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$100 million in assets must report to the SEC the securities held by the institution on a quarterly basis. For details, please refer to the SEC official website.
Hillhouse Capital portfolio market value
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Quarter end date
September 30, 2021
Reporting date
November 15, 2021
Quarter portfolio shareholdings record (13-F)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % of portfolio | Holding period |
|---|---|---|---|---|---|---|
 BEIGENE LTD | BGNE | 1.99b | 5,472,259 | 363 | 25.98% | At least 2.75 yrs |
 LEGEND BIOTECH CORP | LEGN | 558.94m | 11,054,925 | 50.56 | 7.31% | 1.25 yrs |
 I MAB | IMAB | 520.68m | 7,182,850 | 72.49 | 6.81% | 1 yrs |
 ON HLDG AG | ONON | 481.29m | 15,973,750 | 30.13 | 6.29% | - |
 JD.COM INC | JD | 344.39m | 4,767,307 | 72.24 | 4.5% | At least 2.75 yrs |
 SALESFORCE COM INC | CRM | 340.16m | 1,254,176 | 271.22 | 4.45% | 1.5 yrs |
 IQIYI INC | IQ | 310.35m | 38,648,477 | 8.03 | 4.06% | At least 2.75 yrs |
 PINDUODUO INC | PDD | 254.6m | 2,808,000 | 90.67 | 3.33% | At least 2.75 yrs |
 BRIDGEBIO PHARMA INC | BBIO | 251.32m | 5,362,014 | 46.87 | 3.29% | 2.25 yrs |
 DOORDASH INC | DASH | 246.41m | 1,196,300 | 205.98 | 3.22% | 0.75 yrs |
 CYTEK BIOSCIENCES INC | CTKB | 187.49m | 8,757,030 | 21.41 | 2.45% | - |
 BEAM THERAPEUTICS INC | BEAM | 126m | 1,448,161 | 87.01 | 1.65% | 1.5 yrs |
 MONDELEZ INTL INC | MDLZ | 108.34m | 1,862,164 | 58.18 | 1.42% | At least 2.75 yrs |
 ALIBABA GROUP HLDG LTD | BABA | 105.62m | 713,400 | 148.05 | 1.38% | 0.5 yrs |
 SEA LTD | SE | 105.18m | 330,000 | 318.73 | 1.38% | - |
 ERASCA INC | ERAS | 100.21m | 4,722,221 | 21.22 | 1.31% | - |
 VIPSHOP HOLDINGS LIMITED | VIPS | 99.86m | 8,963,752 | 11.14 | 1.31% | 0.5 yrs |
 GOSSAMER BIO INC | GOSS | 93.28m | 7,420,974 | 12.57 | 1.22% | 2.5 yrs |
 KE HLDGS INC | BEKE | 91.52m | 5,012,100 | 18.26 | 1.2% | 1 yrs |
 PLAYTIKA HLDG CORP | PLTK | 90.65m | 3,280,699 | 27.63 | 1.19% | 0.5 yrs |
 ILLUMINA INC | ILMN | 67.99m | 167,614 | 405.61 | 0.89% | - |
 COUPANG INC | CPNG | 60.72m | 2,180,272 | 27.85 | 0.79% | - |
 TANGO THERAPEUTICS INC | TNGX | 56.56m | 4,373,982 | 12.93 | 0.74% | - |
 AFFILIATED MANAGERS GROUP IN | AMG | 50.63m | 335,073 | 151.09 | 0.66% | 1.75 yrs |
 UBER TECHNOLOGIES INC | UBER | 49.91m | 1,114,000 | 44.8 | 0.65% | 2 yrs |
