Zhang Lei
Long-termism: be a friend of time, and back "determined practitioners with grand vision." Refuses to trade for trading's sake; values long-run value creation and ever-deepening moats, and will concentrate or go contrarian when warranted.
Founded Hillhouse in 2005 with backing from Yale's endowment; built it into one of Asia's largest investment firms. Early conviction in Tencent and JD; led Gree's mixed-ownership reform and the Belle buyout, spanning private and public markets across consumer, healthcare, tech and clean energy. Author of Value.
Hillhouse files a quarterly U.S. SEC 13F through HHLR Advisors; weights and changes below are from the latest filing (as of Mar 31, 2026). Note this is only a sliver of the firm, which spans private and public markets. Its A-share/HK book is not in the 13F — its former heavyweight LONGi was cut hard and dropped out of the top-10 holders by Q1 2026, while in 2025 it took a cornerstone stake in CATL's HK listing; these are shown separately below.
Holdings & weights
Q1 2026 · 13F (as of Mar 31, 2026)Weights are by market value, from real 13F / daily disclosure. This is a snapshot and will change — see live: Hillhouse HHLR Advisors 13F · 13f.info
His long-standing #1 Chinese position — cut hard this quarter but still the top holding.
Analyze through a master's lensA flagship China-bull holding, also sharply trimmed this quarter.
Analyze through a master's lensThe innovative-drug leader (formerly BeiGene) at the heart of his biotech thesis — held steady.
Analyze through a master's lensAn online-brokerage position, trimmed modestly this quarter.
Analyze through a master's lensA CAR-T cell-therapy leader extending his innovative-drug theme.
Analyze through a master's lensA new AI-semiconductor position this quarter.
Analyze through a master's lensSubscribed ~US$200M as a cornerstone investor in CATL's May 2025 HK listing — a rare recent China add. Not in the U.S. 13F.
Analyze through a master's lensA former A-share solar heavyweight, cut sharply in 2025 and out of the top-10 holders by Q1 2026. Not in the U.S. 13F.
Analyze through a master's lensIn their own words
Be a friend of time.
Flowing water doesn't race to be first; it competes to never stop.
Where to follow them
Primary sources. Read the original — don't settle for second-hand summaries.
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