9.25 | 0.68% | 2 yrs |
 INSTIL BIO INC | TIL | 59.83m | 2,385,457 | 25.08 | 0.59% | - |
 KINIKSA PHARMACEUTICALS LTD | KNSA | 54.05m | 2,920,023 | 18.51 | 0.53% | At least 2.25 yrs |
 TUYA INC | TUYA | 50.21m | 2,375,000 | 21.14 | 0.5% | - |
 AFFILIATED MANAGERS GROUP IN | AMG | 49.94m | 335,073 | 149.03 | 0.49% | 1.25 yrs |
 ALIGOS THERAPEUTICS INC | ALGS | 49.23m | 2,165,064 | 22.74 | 0.49% | 0.25 yrs |
 AKERO THERAPEUTICS INC | AKRO | 48.06m | 1,656,673 | 29.01 | 0.47% | 1.75 yrs |
 TAIWAN SEMICONDUCTOR MFG LTD | TSM | 42.64m | 360,495 | 118.28 | 0.42% | 0.75 yrs |
 OTIS WORLDWIDE CORP | OTIS | 42.07m | 614,556 | 68.45 | 0.42% | 0.75 yrs |
 MELCO RESORTS AND ENTMNT LTD | MLCO | 33.83m | 1,698,877 | 19.91 | 0.33% | At least 2.25 yrs |
 ROOT INC | ROOT | 33.1m | 2,600,000 | 12.73 | 0.33% | 0.25 yrs |
 KEURIG DR PEPPER INC | KDP | 33m | 960,154 | 34.37 | 0.33% | 0.75 yrs |
 HUAZHU GROUP LTD | HTHT | 31.78m | 578,902 | 54.9 | 0.31% | 0.75 yrs |
 FORMA THERAPEUTICS HLDGS INC | FMTX | 30.82m | 1,100,000 | 28.02 | 0.3% | 0.75 yrs |
 ALIBABA GROUP HLDG LTD | BABA | 30.77m | 135,700 | 226.73 | 0.3% | - |
 ALLOGENE THERAPEUTICS INC | ALLO | 28.24m | 800,000 | 35.3 | 0.28% | 0.75 yrs |
 PRELUDE THERAPEUTICS INC | PRLD | 27.15m | 626,502 | 43.33 | 0.27% | 0.5 yrs |
 CALLIDITAS THERAPEUTICS AB | CALT | 26.1m | 944,716 | 27.63 | 0.26% | 0.75 yrs |
 APPLE INC | AAPL | 24.43m | 200,000 | 122.15 | 0.24% | 0.25 yrs |
 XPENG INC | XPEV | 24.05m | 658,595 | 36.51 | 0.24% | - |
 BRIGHT SCHOLAR ED HLDGS LTD | BEDU | 23.12m | 3,985,797 | 5.8 | 0.23% | At least 2.25 yrs |
 OLEMA PHARMACEUTICALS INC | OLMA | 20.59m | 620,397 | 33.18 | 0.2% | 0.25 yrs |
 AXSOME THERAPEUTICS INC | AXSM | 20.38m | 360,000 | 56.62 | 0.2% | 0.25 yrs |
 MOGU INC | MOGU | 20.27m | 10,446,970 | 1.94 | 0.2% | 1.75 yrs |
 KRONOS BIO INC | KRON | 19.27m | 658,436 | 29.27 | 0.19% | 0.25 yrs |
 LEGEND BIOTECH CORP | LEGN | 18.86m | 650,000 | 29.02 | 0.19% | 0.75 yrs |
 KURA ONCOLOGY INC | KURA | 18.38m | 650,000 | 28.27 | 0.18% | 0.25 yrs |
 ACM RESEARCH INC | ACMR | 18.06m | 223,585 | 80.79 | 0.18% | 0.5 yrs |
 REGENXBIO INC | RGNX | 15.55m | 456,000 | 34.11 | 0.15% | 1.75 yrs |
 DYNE THERAPEUTICS INC | DYN | 15.53m | 1,000,000 | 15.53 | 0.15% | 0.5 yrs |
 SNOWFLAKE INC | SNOW | 14.45m | 63,000 | 229.29 | 0.14% | 0.5 yrs |
 VIPSHOP HOLDINGS LIMITED | VIPS | 14.03m | 470,000 | 29.86 | 0.14% | - |
 SOHU COM LTD | SOHU | 12.61m | 802,034 | 15.72 | 0.12% | At least 2.25 yrs |
 ADC THERAPEUTICS SA | ADCT | 12.21m | 500,000 | 24.41 | 0.12% | 0.75 yrs |
