HHLR ADVISORS, LTD.

HHLR Advisors' Q1 2026 13F is a $1.67B, 38-position portfolio that captures one of the most dramatic single-quarter AUM contractions in institutional data: AUM fell from $3.10B in Q4 2025 to $1.67B in Q1 2026 (-$1.44B, -46.4%), driven primarily by mark-to-market declines in the portfolio's two largest positions -- PDD Holdings (-61.2% shares, -$790M from $1.22B to $425.6M) and Alibaba Group (-54.8% shares, -$488M from $796M to $307.8M) -- combined with active reductions in Futu Holdings (-12.9% shares, -$74M) and Webull (-74.9% shares, -$39M). Despite the AUM collapse, the portfolio's thematic identity remains intact: it is a concentrated China-focused growth-and-technology-and-healthcare fund. Four positions account for 73.8% of AUM: PDD (25.4%, ecommerce), Alibaba (18.4%, tech conglomerate), BeOne Medicines (18.4%, oncology biotech), and Futu (11.6%, digital brokerage). The healthcare/biotech sleeve (BeOne, Legend Biotech, Arrivent BioPharma, Cytek Biosciences, plus 12+ additional clinical-stage names) totals approximately $586M (35.0% of AUM) and was largely held steady -- the manager's conviction in biotech R&D remained stable even as the tech-and-fintech positions were sharply reduced. The quarter's 42 changes (9 new, 4 sold, 2 increased, 6 decreased, 21 unchanged) reflects selective repositioning: the manager opened 9 new positions concentrated in semiconductor infrastructure (Marvell, Intel, NVIDIA tiny add, Lumentum), materials/supply chain (Corning, Coherent), and emerging-market ecommerce/retail (Vipshop, Dingdong), while completely selling 4 small positions (Alphabet Class A, iShares Bitcoin ETF, Moody's, Centrais Elet). Only two positions were increased -- Taiwan Semiconductor (+37% shares, +$1.8M) and VNET Group (+23% shares, minor add) -- both minor. The dominant narrative is passivity in biotech with aggressive reduction in China fintech/tech exposure. A 77.25 whaleScore on $1.67B reflects both AUM threshold and concentration; the portfolio remains high-conviction in its core themes despite the AUM halving.