China’s Top Private Equity Firms’ Overseas Holdings Revealed: Dan Bin’s Aggressive Bets vs. Hillhouse and Gao Yi’s Steadfast Approach

The 13F filings of five top Chinese private equity firms show that in Q2 2025, their overseas investment strategies diverged significantly, with tech giants and Chinese ADRs dominating their portfolios.

 

As of June 30, 2025, their combined overseas holdings exceeded $10 billion, but their investment approaches and focuses varied sharply.

Five Major Firms with Over $10 Billion in Overseas Holdings

According to SEC 13F filings, the total market value of overseas holdings by these five firms reached $10.19 billion. Hillhouse Capital led with $3.105 billion, followed closely by Jinglin Asset Management at $2.873 billion and Himalaya Capital at $2.689 billion.

 

Dan Bin’s Oriental Harbor managed $1.126 billion, while Gao Yi Asset was more conservative at $397 million. The firms’ top holdings and portfolio adjustments reflect distinct views on global markets.

 

1. Oriental Harbor: Betting Big on Tech Giants and Crypto  

 

Dan Bin’s Oriental Harbor doubled down on tech giants, with its top three holdings all being tech leaders. Nvidia accounted for 17.77% of the portfolio, followed by Google at 14.51% and Meta at 8.88%.  

 

This quarter, Dan Bin added three new positions: Tesla, Netflix, and Coinbase. The Coinbase buy is particularly notable, signaling a move into digital currency assets and optimism about the long-term potential of crypto.

 

 

2. Hillhouse Capital: Over 90% in Chinese ADRs  

 

Hillhouse Capital maintained its heavy focus on Chinese ADRs, with over 90% of its portfolio in these stocks. Pinduoduo and Futu Holdings were core holdings, representing 23.52% and 17.17% of the portfolio, respectively.  

 

 

This quarter, Hillhouse significantly increased its stake in WNS Holdings ($533 million) and entered a new position in Webull ($396 million). Hillhouse’s steadfast focus on Chinese firms underscores its long-term confidence in these companies.

 

3. Gao Yi Asset: Sharp Sell-Offs but Chinese ADRs Still Dominate  

 

Gao Yi Asset’s overseas holdings were smaller at $397 million, yet Chinese ADRs made up over 80% of its portfolio. H World Group (Huazhu) was the top holding at 42.19%, with BOSS Zhipin at 1.13%.  

 

 

This quarter, Gao Yi aggressively sold off positions, exiting Ctrip and Tencent Music. This contrasts sharply with Hillhouse’s approach, highlighting strategic differences even among firms bullish on Chinese ADRs.

 

4. Jinglin Asset Management: Dumps Apple, Bets on Nvidia  

 

Jinglin Asset Management, with $2.873 billion under management, made bold moves this quarter, exiting Apple entirely while adding Nvidia.  

 

Chinese ADRs remained its focus, with NetEase at 16.33% and Pinduoduo at 11.73% of the portfolio. The Nvidia buy signals Jinglin’s growing interest in AI chip opportunities.

 

5. Himalaya Capital: Balancing Large and Small Caps  

 

 

Li Lu’s Himalaya Capital, with $2.689 billion in holdings, blended large and small-cap stocks. Apple and Occidental Petroleum represented its large-cap picks, while Pinduoduo and other Chinese ADRs reflected its smaller-cap bets. This balanced approach reflects Li Lu’s value investing philosophy, prioritizing intrinsic value over market cap size.

 

The portfolio shifts of these five firms reveal varied perspectives on global markets: Dan Bin dives into tech and crypto; Hillhouse and Gao Yi focus on Chinese ADRs but diverge in tactics; Jinglin pivots to AI hardware; and Li Lu sticks to a balanced value-driven strategy.