 IMMUNOCORE HLDGS PLC | IMCR | 11.9m | 279,580 | 42.57 | 0.12% | - |
 NKARTA INC | NKTX | 11.83m | 359,528 | 32.9 | 0.12% | 0.5 yrs |
 IGM BIOSCIENCES INC | IGMS | 11.61m | 151,390 | 76.69 | 0.11% | 1.5 yrs |
 GRUBHUB INC | GRUB | 10.16m | 169,386 | 60 | 0.1% | 1 yrs |
 MEREO BIOPHARMA GROUP PLC | MREO | 10.03m | 2,976,121 | 3.37 | 0.1% | 0.75 yrs |
 HOOKIPA PHARMA INC | HOOK | 9.89m | 735,570 | 13.45 | 0.1% | 1.75 yrs |
 PAYPAL HLDGS INC | PYPL | 9.71m | 40,000 | 242.85 | 0.1% | - |
 AVIDITY BIOSCIENCES INC | RNA | 9.27m | 425,000 | 21.81 | 0.09% | 0.75 yrs |
 UNUM THERAPEUTICS INC | COGT | 8.78m | 1,000,000 | 8.78 | 0.09% | 0.25 yrs |
 GENMAB A/S | GMAB | 8.72m | 265,529 | 32.83 | 0.09% | 1.5 yrs |
 DESIGN THERAPEUTICS INC | DSGN | 8.4m | 280,991 | 29.9 | 0.08% | - |
 MINISO GROUP HLDG LTD | MNSO | 7.14m | 297,288 | 24.02 | 0.07% | 0.25 yrs |
 4D MOLECULAR THERAPEUTICS IN | FDMT | 6.83m | 157,500 | 43.38 | 0.07% | 0.25 yrs |
 LEAP THERAPEUTICS INC | LPTX | 6.79m | 3,575,745 | 1.9 | 0.07% | 0.75 yrs |
 NEXTCURE INC | NXTC | 5.64m | 563,907 | 10.01 | 0.06% | 1.75 yrs |
 CODIAK BIOSCIENCES INC | CDAK | 5.53m | 366,721 | 15.08 | 0.05% | 0.25 yrs |
 CHINA JO-JO DRUGSTORES INC | CJJD | 5.42m | 4,840,000 | 1.12 | 0.05% | 1.5 yrs |
 CYTOKINETICS INC | CYTK | 5.37m | 230,718 | 23.26 | 0.05% | 0.25 yrs |
 MONTES ARCHIMEDES ACQUISITIO | MAAC | 5.1m | 500,000 | 10.2 | 0.05% | 0.25 yrs |
 NIO INC | NIO | 4.96m | 127,200 | 38.98 | 0.05% | - |
 COVETRUS INC | CVET | 4.65m | 155,124 | 29.97 | 0.05% | 1 yrs |
 NETEASE INC | NTES | 4.49m | 43,500 | 103.26 | 0.04% | - |
 FANG HLDGS LTD | SFUN | 4.1m | 327,920 | 12.5 | 0.04% | At least 2.25 yrs |
 PROMETHEUS BIOSCIENCES INC | RXDX | 3.65m | 200,000 | 18.26 | 0.04% | - |
 YATSEN HLDG LTD | YSG | 3.1m | 250,764 | 12.35 | 0.03% | 0.25 yrs |
 UXIN LTD | UXIN | 2.69m | 2,297,318 | 1.17 | 0.03% | 1.5 yrs |
 DRAGONEER GROWTH OPPORTUN CO | DGNU | 2.08m | 200,000 | 10.4 | 0.02% | 0.5 yrs |
 ARCUS BIOSCIENCES INC | RCUS | 1.4m | 50,000 | 28.08 | 0.01% | At least 2.25 yrs |
 NEW ORIENTAL ED & TECHNOLOGY | EDU | 1.1m | 78,771 | 14 | 0.01% | - |
 MERUS N V | MRUS | 972k | 46,532 | 20.89 | 0.01% | 1.25 yrs |
 TCR2 THERAPEUTICS INC | TCRR | 874k | 39,577 | 22.08 | 0.01% | 1.5 yrs |
 CHINA INDEX HLDGS LTD | CIH | 654k | 300,000 | 2.18 | 0.01% | 1.75 yrs |
 RIBBIT LEAP LTD | LEAP | 550k | 50,000 | 11 | 0.01% | 0.5 yrs |
Buy (Compared to the previous quarter portfolio)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % change | % of portfolio |
|---|---|---|---|---|---|---|
