Jinglin Asset Management Discloses Q4 U.S. Stock Holdings: Significantly Reduced Nvidia, Google Rises to Largest Holding

K-LinePoet · 2026-03-08T01:36:18+00:00

As of the end of Q4 2025, Jinglin Asset Management's total market value of US stock holdings is $4.045 billion, a decrease of 8.92% compared to the previous quarter. The company significantly reduced its holdings of Nvidia and increased its stake in Alphabet, the parent company of Google. Pinduoduo, Alibaba, and other companies continue to attract attention. Jinglin is optimistic about high-quality companies and will continue to focus on developments in the artificial intelligence sector.

K-LinePoet

2026-03-08 01:36:18

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According to the recently disclosed 13F filing, as of the end of Q4 2025, Hillhouse Asset Management Hong Kong Limited’s U.S. stock holdings have a total market value of $4.045 billion, down 8.92% from the previous quarter.

The portfolio structure has undergone significant adjustments: the company sharply reduced its holdings in Nvidia, selling 1,540,900 shares during the quarter, with a reduction ratio of over 60%. Meanwhile, it increased its holdings in Alphabet, Google’s parent company, by 929,700 shares, making it the largest holding instead of the second-largest. The company also initiated a new position in chipmaker Broadcom and continued to reduce holdings in Meta, TSMC, and other stocks.

Regionally, Hillhouse continued its allocation to Chinese consumer and e-commerce sectors. Pinduoduo was increased by 611,300 shares, maintaining its position as the third-largest holding; Alibaba and NetEase holdings remained unchanged. However, the company adopted a more cautious stance in the mobility sector, reducing holdings in WeRide and completely exiting Uber.

From an industry perspective, Hillhouse believes that although fields like artificial intelligence are rapidly developing and accompanied by controversy and bubbles, AI’s penetration and transformation across industries are still in the early stages, and more native giants may emerge in the future. Facing a highly volatile market, Hillhouse states it will continue to focus on high-quality global companies with strong customer stickiness, clear product differentiation, and pricing power, constructing its portfolio through cross-market balanced allocation.

The company’s top ten holdings also include Meta, Manbang Group, Futu Holdings, Alibaba, Intel, and Atour, which together account for 82.85% of its U.S. stock portfolio.

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