Institutional Manager · CIK 0001470766
HSG Holding Ltd
NA, K3 · File #028-15811
Latest AUM
$902.0M
Positions
25
Top-10 Concentration
92.7%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| NEW | PONY AI INC | PYAIF | +6,341,397 | +$92.0M | $0 |
| NEW | CIRCLE INTERNET GROUP INC | CRCL | +312,200 | +$22.7M | $0 |
| REDUCE | WEBULL CORP | BULLW | -2,500,000 | -$19.6M | -$31.6M |
| ADD | 51TALK ONLINE EDUCATION GROU | COE | +282,579 | +$7.3M | -$5.6M |
| EXITED | NOAH HLDGS LTD | 65487X102 | -396,815 | -$4.5M | $0 |
| EXITED | PONY AI INC | 732908108 | -170,994 | -$3.3M | $0 |
| REDUCE | DINGDONG CAYMAN LTD | DDL | -1,049,327 | -$3.0M | +$11.2M |
| REDUCE | ADAGENE INC | ADAG | 0 | $0 | +$188,071 |
| REDUCE | ARRIVENT BIOPHARMA INC | AVBP | 0 | $0 | +$3.7M |
| REDUCE | BITDEER TECHNOLOGIES GROUP | BTDR | 0 | $0 | -$1.5M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202525 pos · $902.0M
- 13F HOLDINGS REPORTQ/E Sep 202526 pos · $1.92B
- 13F HOLDINGS REPORTQ/E Jun 202523 pos · $1.94B
- 13F HOLDINGS REPORTQ/E Mar 202523 pos · $1.70B
- 13F HOLDINGS REPORTQ/E Dec 202425 pos · $2.42B
- 13F HOLDINGS REPORTQ/E Sep 202426 pos · $2.58B
- 13F HOLDINGS REPORTQ/E Jun 202425 pos · $2.71B
- 13F HOLDINGS REPORTQ/E Mar 202426 pos · $1.08B
- 13F HOLDINGS REPORTQ/E Dec 202328 pos · $932.5M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | PDD HOLDINGS INC | PDD | 10,373,817 | $1.10B | 58.15% |
| 2 | KANZHUN LIMITED | BZ | 1,900,000 | $140.7M | 7.44% |
| 3 | PDD HOLDINGS INC | PDD | 974,609 | $103.4M | 5.46% |
| 4 | FUTU HLDGS LTD | FUTU | 626,420 | $101.5M | 5.36% |
| 5 | PONY AI INC | PYAIF | 6,341,397 | $92.0M | 4.86% |
| 6 | KE HLDGS INC | BEKE | 1,200,000 | $56.1M | 2.96% |
| 7 | WEBULL CORP | BULLW | 7,053,639 | $55.2M | 2.92% |
| 8 | BARINTHUS BIOTHERAPEUTICS PL | BRNS | 1,420,473 | $42.2M | 2.23% |
| 9 | KE HLDGS INC | BEKE | 739,017 | $34.5M | 1.83% |
| 10 | DINGDONG CAYMAN LTD | DDL | 10,091,839 | $28.7M | 1.52% |
| 11 | STRUCTURE THERAPEUTICS INC | GPCR | 254,750 | $23.4M | 1.24% |
| 12 | CIRCLE INTERNET GROUP INC | CRCL | 312,200 | $22.7M | 1.20% |
| 13 | FUTU HLDGS LTD | FUTU | 113,932 | $18.5M | 0.98% |
| 14 | PONY AI INC | PYAIF | 1,196,961 | $17.4M | 0.92% |
| 15 | ARRIVENT BIOPHARMA INC | AVBP | 663,308 | $16.7M | 0.88% |
| 16 | 51TALK ONLINE EDUCATION GROU | COE | 474,901 | $12.2M | 0.64% |
| 17 | LOTUS TECHNOLOGY INC | LOTWW | 4,834,099 | $7.3M | 0.39% |
| 18 | TH INTERNATIONAL LIMITED | THCH | 2,900,606 | $6.4M | 0.34% |
| 19 | LYELL IMMUNOPHARMA INC | LYEL | 152,299 | $3.9M | 0.21% |
| 20 | ADAGENE INC | ADAG | 1,343,364 | $2.7M | 0.14% |