| I MAB | IMAB | 248.15m | 5,119,630 | 48.47 | +342.1% | 2.45% |
| PLAYTIKA HLDG CORP | PLTK | 89.27m | 3,280,699 | 27.21 | N/A | 0.88% |
| INSTIL BIO INC | TIL | 59.83m | 2,385,457 | 25.08 | N/A | 0.59% |
| TUYA INC | TUYA | 50.21m | 2,375,000 | 21.14 | N/A | 0.5% |
| BRIDGEBIO PHARMA INC | BBIO | 40.07m | 650,410 | 61.6 | +13.8% | 0.4% |
| DOORDASH INC | DASH | 31.18m | 237,800 | 131.13 | +27.7% | 0.31% |
| ALIBABA GROUP HLDG LTD | BABA | 30.77m | 135,700 | 226.73 | N/A | 0.3% |
| XPENG INC | XPEV | 24.05m | 658,595 | 36.51 | N/A | 0.24% |
| VIPSHOP HOLDINGS LIMITED | VIPS | 14.03m | 470,000 | 29.86 | N/A | 0.14% |
| SALESFORCE COM INC | CRM | 13.64m | 64,381 | 211.87 | +6.01% | 0.13% |
| IMMUNOCORE HLDGS PLC | IMCR | 11.9m | 279,580 | 42.57 | N/A | 0.12% |
| PAYPAL HLDGS INC | PYPL | 9.71m | 40,000 | 242.85 | N/A | 0.1% |
| DESIGN THERAPEUTICS INC | DSGN | 8.4m | 280,991 | 29.9 | N/A | 0.08% |
| DYNE THERAPEUTICS INC | DYN | 6.21m | 400,000 | 15.53 | +66.67% | 0.06% |
| NIO INC | NIO | 4.96m | 127,200 | 38.98 | N/A | 0.05% |
| NETEASE INC | NTES | 4.49m | 43,500 | 103.26 | N/A | 0.04% |
| FANG HLDGS LTD | SFUN | 3.72m | 297,920 | 12.5 | +993.07% | 0.04% |
| PROMETHEUS BIOSCIENCES INC | RXDX | 3.65m | 200,000 | 18.26 | N/A | 0.04% |
| HUAZHU GROUP LTD | HTHT | 1.2m | 21,800 | 54.9 | +3.91% | 0.01% |
| NEW ORIENTAL ED & TECHNOLOGY | EDU | 1.1m | 78,771 | 14 | N/A | 0.01% |
| ACM RESEARCH INC | ACMR | 767.97k | 9,506 | 80.79 | +4.44% | 0.01% |
| KE HLDGS INC | BEKE | 689.46k | 12,100 | 56.98 | +0.24% | 0.01% |
Sell (Compared to the previous quarter portfolio)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % change | % of portfolio |
|---|---|---|---|---|---|---|
| JD.COM INC | JD | 794.62m | 9,422,705 | 84.33 | -69.36% | 7.85% |
| ZOOM VIDEO COMMUNICATIONS IN | ZM | 322.99m | 1,005,299 | 321.29 | -33.72% | 3.19% |
 TAL EDUCATION GROUP | TAL | 290.02m | 4,055,722 | 71.51 | -100% | 2.31% |
| UBER TECHNOLOGIES INC | UBER | 267.49m | 4,907,121 | 54.51 | -41.95% | 2.64% |
| BILIBILI INC | BILI | 218.06m | 2,036,764 | 107.06 | -50.48% | 2.15% |
 ALIGN TECHNOLOGY INC | ALGN | 97.41m | 182,283 | 534.38 | -100% | 0.77% |
 VIELA BIO INC | VIE | 85.69m | 2,382,414 | 35.97 | -100% | 0.68% |
| BEAM THERAPEUTICS INC | BEAM | 71.53m | 893,724 | 80.04 | -30.13% | 0.71% |
 SEA LTD | SE | 67.2m | 337,622 | 199.05 | -100% | 0.53% |
| SNOWFLAKE INC | SNOW | 62.59m | 273,000 | 229.29 | -81.25% | 0.62% |
 17 ED & TECHNOLOGY GROUP INC | YQ | 59.48m | 4,643,391 | 12.81 | -100% | 0.47% |
| BLUEPRINT MEDICINES CORP | BPMC | 49.77m | 511,838 | 97.23 | -40.29% | 0.49% |
