Due to the precise reduction of online education and CXO related stocks in the past year, the dynamic position of Hillhouse has attracted much market attention.
On February 15, according to the website of the securities and Exchange Commission (SEC), hhlr advisors, a fund manager of Hillhouse that focuses on secondary market investment, released the position data of US stocks in the fourth quarter of 2021.
According to the newly disclosed 13F document, as of the end of the fourth quarter, hhlr held 76 shares in the US stock market with a position of US $6.472 billion.
Among them, the top ten heavyweight stocks accounted for 71.2%, including Baiji Shenzhou, on angpao, legendary biology, saifushi, Tianjing biology, Jingdong, sea, doordash, iqiyi and ideal automobile.
It is noteworthy that in the fourth quarter of 2021, hhlr significantly adjusted the positions of many zhonggai shares held, including clearing the positions of Alibaba and station B, reducing the holdings of pinduoduo, boss direct employment and other companies.
“Most Internet stocks may have the risk of overestimation. With the governance of Internet monopoly and the gradual arrival of the era of artificial intelligence, the climax of the Internet era has passed.” Hu Yu, the partner and director of Shenzhen Nuo Asset Management Co., Ltd., believes that the growth rate of Shenzhen Nuo Asset Management Co., Ltd. may exceed the expected growth rate, so the future performance of Shenzhen Nuo Asset Management Co., Ltd.
clearance Ali, station B
Hhlr advisors is a fund manager focusing on secondary market investment under Hillhouse, which is managed and operated by an independent secondary market investment team.
In the fourth quarter of 2021, hhlr made a substantial adjustment to its zhonggai shares. It not only cleared its positions in Alibaba and station B, but also significantly reduced its holdings of pinduoduo, boss direct employment and other stocks.
According to the data, the establishment of hhlr station B began in the third quarter of 2018. In the following quarters, hhlr continued to increase its holdings. At the end of 2020, station B became one of the top ten heavy warehouse stocks of hhlr.
At the same time, the share price of station B rose all the way, from around $10 to $150 in 2021.
Subsequently, the secondary market share price of station B began to fluctuate downward, and hhlr continued to reduce its position in station B. the data at the end of the fourth quarter showed that hhlr had completely cleared its position in station B.
In the fourth quarter of 2021, hhlr also cleared its holdings of Alibaba shares.
In fact, a number of institutions reduced their holdings of Ali in the fourth quarter, including JPMorgan Chase and Temasek Holdings.
Among them, JPMorgan Chase significantly reduced its holdings of Alibaba in the fourth quarter by 22%, and the market value of its position at the end of the period was US $1.089 billion. Temasek Holdings cut its stake in Alibaba in the fourth quarter, and its holdings of Alibaba American Depositary Shares (ads) decreased by $362 million.
From the position data, in the fourth quarter, Hillhouse also adjusted the positions of pinduoduo and boss direct employment.
Pinduoduo was once the largest heavy position stock of hhlr. With the share price of pinduoduo hitting a new high, hhlr began to make profits and leave the market, reducing its position to 213000 shares by the end of the fourth quarter. A private equity fund in Shenzhen believes that reducing holdings and pinduoduo is a normal profit stop.
increase holdings of new forces of car making
In the fourth quarter of 2021, hhlr continued the main line of investment in hard technology, medical treatment and so on.
the first heavy warehouse stock is still Baiji Shenzhou, which has ranked the first heavy warehouse of hhlr for four consecutive quarters, in addition, Tianjing biology, which has long been heavy warehouse of hhlr, still ranks among the top ten heavy warehouse stocks.
In the field of new energy vehicles, hhlr increased its holdings of ideal automobile and Xiaopeng automobile in the fourth quarter, of which, it significantly increased its holdings of 3.92 million shares of ideal automobile, and ideal automobile also entered the ranks of the top ten heavy positions held by hhlr in US stocks for the first time.
However, Hillhouse’s operation of Weilai automobile, one of the three new forces of car making, is quite different. Nearly 60% of Weilai’s positions were sold in the fourth quarter.
In fact, Hillhouse once cleared stocks related to the new forces of car making, which triggered market speculation. Since then, hhlr has re established positions for Xiaopeng and Weilai, and began to establish positions for ideal vehicles in the third quarter. Now, ideal car has jumped to its top ten heavyweight stocks.
Previously, a number of new energy vehicle enterprises released the report card of vehicle manufacturing in January 2022, among which ideal car, Xiaopeng car and Nezha car ranked among the top three “new forces of vehicle manufacturing”, with delivery volume exceeding 10000, 12268, 12922 and 11009 respectively, with year-on-year growth rates of 128%, 115% and 402% respectively. Weilai delivered 9652 vehicles in January, a year-on-year increase of 33.6%.
Guosen Securities Co.Ltd(002736) believes that the core advantages of the new forces of car making lie in the flat and flexible organizational structure, innovative and enterprising corporate culture, personalized high-end brand image and R & D advantages of software and hardware collaborative layout. the sales growth and new product polishing in 2021 have preliminarily proved their market competitiveness. The core focus in 2022 and the next few years is on delivery volume, product matrix, brand barrier and profit and loss balance. The important challenges are supply chain management, organization expansion, channel layout and user demand.
