# HHLR Advisors

HHLR Advisors is an Investment Advisor based in Singapore, Hong Kong.

## Overview

- **Organization type:** Investment Advisor
- **Headquarters:** Singapore, Hong Kong
- **Region:** Asia
- **Address:** Hong Kong, Hong Kong
- **Founded:** 2005
- **Assets under management:** Undisclosed
- **Website:** hhlradvisors.com
- **LinkedIn:** https://www.linkedin.com/company/hhlr-advisors

## Regulatory record

- **CRD number:** 166112
- **SEC file number:** 802-128070
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/166112

## About

HHLR Advisors, Ltd. is an exempt reporting adviser in Singapore. It is based there.

## Sectors

- Technology
- Healthcare
- Consumer
- Financials

## People

- Lei Zhang — Founder and Chief Investment Officer

## Questions

### Who runs investment decisions at HHLR Advisors?

Lei Zhang serves as Founder and Chief Investment Officer, making all final portfolio decisions. Zhang previously co-founded Hillhouse Capital Group and built HHLR as a separate entity focused on public markets. He personally oversees the research team and positions the portfolio.

### Is HHLR Advisors the same firm as Hillhouse Capital?

No. HHLR Advisors is a separate legal entity founded by Lei Zhang after he left Hillhouse Capital. While Zhang co-founded Hillhouse, HHLR operates independently with its own investment mandate focused on public equities and long-short strategies (per the firm's SEC filings). The two firms share no formal ownership or management overlap.

### What investment stages does HHLR typically target?

HHLR focuses on public-market equities across growth and value stages. The firm participates in secondary offerings, PIPE transactions, and block trades in addition to open-market purchases. Portfolio holdings span from large-cap tech stocks to mid-cap healthcare companies.

### Does HHLR disclose its holdings publicly?

Yes. HHLR files quarterly 13F reports with the SEC, disclosing its long equity positions for US-listed securities. These filings provide a partial view of the portfolio, though short positions remain undisclosed. The filings offer allocators transparency into the firm's sector and geographic tilts.

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Last updated: 2026-08-14T12:30:00.000Z

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