 MEMBERSHIP COLLECTIVE GROUP | MCG | 46.13m | 3,708,041 | 12.44 | 0.6% | - |
 INSTIL BIO INC | TIL | 42.64m | 2,385,457 | 17.87 | 0.56% | 0.5 yrs |
 BILIBILI INC | BILI | 42.22m | 638,038 | 66.17 | 0.55% | At least 2.75 yrs |
 TAIWAN SEMICONDUCTOR MFG LTD | TSM | 40.25m | 360,495 | 111.65 | 0.53% | 1.25 yrs |
 KANZHUN LIMITED | BZ | 37.79m | 1,050,000 | 35.99 | 0.49% | 0.25 yrs |
 ALIGOS THERAPEUTICS INC | ALGS | 36.68m | 2,365,064 | 15.51 | 0.48% | 0.75 yrs |
 ARGENX SE | ARGX | 36.24m | 120,000 | 302 | 0.47% | 1.75 yrs |
 LYELL IMMUNOPHARMA INC | LYEL | 34.77m | 2,348,965 | 14.8 | 0.45% | 0.25 yrs |
 AKERO THERAPEUTICS INC | AKRO | 34.43m | 1,540,465 | 22.35 | 0.45% | 2.25 yrs |
 KINIKSA PHARMACEUTICALS LTD | KNSA | 33.26m | 2,920,023 | 11.39 | 0.43% | At least 2.75 yrs |
 NIO INC | NIO | 30.61m | 859,200 | 35.63 | 0.4% | 0.5 yrs |
 LI AUTO INC | LI | 28.39m | 1,080,000 | 26.29 | 0.37% | - |
 HUAZHU GROUP LTD | HTHT | 26.55m | 578,902 | 45.86 | 0.35% | 1.25 yrs |
 FORMA THERAPEUTICS HLDGS INC | FMTX | 25.51m | 1,100,000 | 23.19 | 0.33% | 1.25 yrs |
 AIRBNB INC | ABNB | 24.95m | 148,760 | 167.75 | 0.33% | 0.25 yrs |
 ACM RESH INC | ACMR | 24.59m | 223,585 | 110 | 0.32% | 1 yrs |
 PACIFIC BIOSCIENCES CALIF IN | PACB | 23.28m | 911,039 | 25.55 | 0.3% | - |
 ALLOGENE THERAPEUTICS INC | ALLO | 20.56m | 800,000 | 25.7 | 0.27% | 1.25 yrs |
 REGENXBIO INC | RGNX | 19.12m | 456,000 | 41.92 | 0.25% | 2.25 yrs |
 SNOWFLAKE INC | SNOW | 19.05m | 63,000 | 302.43 | 0.25% | 1 yrs |
 PRELUDE THERAPEUTICS INC | PRLD | 18.23m | 583,333 | 31.25 | 0.24% | 1 yrs |
 MELCO RESORTS AND ENTMNT LTD | MLCO | 17.4m | 1,698,877 | 10.24 | 0.23% | At least 2.75 yrs |
 SOHU COM LTD | SOHU | 16.71m | 802,034 | 20.84 | 0.22% | At least 2.75 yrs |
 DYNE THERAPEUTICS INC | DYN | 16.24m | 1,000,000 | 16.24 | 0.21% | 1 yrs |
 COINBASE GLOBAL INC | COIN | 15.92m | 70,000 | 227.49 | 0.21% | - |
 RALLYBIO CORP | RLYB | 15.89m | 903,673 | 17.58 | 0.21% | - |
 CENTURY THERAPEUTICS INC | IPSC | 15.45m | 614,095 | 25.16 | 0.2% | 0.25 yrs |
 TUYA INC | TUYA | 15.32m | 1,689,359 | 9.07 | 0.2% | 0.5 yrs |
 ROOT INC | ROOT | 13.7m | 2,600,000 | 5.27 | 0.18% | 0.75 yrs |
 SMART SH GLOBAL LTD | EM | 13.63m | 4,080,000 | 3.34 | 0.18% | 0.25 yrs |
 ADC THERAPEUTICS SA | ADCT | 13.58m | 500,000 | 27.16 | 0.18% | 1.25 yrs |
