# HSG Holding Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1470766. Source: https://holderbook.com/funds/1470766-hsg-holding-ltd/

- Reported value: $1.2B
- Positions: 20
- Weight of the ten largest: 97.2%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| PDD HOLDINGS INC | [PDD](https://holderbook.com/stocks/PDD/) | $865.7M | 11,348,426 | 72.3% | 31 |
| FUTU HLDGS LTD | [FUTU](https://holderbook.com/stocks/FUTU/) | $69.4M | 740,352 | 5.8% | 22 |
| PONY AI INC | [PONY](https://holderbook.com/stocks/PONY/) | $52.4M | 7,538,358 | 4.4% | 2 |
| CIRCLE INTERNET GROUP INC | [CRCL](https://holderbook.com/stocks/CRCL/) | $41.9M | 669,200 | 3.5% | 3 |
| KE HLDGS INC | [BEKE](https://holderbook.com/stocks/BEKE/) | $28.2M | 1,939,017 | 2.4% | 24 |
| GYRE THERAPEUTICS INC | [GYRE](https://holderbook.com/stocks/GYRE/) | $24.7M | 3,750,299 | 2.1% | 1 |
| KANZHUN LIMITED | [BZ](https://holderbook.com/stocks/BZ/) | $24.5M | 1,900,000 | 2.0% | 21 |
| ARRIVENT BIOPHARMA INC | [AVBP](https://holderbook.com/stocks/AVBP/) | $23.0M | 663,308 | 1.9% | 10 |
| DINGDONG CAYMAN LTD | [DDL](https://holderbook.com/stocks/DDL/) | $19.5M | 10,091,839 | 1.6% | 18 |
| STRUCTURE THERAPEUTICS INC | [GPCR](https://holderbook.com/stocks/GPCR/) | $14.3M | 266,062 | 1.2% | 12 |
| 51TALK ONLINE EDUCATION GROU | [COE](https://holderbook.com/stocks/COE/) | $7.6M | 474,901 | 0.6% | 13 |
| LOTUS TECHNOLOGY INC | [LOT](https://holderbook.com/stocks/LOT/) | $5.7M | 4,834,099 | 0.5% | 8 |
| ADAGENE INC | [ADAG](https://holderbook.com/stocks/ADAG/) | $5.6M | 1,343,364 | 0.5% | 20 |
| TH INTERNATIONAL LIMITED | [THCH](https://holderbook.com/stocks/THCH/) | $5.5M | 2,900,606 | 0.5% | 5 |
| BITDEER TECHNOLOGIES GROUP | [BTDR](https://holderbook.com/stocks/BTDR/) | $4.7M | 293,732 | 0.4% | 13 |
| LYELL IMMUNOPHARMA INC | [LYEL](https://holderbook.com/stocks/LYEL/) | $2.1M | 152,299 | 0.2% | 5 |
| SOLAI LIMITED | [SLAI](https://holderbook.com/stocks/SLAI/) | $1.1M | 350,427 | 0.1% | 13 |
| BARINTHUS BIOTHERAPEUTICS PL | [BRNS](https://holderbook.com/stocks/BRNS/) | $937.5K | 1,420,473 | 0.1% | 17 |
| BURNING ROCK BIOTECH LTD | [BNR](https://holderbook.com/stocks/BNR/) | $177.5K | 21,212 | 0.0% | 7 |
| YIMUTIAN INC | - | $121.6K | 229,470 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -22.5% | +14.8% | -37.4% | 97% |
| Q1 2026 | -11.4% | -4.6% | -6.8% | 89% |
| Q4 2025 | -15.5% | +2.4% | -17.8% | 103% |
| Q3 2025 | +27.3% | +7.8% | +19.5% | 100% |
| Q2 2025 | -6.8% | +10.5% | -17.3% | 111% |
| Q1 2025 | +19.0% | -4.6% | +23.6% | 71% |
| Q4 2024 | -22.1% | +2.1% | -24.2% | 107% |
| Q3 2024 | +4.1% | +5.4% | -1.3% | 104% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.2B | 20 |
| Q1 2026 | $1.6B | 20 |
| Q4 2025 | $1.9B | 19 |
| Q3 2025 | $1.9B | 19 |
| Q2 2025 | $1.9B | 19 |
| Q1 2025 | $1.7B | 17 |
| Q4 2024 | $2.4B | 18 |
| Q3 2024 | $2.6B | 18 |
| Q2 2024 | $2.7B | 17 |
| Q1 2024 | $1.1B | 18 |
| Q4 2023 | $869.4M | 19 |
| Q3 2023 | $932.5M | 20 |