HSG Holding Ltd Long-Term Concentrated

Location: Na, Hong Kong

CIK: 0001470766 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 13, 2026

Total Value: $1.892B (100.0% shares, 0.0% debt)

Holdings (19)

PDD PDD HOLDINGS INC 63.6%

Value $1.204B Shares 11,348,426 Est. Cost $121.85 Unrealized —

BZ KANZHUN LIMITED 7.4%

Value $141M Shares 1,900,000 Est. Cost $24.04 Unrealized —

FUTU FUTU HLDGS LTD 6.3%

Value $120M Shares 740,352 Est. Cost $158.82 Unrealized —

— PONY AI INC 5.8%

Value $109M Shares 7,538,358 Est. Cost $14.50 Unrealized —

BEKE KE HLDGS INC 4.8%

Value $90.63M Shares 1,939,017 Est. Cost $34.30 Unrealized —

BULL WEBULL CORP 2.9%

Value $55.23M Shares 7,053,639 Est. Cost $14.97 Unrealized -32.8%

BRNS BARINTHUS BIOTHERAPEUTICS PL 2.2%

Value $42.22M Shares 1,420,473 Est. Cost $4.45 Unrealized —

DDL DINGDONG CAYMAN LTD 1.5%

Value $28.69M Shares 10,091,839 Est. Cost $3.55 Unrealized —

GPCR STRUCTURE THERAPEUTICS INC 1.3%

Value $24.44M Shares 266,062 Est. Cost $50.42 Unrealized —

CRCL CIRCLE INTERNET GROUP INC 1.2%

Value $22.7M Shares 312,200 Est. Cost $103.35 Unrealized 0.0%

AVBP ARRIVENT BIOPHARMA INC 0.9%

Value $16.72M Shares 663,308 Est. Cost $20.17 Unrealized +3.2%

COE 51TALK ONLINE EDUCATION GROU 0.6%

Value $12.2M Shares 474,901 Est. Cost $8.90 Unrealized —

LOT LOTUS TECHNOLOGY INC 0.4%

Value $7.299M Shares 4,834,099 Est. Cost $4.34 Unrealized —

THCH TH INTERNATIONAL LIMITED 0.3%

Value $6.439M Shares 2,900,606 Est. Cost $2.71 Unrealized -7.5%

BTDR BITDEER TECHNOLOGIES GROUP 0.2%

Value $4.124M Shares 293,732 Est. Cost $7.36 Unrealized +118.9%

LYEL LYELL IMMUNOPHARMA INC 0.2%

Value $3.935M Shares 152,299 Est. Cost $9.11 Unrealized +145.6%

ADAG ADAGENE INC 0.1%

Value $2.727M Shares 1,343,364 Est. Cost $14.36 Unrealized —

BNR BURNING ROCK BIOTECH LTD 0.0%

Value $871K Shares 21,212 Est. Cost $7.32 Unrealized —

SLAI SOLAI LIMITED 0.0%

Value $343K Shares 350,427 Est. Cost $2.70 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PDD	PDD HOLDINGS INC	11,348,426	$1.204B	63.6%	$121.85	—	SPONSORED ADS	722304102
BZ	KANZHUN LIMITED	1,900,000	$141M	7.4%	$24.04	—	SPONSORED ADS	48553T106
FUTU	FUTU HLDGS LTD	740,352	$120M	6.3%	$158.82	—	SPON ADS CL A	36118L106
—	PONY AI INC	7,538,358	$109M	5.8%	$14.50	—	SPONSORED ADS	732308108
BEKE	KE HLDGS INC	1,939,017	$90.63M	4.8%	$34.30	—	SPONSORED ADS	482497104
BULL	WEBULL CORP	7,053,639	$55.23M	2.9%	$14.97	-32.8%	ORD SHS	G9572D103
BRNS	BARINTHUS BIOTHERAPEUTICS PL	1,420,473	$42.22M	2.2%	$4.45	—	ADS	91864C107
DDL	DINGDONG CAYMAN LTD	10,091,839	$28.69M	1.5%	$3.55	—	ADS	25445D101
GPCR	STRUCTURE THERAPEUTICS INC	266,062	$24.44M	1.3%	$50.42	—	SPONSORED ADS	86366E106
CRCL	CIRCLE INTERNET GROUP INC	312,200	$22.7M	1.2%	$103.35	0.0%	COM CL A	172573107
AVBP	ARRIVENT BIOPHARMA INC	663,308	$16.72M	0.9%	$20.17	+3.2%	COM	04272N102
COE	51TALK ONLINE EDUCATION GROU	474,901	$12.2M	0.6%	$8.90	—	SPONSORED ADR	16954L204
LOT	LOTUS TECHNOLOGY INC	4,834,099	$7.299M	0.4%	$4.34	—	SPONSORED ADR	54572F101
THCH	TH INTERNATIONAL LIMITED	2,900,606	$6.439M	0.3%	$2.71	-7.5%	SHS NEW	G8656L130
BTDR	BITDEER TECHNOLOGIES GROUP	293,732	$4.124M	0.2%	$7.36	+118.9%	CL A ORD SHS	G11448100
LYEL	LYELL IMMUNOPHARMA INC	152,299	$3.935M	0.2%	$9.11	+145.6%	COM NEW	55083R203
ADAG	ADAGENE INC	1,343,364	$2.727M	0.1%	$14.36	—	ADS	005329107
BNR	BURNING ROCK BIOTECH LTD	21,212	$871K	0.0%	$7.32	—	SPONSORED ADS	12233L206
SLAI	SOLAI LIMITED	350,427	$343K	0.0%	$2.70	—	SPON ADR	055474209