Greenwoods Asset Management Hong Kong Ltd.

Greenwoods Asset Management Hong Kong's Q1 2026 13F is a $3.88B, 35-position Asia-focused long-only equity fund at a significant portfolio-construction inflection — the AUM dropped from $4.04B in Q4 2025 to $3.88B in Q1 2026 (-$165M, -4.1%), and the quarter's 31 total changes (3 new, 6 sold, 9 increased, 7 decreased) reflect a manager that is reducing its Chinese-technology-and-internet exposure (PDD -$71.5M, -8.6% shares; NetEase -$85.0M, -0.7%; Alibaba -$35.4M, -16.6%; Futu -$50.3M, -12.3%) and redeploying into US large-cap tech (Amazon +$209.2M new; Intel +$209.9M, +167.3% shares — from a de minimis base; Apple +$5.1M, +16.5%; Meta essentially flat in shares but -$348.1M value, reflecting price decline; Nvidia -$23.2M, -9.0%; TSM -$0.8M, -7.5%) and Japanese education (TAL +$5.2M but -5.7% shares — value 'increase' is mark-to-market). The most striking trade is the $1.03B opening in Trip.com ($129.7M, 3.3%) — a Chinese online-travel platform — and the $66.7M opening in PayPay (Japanese payments), both of which represent a shift from pure Chinese-consumer-internet to pan-Asian-consumer-and-travel infrastructure. The fund also opened a small position in Lumentum ($7.6M, optical-and-photonics) alongside a $42.1M opening in Ethos Technologies ($42.1M, an AI-workflow name) — both US-technology adds. The six sold positions — Broadcom (-$85.1M), Synopsys (-$76.9M), Nebius (-$63.4M), KE Holdings (-$28.3M), JinkoSolar (-$20.2M), and SPDR XBI (-$8.3M) — represent a complete liquidation of the semiconductor-and-SaaS sleeve that had characterized Q4 2025. At a 77.25 whaleScore on $3.88B, this is an Asia-focused fund executing a defensive rotation from high-valuation Chinese-internet names into US-and-Japanese large-cap technology and travel infrastructure, consistent with a manager that is concerned about Chinese-consumer-growth deceleration and that views US-and-Japanese tech as offering better risk-reward at current valuations.