HSG Holding Ltd Long-Term Concentrated

CIK: 0001470766 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $1,892,223 (100.0% shares, 0.0% debt)

Holdings (19)

New Positions (2)

— PONY AI INC 5.8%

Value ($000) $109,306 Shares 7,538,358 Est. Cost $14.50 Unrealized —

CRCL CIRCLE INTERNET GROUP INC 1.2%

Value ($000) $22,697 Shares 312,200 Est. Cost $103.35 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PONY AI INC	7,538,358	$109,306	5.8%	$14.50	—	SPONSORED ADS	732308108
CRCL	CIRCLE INTERNET GROUP INC	312,200	$22,697	1.2%	$103.35	0.0%	COM CL A	172573107

Exited Positions (2)

PONY PONY AI INC 1.1%

Value ($000) $20,720 Shares 1,076,905 Est. Cost $13.20 Unrealized —

NOAH NOAH HLDGS LTD 0.2%

Value ($000) $4,496 Shares 396,815 Est. Cost $13.65 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PONY	PONY AI INC	1,076,905	$20,720	1.1%	$13.20	—	—	732908108
NOAH	NOAH HLDGS LTD	396,815	$4,496	0.2%	$13.65	—	—	65487X102

Decreased Positions (3)

BULL WEBULL CORP 2.9%

Value ($000) $55,230 (-48.1%) Shares 7,053,639 (-26.2%) Est. Cost $14.97 Unrealized -32.8%

COE 51TALK ONLINE EDUCATION GROU 0.6%

Value ($000) $12,195 (-66.7%) Shares 474,901 (-28.8%) Est. Cost $8.90 Unrealized —

DDL DINGDONG CAYMAN LTD 1.5%

Value ($000) $28,691 (+40.0%) Shares 10,091,839 (-9.4%) Est. Cost $3.55 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BULL	WEBULL CORP	7,053,639 (-26.2%)	$55,230 (-48.1%)	2.9%	$14.97	-32.8%	ORD SHS	G9572D103
COE	51TALK ONLINE EDUCATION GROU	474,901 (-28.8%)	$12,195 (-66.7%)	0.6%	$8.90	—	SPONSORED ADR	16954L204
DDL	DINGDONG CAYMAN LTD	10,091,839 (-9.4%)	$28,691 (+40.0%)	1.5%	$3.55	—	ADS	25445D101

Unchanged Positions (14)

PDD PDD HOLDINGS INC 63.6%

Value ($000) $1,203,728 Shares 11,348,426 Est. Cost $121.85 Unrealized —

BZ KANZHUN LIMITED 7.4%

Value ($000) $140,695 Shares 1,900,000 Est. Cost $24.04 Unrealized —

BEKE KE HLDGS INC 4.8%

Value ($000) $90,630 Shares 1,939,017 Est. Cost $34.30 Unrealized —

BRNS BARINTHUS BIOTHERAPEUTICS PL 2.2%

Value ($000) $42,216 Shares 1,420,473 Est. Cost $4.45 Unrealized —

GPCR STRUCTURE THERAPEUTICS INC 1.3%

Value ($000) $24,443 Shares 266,062 Est. Cost $50.42 Unrealized —

FUTU FUTU HLDGS LTD 6.3%

Value ($000) $119,937 Shares 740,352 Est. Cost $158.82 Unrealized —

LYEL LYELL IMMUNOPHARMA INC 0.2%

Value ($000) $3,935 Shares 152,299 Est. Cost $9.11 Unrealized +145.6%

AVBP ARRIVENT BIOPHARMA INC 0.9%

Value ($000) $16,715 Shares 663,308 Est. Cost $20.17 Unrealized +3.2%

BTDR BITDEER TECHNOLOGIES GROUP 0.2%

Value ($000) $4,124 Shares 293,732 Est. Cost $7.36 Unrealized +118.9%

LOT LOTUS TECHNOLOGY INC 0.4%

Value ($000) $7,299 Shares 4,834,099 Est. Cost $4.34 Unrealized —

BNR BURNING ROCK BIOTECH LTD 0.0%

Value ($000) $871 Shares 21,212 Est. Cost $7.32 Unrealized —

THCH TH INTERNATIONAL LIMITED 0.3%

Value ($000) $6,439 Shares 2,900,606 Est. Cost $2.71 Unrealized -7.5%

SLAI SOLAI LIMITED 0.0%

Value ($000) $343 Shares 350,427 Est. Cost $2.70 Unrealized —

ADAG ADAGENE INC 0.1%

Value ($000) $2,727 Shares 1,343,364 Est. Cost $14.36 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PDD	PDD HOLDINGS INC	11,348,426	$1,203,728	63.6%	$121.85	—	SPONSORED ADS	722304102
BZ	KANZHUN LIMITED	1,900,000	$140,695	7.4%	$24.04	—	SPONSORED ADS	48553T106
BEKE	KE HLDGS INC	1,939,017	$90,630	4.8%	$34.30	—	SPONSORED ADS	482497104
BRNS	BARINTHUS BIOTHERAPEUTICS PL	1,420,473	$42,216	2.2%	$4.45	—	ADS	91864C107
GPCR	STRUCTURE THERAPEUTICS INC	266,062	$24,443	1.3%	$50.42	—	SPONSORED ADS	86366E106
FUTU	FUTU HLDGS LTD	740,352	$119,937	6.3%	$158.82	—	SPON ADS CL A	36118L106
LYEL	LYELL IMMUNOPHARMA INC	152,299	$3,935	0.2%	$9.11	+145.6%	COM NEW	55083R203
AVBP	ARRIVENT BIOPHARMA INC	663,308	$16,715	0.9%	$20.17	+3.2%	COM	04272N102
BTDR	BITDEER TECHNOLOGIES GROUP	293,732	$4,124	0.2%	$7.36	+118.9%	CL A ORD SHS	G11448100
LOT	LOTUS TECHNOLOGY INC	4,834,099	$7,299	0.4%	$4.34	—	SPONSORED ADR	54572F101
BNR	BURNING ROCK BIOTECH LTD	21,212	$871	0.0%	$7.32	—	SPONSORED ADS	12233L206
THCH	TH INTERNATIONAL LIMITED	2,900,606	$6,439	0.3%	$2.71	-7.5%	SHS NEW	G8656L130
SLAI	SOLAI LIMITED	350,427	$343	0.0%	$2.70	—	SPON ADR	055474209
ADAG	ADAGENE INC	1,343,364	$2,727	0.1%	$14.36	—	ADS	005329107