 HIPPO HLDGS INC | HIPO | 12.97m | 2,771,691 | 4.68 | 0.17% | - |
 BRIGHT SCHOLAR ED HLDGS LTD | BEDU | 11.44m | 3,985,797 | 2.87 | 0.15% | At least 2.75 yrs |
 TSCAN THERAPEUTICS INC | TCRX | 10.7m | 1,282,976 | 8.34 | 0.14% | - |
 TALARIS THERAPEUTICS INC | TALS | 10.33m | 761,885 | 13.56 | 0.14% | 0.25 yrs |
 IMMUNOCORE HLDGS PLC | IMCR | 10.3m | 277,754 | 37.07 | 0.13% | 0.5 yrs |
 MOGU INC | MOGU | 10.13m | 10,446,970 | 0.97 | 0.13% | 2.25 yrs |
 KEURIG DR PEPPER INC | KDP | 9.73m | 284,792 | 34.16 | 0.13% | 1.25 yrs |
 SURROZEN INC | SRZN | 8.95m | 1,599,999 | 5.6 | 0.12% | - |
 UIPATH INC | PATH | 7.89m | 150,000 | 52.61 | 0.1% | 0.25 yrs |
 ZTO EXPRESS CAYMAN INC | ZTO | 7.86m | 256,453 | 30.66 | 0.1% | 1.5 yrs |
 ADVANCED MICRO DEVICES INC | AMD | 7.2m | 70,000 | 102.9 | 0.09% | - |
 MEREO BIOPHARMA GROUP PLC | MREO | 7.2m | 2,976,121 | 2.42 | 0.09% | 1.25 yrs |
 UXIN LTD | UXIN | 6.34m | 2,297,318 | 2.76 | 0.08% | 2 yrs |
 PROMETHEUS BIOSCIENCES INC | RXDX | 4.74m | 200,000 | 23.71 | 0.06% | 0.5 yrs |
 XPENG INC | XPEV | 4.26m | 120,000 | 35.54 | 0.06% | 0.5 yrs |
 DESIGN THERAPEUTICS INC | DSGN | 4.13m | 280,991 | 14.69 | 0.05% | 0.5 yrs |
 MINISO GROUP HLDG LTD | MNSO | 3.85m | 252,322 | 15.24 | 0.05% | 0.75 yrs |
 KRONOS BIO INC | KRON | 3.22m | 153,698 | 20.96 | 0.04% | 0.75 yrs |
 CHINA JO-JO DRUGSTORES INC | CJJD | 3.08m | 4,840,000 | 0.64 | 0.04% | 2 yrs |
 COVETRUS INC | CVET | 2.81m | 155,124 | 18.14 | 0.04% | 1.5 yrs |
 KRISPY KREME INC | DNUT | 2.63m | 188,638 | 13.96 | 0.03% | - |
 CODIAK BIOSCIENCES INC | CDAK | 2.33m | 142,978 | 16.33 | 0.03% | 0.75 yrs |
 CCC INTELLIGENT SOLUTIONS HL | CCCS | 2.19m | 240,000 | 9.15 | 0.03% | - |
 FANG HLDGS LTD | SFUN | 2.06m | 327,720 | 6.3 | 0.03% | At least 2.75 yrs |
 YATSEN HLDG LTD | YSG | 955k | 250,764 | 3.81 | 0.01% | 0.75 yrs |
 RIBBIT LEAP LTD | LEAP | 523k | 50,000 | 10.46 | 0.01% | 1 yrs |
 CHINA INDEX HLDGS LTD | CIH | 438k | 300,000 | 1.46 | 0.01% | 2.25 yrs |
Buy (Compared to the previous quarter portfolio)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % change | % of portfolio |
|---|---|---|---|---|---|---|
| LEGEND BIOTECH CORP | LEGN | 526.07m | 10,404,925 | 50.56 | +1,600.76% | 6.88% |
| ON HLDG AG | ONON | 481.29m | 15,973,750 | 30.13 | N/A | 6.29% |
| CYTEK BIOSCIENCES INC | CTKB | 187.49m | 8,757,030 | 21.41 | N/A | 2.45% |
