Which pharmaceutical stocks did Hillhouse Capital buy in Q4?

Compared with Q3, Hillhouse Capital’s top ten pharmaceutical stock positions in Q4 remained largely unchanged: BeiGene, Legend Biotech, AVBP, CTKB, KNSA, BBIO, and CTNM retained their rankings among the top nine. Danaher (DHR) dropped out of the top ten due to a significant share price decline, replaced by SGMT, a drug development company. Key characteristics of Hillhouse Capital’s pharmaceutical sector holdings in Q4: • Exceptionally stable positioning: Hillhouse established no new positions and liquidated none—total holding count remained identical to the prior quarter. • Concentrated reduction of Chinese-American pharmaceutical stocks: Hillhouse reduced stakes in four pharmaceutical companies—all China-based ADRs. • Departure from historical pattern: Previously, Hillhouse frequently adjusted smaller pharmaceutical positions; this rapid-trading behavior did not recur in Q4. • Stable number of holdings but sharply reduced market value: The total market value of Hillhouse’s pharmaceutical holdings declined by 33.29% quarter-on-quarter, primarily driven by substantial reductions in its major China-ADR pharmaceutical positions. 2. New Positions In Q4 2024, Hillhouse Capital initiated no new positions in any biopharmaceutical company—marking its second consecutive quarter without adding any pharmaceutical stock, an exceptionally rare occurrence since Hillhouse began disclosing its holdings. 3. Changes in Position Sizes: Reduced Trading Frequency Compared to Prior Quarters • Increases: Hillhouse increased only one pharmaceutical position in Q4; it had increased none in Q3. — Danaher (DHR): Since first establishing a position in Q2 2023, Hillhouse has repeatedly executed swing trades around Danaher. Following an unusual 17.13% share price drop in Q4 2023, Hillhouse—having cut its stake by 91.62% in Q3—increased it by 43.66% in Q4. Danaher is a globally renowned innovator in life sciences and medical diagnostics. Through a series of strategic acquisitions, it has built a broad and highly efficient business ecosystem. Its core businesses have evolved across industrial manufacturing, precision instrumentation, diagnostics, and life sciences. Today, Danaher operates over twenty companies worldwide, each a market leader in its respective domain—spanning preventive screening, diagnostics and treatment, novel therapy development, and pharmaceutical manufacturing. Renowned for its acquisition-and-integration expertise, Danaher leverages lean management and operational excellence to sustainably enhance enterprise competitiveness—earning it the industry moniker “The King of Acquisitions.” • Decreases: Hillhouse reduced stakes in four pharmaceutical stocks in Q4—matching the number reduced in Q3. (1) BeiGene: As Hillhouse’s flagship pharmaceutical investment, BeiGene has consistently ranked first in Hillhouse’s pharmaceutical portfolio for many years. As a pioneer of innovative drugs in China, BeiGene’s dominance has waned amid rapid growth of competing innovative biopharma firms. Its high-profile global clinical development strategy has resulted in continuous losses since its founding in 2010—accumulating over RMB 60 billion in losses—leaving the company reliant on repeated financing to stay afloat. With no clear path to profitability, BeiGene’s Greater China Chief Commercial Officer Yin Min came under regulatory investigation in Q4 last year, prompting major long-term investors—including Hillhouse Capital and Baker Bros.—to reduce their stakes. In January this year, BeiGene announced plans to achieve full-year operating profitability in 2025, triggering a rise in its share price.

U.S. Stock Tracking – June 5, 2020

June 26: Opened down -1.12%, declined to -4.09%, oscillated within a correction range, closed at -2.97% below the moving average, turnover rate 5.28%, market capitalization slightly above enterprise value; held by 15 institutions (3% of shares); one analyst recommended buying; risk of chasing highs—caution advised. NAVB (Navidea Biopharmaceuticals, Inc.) A biopharmaceutical company founded in 1983 and renamed in January 2012, headquartered in Dublin, Ohio. Navidea focuses on developing and commercializing precision immuno-diagnostic and immuno-therapeutic agents. Its operations are divided into diagnostic agents and therapeutic development programs. It developed the Manocept platform, which targets the CD206 mannose receptor expressed on activated macrophages. This CD206-targeting platform supports multiple diagnostic modalities—including single-photon emission computed tomography (SPECT), positron emission tomography (PET) imaging, gamma scanning, and intraoperative and/or optical fluorescence detection—as well as delivery of therapeutic compounds targeting macrophages and immune- and inflammation-related diseases. It offers NAV4694, a fluorine-18–labeled PET imaging agent for imaging and assessing patients exhibiting signs or symptoms of Alzheimer’s disease and mild cognitive impairment. It develops diagnostic agents including Technetium Tc 99m tilmanocept and other diagnostic applications based on its Manocept platform, alongside various therapeutic development programs. Navidea collaborates with IMV Inc. on preclinical therapeutic research to explore potential synergistic effects of its platform-based immunotherapies. Company-wide revenue has declined annually; Q1 2020 saw year-on-year revenue growth but widened net losses; cash on hand decreased year-on-year—indicating tight liquidity; non-current deferred revenue remained stable. Its share price hit a low of $0.63 on April 16, 2020, and rose 4.45% on June 23. June 26: Opened up 2.25%, then fell to -4.26%; experienced multiple intraday rallies and pullbacks; closed at -0.5% above the moving average; turnover rate 1.55%; market capitalization slightly above enterprise value; held by 28 institutions (7.02% of shares); no analyst recommendations; risk of chasing highs—caution advised; infrequent trading activity. LXU (LSB Industries, Inc.) A U.S.-based chemical manufacturer and distributor, founded in 1968 and headquartered in Oklahoma City, Oklahoma. It supplies nitrogen-based fertilizers—including ammonium hydroxide, fertilizer-grade ammonium nitrate (HDAN), and urea ammonium nitrate solution—as well as fertilizer blends for corn and other crops, and NPK fertilizer blends. It also provides high-purity and commercial-grade ammonia; high-purity ammonium nitrate; sulfuric acid; mixed nitrating acids; carbon dioxide; and diesel exhaust fluid—used across diverse applications, including semiconductors. Additionally, it supplies nitric acid (concentrated, mixed, and conventional) for pulp & paper, alum, water treatment, metal and vanadium processing; emissions reduction at power plants; refrigerants; metalworking; exhaust additives; horticultural/greenhouse applications; refrigeration; and industrial-grade ammonium nitrate, ammonium nitrate solutions, and HDAN solutions for mining, open-pit mining, quarrying, and construction. Revenue has declined annually over the past two years; Q1 2020 saw widening net losses; cash on hand remains sufficient. Its share price peaked at $4.37 on January 17, 2020, and bottomed at $1.04 on May 19.

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