 MERCADOLIBRE INC | MELI | 46.11m | 27,525 | 1,675.2 | -100% | 0.37% |
 ZILLOW GROUP INC | ZG | 39.24m | 302,336 | 129.8 | -100% | 0.31% |
| GENMAB A/S | GMAB | 37.35m | 1,137,759 | 32.83 | -81.08% | 0.37% |
| KODIAK SCIENCES INC | KOD | 30.48m | 268,780 | 113.39 | -23.22% | 0.3% |
| ARGENX SE | ARGX | 26.01m | 94,460 | 275.39 | -20.1% | 0.26% |
 ABCELLERA BIOLOGICS INC | ABCL | 24.14m | 600,000 | 40.24 | -100% | 0.19% |
 EIDOS THERAPEUTICS INC | EIDX | 23.5m | 178,600 | 131.58 | -100% | 0.19% |
| ZTO EXPRESS CAYMAN INC | ZTO | 21.71m | 744,698 | 29.15 | -22.26% | 0.21% |
| YATSEN HLDG LTD | YSG | 21.66m | 1,753,565 | 12.35 | -87.49% | 0.21% |
| APELLIS PHARMACEUTICALS INC | APLS | 20.18m | 470,260 | 42.91 | -9.35% | 0.2% |
 BERKELEY LTS INC | BLI | 17.88m | 200,000 | 89.41 | -100% | 0.14% |
| ARCUS BIOSCIENCES INC | RCUS | 16.15m | 575,000 | 28.08 | -92% | 0.16% |
| APPLE INC | AAPL | 12.21m | 100,000 | 122.15 | -33.33% | 0.12% |
| MERUS N V | MRUS | 11.56m | 553,468 | 20.89 | -92.24% | 0.11% |
| MONDELEZ INTL INC | MDLZ | 11.33m | 193,600 | 58.53 | -9.42% | 0.11% |
 10X GENOMICS INC | TXG | 10.62m | 75,000 | 141.6 | -100% | 0.08% |
| KEURIG DR PEPPER INC | KDP | 9.37m | 272,512 | 34.37 | -22.11% | 0.09% |
 G1 THERAPEUTICS INC | GTHX | 8.54m | 474,716 | 17.99 | -100% | 0.07% |
| FUTU HLDGS LTD | GTHX | 6.86m | 150,000 | 45.75 | -100% | 0.05% |
| NKARTA INC | NKTX | 6.45m | 196,028 | 32.9 | -35.29% | 0.06% |
| TCR2 THERAPEUTICS INC | TCRR | 6.26m | 283,326 | 22.08 | -87.74% | 0.06% |
| PRELUDE THERAPEUTICS INC | PRLD | 5.35m | 123,498 | 43.33 | -16.47% | 0.05% |
 ATEA PHARMACEUTICALS INC | AVIR | 5.22m | 125,000 | 41.78 | -100% | 0.04% |
 ATHENEX INC | ATNX | 4.77m | 431,440 | 11.06 | -100% | 0.04% |
| TAIWAN SEMICONDUCTOR MFG LTD | TSM | 4.73m | 40,000 | 118.28 | -9.99% | 0.05% |
 CELLULAR BIOMEDICINE GROUP I | CBMG | 4.32m | 235,214 | 18.38 | -100% | 0.03% |
 CUREVAC N V | CVAC | 4.15m | 51,199 | 81.08 | -100% | 0.03% |
| 4D MOLECULAR THERAPEUTICS IN | FDMT | 2.93m | 67,500 | 43.38 | -30% | 0.03% |
| CALLIDITAS THERAPEUTICS AB | CALT | 2.85m | 102,971 | 27.63 | -9.83% | 0.03% |
| HOOKIPA PHARMA INC | HOOK | 2.79m | 207,684 | 13.45 | -22.02% | 0.03% |
| MINISO GROUP HLDG LTD | MNSO | 2.27m | 94,645 | 24.02 | -24.15% | 0.02% |
| PINDUODUO INC | PDD | 951.89k | 7,110 | 133.88 | -0.07% | 0.01% |
| NEXTCURE INC | NXTC | 744.78k | 74,400 | 10.01 | -11.66% | 0.01% |
| LEAP THERAPEUTICS INC | LPTX | 266.94k | 140,495 | 1.9 | -3.78% | 0% |
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