| SEA LTD | SE | 105.18m | 330,000 | 318.73 | N/A | 1.38% |
| ERASCA INC | ERAS | 100.21m | 4,722,221 | 21.22 | N/A | 1.31% |
| JD.COM INC | JD | 78.31m | 1,084,000 | 72.24 | +29.43% | 1.02% |
| ILLUMINA INC | ILMN | 67.99m | 167,614 | 405.61 | N/A | 0.89% |
| COUPANG INC | CPNG | 60.72m | 2,180,272 | 27.85 | N/A | 0.79% |
| TANGO THERAPEUTICS INC | TNGX | 56.56m | 4,373,982 | 12.93 | N/A | 0.74% |
| MEMBERSHIP COLLECTIVE GROUP | MCG | 46.13m | 3,708,041 | 12.44 | N/A | 0.6% |
| I MAB | IMAB | 41.08m | 566,680 | 72.49 | +8.57% | 0.54% |
| SALESFORCE COM INC | CRM | 31.92m | 117,700 | 271.22 | +10.36% | 0.42% |
| LI AUTO INC | LI | 28.39m | 1,080,000 | 26.29 | N/A | 0.37% |
| PACIFIC BIOSCIENCES CALIF IN | PACB | 23.28m | 911,039 | 25.55 | N/A | 0.3% |
| COINBASE GLOBAL INC | COIN | 15.92m | 70,000 | 227.49 | N/A | 0.21% |
| RALLYBIO CORP | RLYB | 15.89m | 903,673 | 17.58 | N/A | 0.21% |
| HIPPO HLDGS INC | HIPO | 12.97m | 2,771,691 | 4.68 | N/A | 0.17% |
| TSCAN THERAPEUTICS INC | TCRX | 10.7m | 1,282,976 | 8.34 | N/A | 0.14% |
| SURROZEN INC | SRZN | 8.95m | 1,599,999 | 5.6 | N/A | 0.12% |
| ADVANCED MICRO DEVICES INC | AMD | 7.2m | 70,000 | 102.9 | N/A | 0.09% |
| ALIGOS THERAPEUTICS INC | ALGS | 3.1m | 200,000 | 15.51 | +9.24% | 0.04% |
| CHINA JO-JO DRUGSTORES INC | CJJD | 3.08m | 4,840,000 | 0.64 | N/A | 0.04% |
| KRISPY KREME INC | DNUT | 2.63m | 188,638 | 13.96 | N/A | 0.03% |
| CCC INTELLIGENT SOLUTIONS HL | CCCS | 2.19m | 240,000 | 9.15 | N/A | 0.03% |
Sell (Compared to the previous quarter portfolio)
| Company | Ticker | Market value (US$) | No of shares | Reported share price (US$) | % change | % of portfolio |
|---|---|---|---|---|---|---|
 ENSTAR GROUP LIMITED | ESGR | 417.59m | 1,747,840 | 238.92 | -100% | 4.3% |
 ZOOM VIDEO COMMUNICATION IN | ZM | 397.63m | 1,027,400 | 387.03 | -100% | 4.09% |
| PINDUODUO INC | PDD | 371.21m | 4,094,129 | 90.67 | -59.32% | 4.86% |
| AIRBNB INC | ABNB | 329.43m | 1,963,877 | 167.75 | -92.96% | 4.31% |
| UBER TECHNOLOGIES INC | UBER | 192.92m | 4,306,202 | 44.8 | -79.45% | 2.52% |
 APELLIS PHARMACEUTICALS INC | APLS | 185.16m | 2,929,708 | 63.2 | -100% | 1.91% |
 FIBROGEN INC | FGEN | 105.34m | 3,955,787 | 26.63 | -100% | 1.08% |
| BILIBILI INC | BILI | 90.01m | 1,360,233 | 66.17 | -68.07% | 1.18% |
| MINISO GROUP HLDG LTD | MNSO | 82.31m | 5,401,154 | 15.24 | -95.54% | 1.08% |
