Gao Ling, "Chasing the Light"!

On May 16th, HHLR Advisors (referred to as “HHLR”), a fund management platform under Hillhouse focused on secondary market investments, announced its U.S. stock holdings as of the end of the first quarter of 2026.

Data shows that by the end of this year’s first quarter, HHLR held a total of 38 listed U.S. stocks, with Chinese concept stocks still being its core asset allocation. From the rebalancing actions, HHLR significantly increased holdings in several semiconductor and optical communication-related stocks in the first quarter, while also boosting positions in consumer and e-commerce companies such as Dingdong Maicai and Vipshop.

Many industry insiders believe that under the wave of AI industry development, the prosperity of segments such as AI servers, optical modules, and domestic GPUs continues to rise, making related investment opportunities worth paying attention to.

Chinese Concept Stocks Still a “Favorite”

Data shows that as of the end of the first quarter, Chinese concept stocks remain HHLR’s core assets, with the top five holdings being Pinduoduo, Alibaba, BeiGene, Futu Holdings, and Legend Biotech, consistent with the end of 2025.

“Following the Light” Is Obvious

Notably, compared to the end of 2025, the top ten holdings of HHLR at the end of the first quarter this year featured new faces—MARVELL TECHNOLOGY INC.

According to public information, Marvell Technology is one of the world’s leading fabless semiconductor suppliers. On March 5th, Marvell announced its fiscal fourth-quarter financial report for the fiscal year ending January 31, 2026. In the fourth quarter, the company achieved revenue of $2.22 billion, up over 20% year-over-year, setting a new record; net profit attributable to shareholders was approximately $396 million, a significant increase of about 97.9% year-over-year.

With impressive performance, Marvell’s stock price has surged strongly this year, with a first-quarter increase of over 16%. As of May 15th, the stock price since Q2 began has risen nearly 79%.

Not only Marvell, but HHLR also added several other semiconductor and optical communication stocks in the first quarter, including NVIDIA, Intel, Coherent, Corning, and Lumentum, covering areas such as computing power, chips, data center interconnection, optical communication, and optical materials.

Many industry insiders believe that on the demand side, domestic AI large model token consumption is rapidly increasing. From multiple dimensions such as cloud providers’ computing power needs, rental prices, and user feedback on C-end products, the tight supply-demand pattern can be verified. During the “May Day” holiday, ByteDance’s Doubao advanced commercialization, marking the domestic large model industry’s departure from the “pure burning money” stage and entering a self-sustaining mode, which drives continuous procurement of computing power and infrastructure investment. As a result, demand for computing power is expected to continue growing rapidly; on the supply side, domestic computing power industry chain companies reported excellent quarterly results, with order volumes and revenue data exceeding market expectations. The prosperity of segments such as AI servers, optical modules, and domestic GPUs continues to rise, making related opportunities worth close attention.

Increasing Investment in “Mass Consumption”

In addition to the AI industry chain, Hillhouse also increased its holdings in consumer and e-commerce-related companies in the first quarter.

Data shows that among the stocks held by HHLR, Dingdong Maicai was newly added, with a final holding of 354.5k shares and a market value of $911k. During the same period, HHLR also initiated a position in Vipshop, with a final holding of 124.7k shares and a market value of $1.96 million.

Coincidentally, Jinglin Asset Management also showed strong interest in consumer stocks in the first quarter of this year.

According to the U.S. SEC filings, Jinglin Asset Management bought 2.6043 million shares of Ctrip in the first quarter, with a market value of about $130 million, making it their tenth-largest holding. Additionally, Jinglin significantly increased its position in Pinduoduo by over 1.1 million shares in the first quarter.

Sources close to the matter revealed that Jinglin’s long-term investment focus will concentrate on three core areas: AI infrastructure and applications, China’s advantageous manufacturing and going global, and new consumption and innovative drugs.

This article is sourced from Shanghai Securities News.

Risk Warning and Disclaimer

Market risks exist; investments should be cautious. This article does not constitute personal investment advice and does not consider individual users’ specific investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular circumstances. Invest accordingly at their own risk.