CIK: 0001470766
Total reported value
$1.6B
Reporting period: 2026-03-31 · Number of holdings: 26
HSG Holding Ltd disclosed 26 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.6B and a quarterly turnover rate of 32.0%.
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HSG Holding Ltd's disclosed holdings carry a Herfindahl concentration index of 0.508 — mathematically equivalent to about 2 equally-sized positions, well below its 26 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.10), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add PDD
0.0% -$64.0M
Trim BZ
0.0% -$112.9M
Trim FUTU
0.0% -$54.6M
Trim BRNS
0.0% -$41.1M
Add BEKE
0.0% $17.0M
Add CRCL
+114.3% $26.0M
Showing top 20 holdings (of 26 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | PDD | Pdd Holdings INC | Stock-Consumer Disc | 70.35% | +6.74% | — | |
| 2 | BEKE | Ke Holdings Inc-adr | Stock-Other | 6.64% | +1.85% | — | |
| 3 | PONY | Pony Ai INC | Stock-Other | 6.18% | +6.18% | NEW | |
| 4 | FUTU | Futu Holdings Ltd-adr | Stock-Financials | 4.03% | -2.31% | — | |
| 5 | ✓ | Stock-Other | 3.41% | +0.49% | — | ||
| 6 | CRCL | Circle Internet Group INC | Stock-Financials | 3.00% | +1.80% | +114.35% | |
| 7 | BZ | Kanzhun LTD - Adr | Stock-Other | 1.71% | -5.73% | — | |
| 8 | DDL | Dingdong Cayman LTD -spn Adr | Stock-Other | 1.63% | +0.11% | — | |
| 9 | AVBP | Arrivent Biopharma INC | Stock-Other | 0.86% | -0.02% | — | |
| 10 | COE | 51 Talk Online Education Gro | Stock-Other | 0.48% | -0.16% | — | |
| 11 | ✓ | Stock-Other | 0.47% | +0.13% | — | ||
| 12 | LOT | Lotus Technology INC | Stock-Other | 0.39% | — | — | |
| 13 | GPCR | Structure Therapeutics INC | Stock-Other | 0.38% | -0.91% | — | |
| 14 | ✓ | Bitdeer Technologies Group | Stock-Other | 0.18% | -0.04% | — | |
| 15 | ADAG | Adagene Inc-adr | Stock-Other | 0.13% | -0.01% | — | |
| 16 | BRNS | Barinthus Biotherapeutics Pl | Stock-Other | 0.07% | -2.16% | — | |
| 17 | SLAI | Solai LTD | Stock-Other | 0.04% | +0.02% | — | |
| 18 | ✓ | Stock-Other | 0.03% | +0.03% | NEW | ||
| 19 | LYEL | Lyell Immunopharma INC | Stock-Other | — | -0.21% | — | |
| 20 | BNR | Burning Rock Biotech Ltd-adr | Stock-Other | — | -0.05% | — |
Performance for Q3 2026
-19.7%
Performance Last 4 Quarters
-27.8%
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 26 | $1.6B | 32 | |
| 2025-12-31 | 25 | $1.9B | 40 | |
| 2025-09-30 | 26 | $1.9B | 23 | |
| 2025-06-30 | 23 | $1.9B | 0 | |
| 2025-03-31 | 23 | $1.7B | 100 | |
| 2024-12-31 | 25 | $2.4B | 0 | |
| 2024-09-30 | 26 | $2.6B | 0 | |
| 2024-06-30 | 25 | $2.7B | 0 | |
| 2024-03-31 | 26 | $1.1B | 0 | |
| 2023-12-31 | 27 | $869.4M | 0 | |
| 2023-09-30 | 28 | $932.5M | 0 | |
| 2023-06-30 | 28 | $874.3M | 0 | |
| 2023-03-31 | 26 | $951.8M | 0 | |
| 2022-12-31 | 26 | $986.7M | 0 | |
| 2022-09-30 | 28 | $932.2M | 0 | |
| 2022-06-30 | 31 | $1.1B | 0 | |
| 2022-03-31 | 33 | $801.2M | 0 | |
| 2021-12-31 | 29 | $1.1B | 0 | |
| 2021-09-30 | 24 | $1.1B | 0 | |
| 2021-06-30 | 19 | $1.4B | 97 | |