 KODIAK SCIENCES INC | KOD | 75.35m | 810,207 | 93 | -100% | 0.78% |
| ZTO EXPRESS CAYMAN INC | ZTO | 71.88m | 2,344,324 | 30.66 | -90.14% | 0.94% |
| ARGENX SE | ARGX | 71.57m | 237,000 | 302 | -66.39% | 0.94% |
 BLUEPRINT MEDICINES CORP | BPMC | 55.88m | 635,302 | 87.96 | -100% | 0.58% |
 OTIS WORLDWIDE CORP | OTIS | 50.25m | 614,556 | 81.77 | -100% | 0.52% |
 DIDI GLOBAL INC | DIDI | 42.65m | 3,016,060 | 14.14 | -100% | 0.44% |
| BEAM THERAPEUTICS INC | BEAM | 34.59m | 397,592 | 87.01 | -21.54% | 0.45% |
 GDS HLDGS LTD | GDS | 30.61m | 390,000 | 78.49 | -100% | 0.32% |
| XPENG INC | XPEV | 27.6m | 776,500 | 35.54 | -86.61% | 0.36% |
 APPLE INC | AAPL | 27.39m | 200,000 | 136.96 | -100% | 0.28% |
 AXSOME THERAPEUTICS INC | AXSM | 24.29m | 360,000 | 67.46 | -100% | 0.25% |
 OLEMA PHARMACEUTICALS INC | OLMA | 17.36m | 620,397 | 27.98 | -100% | 0.18% |
 KURA ONCOLOGY INC | KURA | 13.55m | 650,000 | 20.85 | -100% | 0.14% |
 IGM BIOSCIENCES INC | IGMS | 12.6m | 151,390 | 83.2 | -100% | 0.13% |
 AVIDITY BIOSCIENCES INC | RNA | 10.5m | 425,000 | 24.71 | -100% | 0.11% |
| KEURIG DR PEPPER | KDP | 9.73m | 284,792 | 34.16 | -50% | 0.13% |
 NKARTA INC | NKTX | 8.8m | 277,778 | 31.69 | -100% | 0.09% |
 COGENT BIOSCIENCES INC | COGT | 8.11m | 1,000,000 | 8.11 | -100% | 0.08% |
| TUYA INC | TUYA | 6.22m | 685,641 | 9.07 | -28.87% | 0.08% |
| KRONOS BIO INC | KRON | 5.86m | 279,738 | 20.96 | -64.54% | 0.08% |
 LEAP THERAPEUTICS INC | LPTX | 5.86m | 3,575,745 | 1.64 | -100% | 0.06% |
 MONTES ARCHIMEDES ACQUISITIO | MAAC | 5.34m | 500,000 | 10.68 | -100% | 0.05% |
 NETEASE INC | NTES | 5.01m | 43,500 | 115.24 | -100% | 0.05% |
 CYTOKINETICS INC | CYTK | 4.57m | 230,718 | 19.79 | -100% | 0.05% |
| CHINA JO-JO DRUGSTORES INC | CJJD | 4.56m | 4,840,000 | 0.94 | -100% | 0.05% |
| CODIAK BIOSCIENCES INC | CDAK | 3.65m | 223,743 | 16.33 | -61.01% | 0.05% |
| AKERO THERAPEUTICS INC | AKRO | 2.6m | 116,208 | 22.35 | -7.01% | 0.03% |
 HOOKIPA PHARMA INC | HOOK | 2.47m | 269,368 | 9.16 | -100% | 0.03% |
 DRAGONEER GROWTH OPPORTUNITY CO | DGNU | 2.08m | 200,000 | 10.39 | -100% | 0.02% |
| TALARIS THERAPEUTICS INC | TALS | 1.24m | 91,459 | 13.56 | -10.72% | 0.02% |
 NEW ORIENTAL ED & TECHNOLOGY | EDU | 645k | 78,771 | 8.19 | -100% | 0.01% |
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