Zhang Lei's portfolio
In the Q2 2026 13F, filed August 14, 2026, Hillhouse (HHLR Advisors) reported 35 US stock positions worth $832M. The largest was Legend Biotech (LEGN) at 20.8% of the portfolio. New positions: Alamar Biosciences (ALMR), Odyssey Therapeutics (ODTX) and NetEase (NTES). Added to: Futu Holdings (FUTU) and Vipshop Holdings (VIPS). The Q3 2026 13F is due by November 14, 2026.
What changed in Q2 2026
Compared with the previous 13F. Values are as reported at quarter end. How to read a 13F.
New positions
- Alamar BiosciencesALMR$26M
- Odyssey TherapeuticsODTX$16M
- NetEaseNTES$4M
- Texas InstrumentsTXN$1M
Added to
Trimmed
- Marvell Technology GroupMRVL$49M
- PDDPDD$38M
- Ke HoldingsBEKE$32M
- Alibaba Group HoldingBABA$18M
- Taiwan Semiconductor ManufacturingTSM$7M
- WebullBULL$2M
- IntelINTC$2M
- RidgetechRDGT$204
Sold out
None this quarter.
Holdings
35 US-listed positions in the Q2 2026 13F, largest first.
| Stock | % of portfolio | Value | Shares | Last quarter |
|---|---|---|---|---|
| Legend BiotechLEGN | 20.77% | $173M | 5,984,550 | Held |
| Futu HoldingsFUTU | 19.92% | $166M | 1,768,283 | Added |
| ArriVent BioPharmaAVBP | 16.41% | $136M | 3,929,117 | Held |
| Marvell Technology GroupMRVL | 5.83% | $49M | 162,933 | Trimmed |
| Vipshop HoldingsVIPS | 5.53% | $46M | 3,470,400 | Added |
| PDDPDD | 4.58% | $38M | 500,000 | Trimmed |
| Ke HoldingsBEKE | 3.87% | $32M | 2,218,377 | Trimmed |
| Cytek BiosciencesCTKB | 3.54% | $29M | 6,657,030 | Held |
| Alamar BiosciencesALMR | 3.11% | $26M | 956,462 | New |
| Alibaba Group HoldingBABA | 2.12% | $18M | 183,934 | Trimmed |
| Odyssey TherapeuticsODTX | 1.87% | $16M | 831,656 | New |
| Yatsen HoldingYSG | 1.86% | $15M | 4,885,873 | Held |
| NovaBridge BiosciencesNBP | 1.40% | $12M | 5,980,568 | Held |
| Contineum TherapeuticsCTNM | 1.32% | $11M | 669,337 | Held |
| Maze TherapeuticsMAZE | 1.31% | $11M | 366,028 | Held |
| AgoraAPI | 1.01% | $8M | 2,098,553 | Held |
| Taiwan Semiconductor ManufacturingTSM | 0.89% | $7M | 15,510 | Trimmed |
| Sagimet BiosciencesSGMT | 0.67% | $6M | 724,800 | Held |
| NetEaseNTES | 0.54% | $4M | 34,999 | New |
| GE AerospaceGE | 0.45% | $4M | 10,043 | Held |
| LumentumLITE | 0.34% | $3M | 3,300 | Added |
| NVIDIANVDA | 0.34% | $3M | 14,054 | Added |
| TuyaTUYA | 0.33% | $3M | 1,564,400 | Held |
| CorningGLW | 0.32% | $3M | 10,266 | Added |
| CoherentCOHR | 0.30% | $3M | 6,417 | Added |
| WebullBULL | 0.24% | $2M | 309,857 | Trimmed |
| IntelINTC | 0.24% | $2M | 14,300 | Trimmed |
| Pacific Biosciences of CaliforniaPACB | 0.19% | $2M | 918,892 | Held |
| Texas InstrumentsTXN | 0.17% | $1M | 4,800 | New |
| MOGUMOGU | 0.17% | $1M | 847,510 | Held |
| Gossamer BioGOSS | 0.10% | $818,727 | 4,974,041 | Held |
| Equinox GoldEQX | 0.09% | $782,460 | 80,500 | Held |
| Zoom Communications | 0.09% | $777,653 | 9,010 | Held |
| Aligos TherapeuticsALGS | 0.05% | $439,945 | 76,247 | Held |
| RidgetechRDGT | 0.00% | $204 | 136 | Trimmed |
By sector
Share of the reported value.
Reported value over time
Total 13F value at each quarter end.
Questions
What stocks does Zhang Lei own?
In the Q2 2026 13F, Hillhouse (HHLR Advisors) reported 35 US stock positions worth $832M. The largest: Legend Biotech (LEGN) 20.8%, Futu Holdings (FUTU) 19.9%, ArriVent BioPharma (AVBP) 16.4%, Marvell Technology Group (MRVL) 5.8%, Vipshop Holdings (VIPS) 5.5%.
What did Zhang Lei buy last quarter?
In Q2 2026: new position in Alamar Biosciences (ALMR); new position in Odyssey Therapeutics (ODTX); new position in NetEase (NTES); added to Futu Holdings (FUTU); added to Vipshop Holdings (VIPS); added to Lumentum (LITE).
What did Zhang Lei sell last quarter?
In Q2 2026: cut Marvell Technology Group (MRVL); cut PDD (PDD); cut Ke Holdings (BEKE).
When is Zhang Lei's next 13F?
13F filings are due 45 days after each quarter ends. The Q3 2026 filing is due by November 14, 2026.
More investors
13F filings list US-listed long positions (and some options) held at quarter end. They leave out short positions, cash, bonds and non-US holdings, and arrive up to 45 days after the quarter ends, so the investor may have traded since. Information only, not investment advice.