| 2021-03-31 | 17 | $1.3B | 55 | |
| 2020-12-31 | 16 | $1.2B | 58 | |
| 2020-09-30 | 13 | $686.4M | 40 | |
| 2020-06-30 | 12 | $563.5M | 48 | |
| 2020-03-31 | 12 | $432.2M | 62 | |
| 2019-12-31 | 10 | $416.9M | 38 | |
| 2019-09-30 | 11 | $340.1M | 44 | |
| 2019-06-30 | 12 | $447.0M | 62 | |
| 2019-03-31 | 9 | $455.0M | 65 | |
| 2018-12-31 | 8 | $262.3M | 13 | |
| 2018-09-30 | 7 | $287.0M | 56 | |
| 2018-06-30 | 4 | $237.2M | 37 | |
| 2018-03-31 | 6 | $338.3M | 37 | |
| 2017-12-31 | 6 | $346.2M | 41 | |
| 2017-09-30 | 7 | $472.8M | 11 | |
| 2017-06-30 | 7 | $448.2M | 49 | |
| 2017-03-31 | 11 | $628.1M | 26 | |
| 2016-12-31 | 12 | $710.0M | 31 | |
| 2016-09-30 | 12 | $972.6M | 26 | |
| 2016-06-30 | 10 | $840.7M | 39 | |
| 2016-03-31 | 10 | $807.0M | 29 | |
| 2015-12-31 | 8 | $1.0B | 14 | |
| 2015-09-30 | 8 | $1.0B | 39 | |
| 2015-06-30 | 8 | $1.2B | 40 | |
| 2015-03-31 | 8 | $1.4B | 49 | |
| 2014-12-31 | 6 | $876.6M | 26 | |
| 2014-09-30 | 6 | $1.1B | 100 | |
| 2014-06-30 | 5 | $322.4M | 33 | |
| 2014-03-31 | 4 | $262.3M | 61 | |
| 2013-12-31 | 4 | $179.9M | 0 |
HSG Holding Ltd's most significant position changes for 2026-03-31: Sold out: ; New buy: Pony Ai INC (PONY); New buy: ; Add: Circle Internet Group INC (CRCL) — shares +114.35%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PDD | Pdd Holdings INC | +6.7% | — | Unchanged |
| 2 | BEKE | Ke Holdings Inc-adr | +1.9% | — | Unchanged |
| 3 | CRCL | Circle Internet Group INC | +1.8% | +114.35% | Add |
| 4 | ✓ | +0.5% | — | Unchanged | |
| 5 | ✓ | +0.1% | — | Unchanged | |
| 6 | DDL | Dingdong Cayman LTD -spn Adr | +0.1% | — | Unchanged |
| 7 | SLAI | Solai LTD | 0% | — | Unchanged |
| 8 | LOT | Lotus Technology INC | — | — | Unchanged |
| 9 | ADAG | Adagene Inc-adr | 0% | — | Unchanged |
| 10 | AVBP | Arrivent Biopharma INC | 0% | — | Unchanged |
| 11 | ✓ | Bitdeer Technologies Group | 0% | — | Unchanged |
| 12 | BNR | Burning Rock Biotech Ltd-adr | -0.1% | — | Unchanged |
| 13 | COE | 51 Talk Online Education Gro | -0.2% | — | Unchanged |
| 14 | LYEL | Lyell Immunopharma INC | -0.2% | — | Unchanged |
| 15 | GPCR | Structure Therapeutics INC | -0.9% | — | Unchanged |
| 16 | BRNS | Barinthus Biotherapeutics Pl | -2.2% | — | Unchanged |
| 17 | FUTU | Futu Holdings Ltd-adr | -2.3% | — | Unchanged |
| 18 | BZ | Kanzhun LTD - Adr | -5.7% | — | Unchanged |
| 19 | ✓ | — | EXIT | Sold out | |
| 20 | PONY | Pony Ai INC | — | NEW | New buy |
| 21 | ✓ | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-18 | Amendment | View on EDGAR |
| 2016-09-30 | 2016-11-15 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-13 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-13 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-04 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-08 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-05 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-12 | 13F-HR | View on EDGAR |
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