HSG Holding Ltd

HSG Holding's $1.89B Q4 2025 13F is no longer a balanced China internet basket — it is a concentrated China-platform and ADR portfolio built around one dominant thesis. PDD alone accounts for 63.6% of assets, with Boss Zhipin, Futu, Pony AI, and KE Holdings pushing the top five to more than 87% of the book. The quarter's most important change is the arrival of PDD as a new $1.20B position, which transformed the portfolio from a $373M small-cap ADR basket into a near-$1.9B concentrated platform wager. New positions in Pony AI, KE Holdings, Structure Therapeutics, and Circle widened the opportunity set, while Webull and 51Talk were cut sharply and Noah was sold outright. The whaleScore of 73.5 reflects the size of this concentrated ADR bet, not diversification.