HHLR (Hillhouse US arm) rebuilt VIPS +2683% and NVDA +113% in Q2, near-exited BABA -93% and PDD -88%

Lei Zhang's HHLR Advisors (Hillhouse's US arm) ran a big China-consumer rotation in Q2 2026 ($830M, 35 names): top holdings Legend Biotech (20.8%), Futu (19.9%), ArriVent BioPharma (16.4%), Marvell (5.8%), Vipshop (5.5%), PDD (4.6%, down from ~$316M prior — trimmed -88%). New positions: Alumis ($26M), OnDeck Therapeutics ($16M), NetEase ($4M), Texas Instruments ($1M), Zoom ($1M). Massive adds: Vipshop +2,683% (near-rebuild), Futu +24.6%, Lumentum +120%, NVIDIA +112.6%, Corning +33.3%, Coherent +50.1%. Trims: Marvell -4.7%, PDD -88%, Beike -47.6%, Alibaba -92.5% (near-exit), TSM -0.1%, Intel -50.6%. Exit: BeOne Medicines ($307M — the former BeiGene oncology carve-out).