Jinglin Hong Kong Company's exposure of its US stock holdings at the end of the second quarter of 2025.

Hillhouse Asset Managements overseas subsidiary, Hillhouse Asset Management Hong Kong Limited, submitted its US stock holdings data as of the end of the second quarter of 2025 to the U.S. Securities and Exchange Commission on the evening of August 8. According to the 13F filing, as of June 30, 2025, Hillhouse Hong Kong held 28 securities in the U.S. stock market, with a total market value of $2.874 billion, a decrease of approximately 11% from the end of the first quarter of $3.228 billion. Meta, the parent company of Facebook, remains the top holding in the company's U.S. stock portfolio. In the second quarter, the company bought new positions in Nvidia, Aduo, and Huazhu Group, while increasing its holdings in Manbang Group, QF Technology, Google's parent company Alphabet, among others. It exited its positions in Apple and several pharmaceutical giants, and reduced its holdings in NetEase, TSMC, and Hesai Technology. It has been reported that Hillhouse Asset Management is currently heavily invested in Chinese assets, with most positions in Hong Kong stocks. The company is optimistic about opportunities in emerging industries, and believes in the importance of identifying companies with strong business models and robust free cash flow for future investment.