Q4 2025 · 13F-HR
HSG Holding Ltdholdings as filed
Filed 2026-02-13 · accession 0001193125-26-051708
$1.89B
Reported value
19
Positions
2025-12-31
Period end
The Brief · HSG Holding Ltd · Q4 2025
AI · grounded in 13F
HSG Holding Ltd established a new position in PONY AI INC valued at $109.3M. The fund also added a new position in Circle Internet Group Inc CRCL worth $22.7M. On the sell side, the fund trimmed its holdings in 51TALK Online Education Grou COE by 28.8% and Webull Corp BULL by 26.2%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 722304102 | PDD | PDD HOLDINGS INC | $1.20B | 63.6% | 11,348,426 | Common | SOLE |
| 48553T106 | BZ | KANZHUN LIMITED | $140.7M | 7.44% | 1,900,000 | Common | SOLE |
| 36118L106 | FUTU | FUTU HLDGS LTD | $119.9M | 6.34% | 740,352 | Common | SOLE |
| 732308108 | — | PONY AI INC | $109.3M | 5.78% | 7,538,358 | Common | SOLE |
| 482497104 | BEKE | KE HLDGS INC | $90.6M | 4.79% | 1,939,017 | Common | SOLE |
| G9572D103 | BULL | WEBULL CORP | $55.2M | 2.92% | 7,053,639 | Common | SOLE |
| 91864C107 | BRNS | BARINTHUS BIOTHERAPEUTICS PL | $42.2M | 2.23% | 1,420,473 | Common | SOLE |
| 25445D101 | DDL | DINGDONG CAYMAN LTD | $28.7M | 1.52% | 10,091,839 | Common | SOLE |
| 86366E106 | GPCR | STRUCTURE THERAPEUTICS INC | $24.4M | 1.29% | 266,062 | Common | SOLE |
| 172573107 | CRCL | CIRCLE INTERNET GROUP INC | $22.7M | 1.20% | 312,200 | Common | SOLE |
| 04272N102 | AVBP | ARRIVENT BIOPHARMA INC | $16.7M | 0.88% | 663,308 | Common | SOLE |
| 16954L204 | COE | 51TALK ONLINE EDUCATION GROU | $12.2M | 0.64% | 474,901 | Common | SOLE |
| 54572F101 | LOT | LOTUS TECHNOLOGY INC | $7.3M | 0.39% | 4,834,099 | Common | SOLE |
| G8656L130 | THCH | TH INTERNATIONAL LIMITED | $6.4M | 0.34% | 2,900,606 | Common | SOLE |
| G11448100 | BTDR | BITDEER TECHNOLOGIES GROUP | $4.1M | 0.22% | 293,732 | Common | SOLE |
| 55083R203 | LYEL | LYELL IMMUNOPHARMA INC | $3.9M | 0.21% | 152,299 | Common | SOLE |
| 005329107 | ADAG | ADAGENE INC | $2.7M | 0.14% | 1,343,364 | Common | SOLE |
| 12233L206 | BNR | BURNING ROCK BIOTECH LTD | $870,965 | 0.05% | 21,212 | Common | SOLE |
| 055474209 | SLAI | SOLAI LIMITED | $343,418 | 0.02% | 350,427 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.