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杨胜胜
2021-04-21

Hillhouse Capital or Tiger Fund, who is better at speculating in Chinese concept stocks?

2020年高瓴投资中概股的收益约45亿美元，老虎的收益约48亿美元，两家PE炒股的秘诀是什么？老虎和高瓴，已经成为最会炒中概股的两家PE。老虎环球基金2020年赚了100多亿美元，京东、拼多多两

Hillhouse Capital or Tiger Fund, who is better at speculating in Chinese concept stocks?

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":378856004,"tweetId":"378856004","gmtCreate":1619017380408,"gmtModify":1704718416004,"author":{"id":3568196683280287,"idStr":"3568196683280287","authorId":3568196683280287,"authorIdStr":"3568196683280287","name":"杨胜胜","avatar":"https://static.tigerbbs.com/39b07ed709bc0fdb73851119781eaa64","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>?</body></html>","htmlText":"<html><head></head><body>?</body></html>","text":"?","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/378856004","repostId":1161095162,"repostType":4,"repost":{"id":"1161095162","kind":"news","pubTimestamp":1618973932,"share":"https://ttm.financial/m/news/1161095162?lang=en_US&edition=fundamental","pubTime":"2021-04-21 10:58","market":"us","language":"zh","title":"Hillhouse Capital or Tiger Fund, who is better at speculating in Chinese concept stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161095162","media":"投中网","summary":"2020年高瓴投资中概股的收益约45亿美元，老虎的收益约48亿美元，两家PE炒股的秘诀是什么？\n\n老虎和高瓴，已经成为最会炒中概股的两家PE。\n老虎环球基金2020年赚了100多亿美元，京东、拼多多两","content":"In 2020, Hillhouse's income from investing in Chinese concept stocks will be about 4.5 billion US dollars, and Tiger's income will be about 4.8 billion US dollars. What is the secret of the two PE stock trading?Tiger and Hillhouse have become the two PEs that are best at speculating in Chinese concept stocks.Tiger Global Fund earned more than $10 billion in 2020,<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Two stocks earned Tiger $4.2 billion; As of the end of 2020, Hillhouse Capital's position in U.S. stocks has reached US $12.6 billion, and Chinese concept stocks brought approximately US $4.5 billion to Hillhouse last year.When it comes to speculating in Chinese concept stocks, Tiger and Hillhouse have many similar operations: such as heavy positions<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>And Alibaba, after the outbreak of the epidemic, increased their positions in JD.com and Pinduoduo, and successively reduced their holdings of new energy vehicle stocks in the fourth quarter, etc.; However, after careful analysis, the styles of the two are obviously different. For example, Hillhouse prefers to do band operations, while Tiger prefers to hold for a long time; Hillhouse covers a wider range, and Tiger's holdings are concentrated in e-commerce, education, streaming media and other fields that it is familiar with...First of all, I would like to emphasize that the purpose of this article is to summarize the characteristics of Hillhouse and Tiger stock speculation, rather than define all the investment strategies of the two PEs. Hillhouse's asset management scale is nearly 80 billion US dollars, and its U.S. stock position only accounts for 1/7 of the asset portfolio; Although Tiger has significantly increased the proportion of U.S. stocks in its asset portfolio in 2020, entering the market in the private equity stage and holding it for a long time after the company's listing is the secret of Tiger Global Fund's long-term prosperity since its establishment 17 years ago.Hillhouse, Tiger, who is the PE who is best at speculating in Chinese concept stocks?First, let's sort out the earnings of Hillhouse and Tiger on Chinese concept stocks in 2020.<img src=\"https://static.tigerbbs.com/a0d3e0db1c8cdcf3e3d65f30aa474cf4\" tg-width=\"657\" tg-height=\"1105\" referrerpolicy=\"no-referrer\">Let's look at Hillhouse first, as shown in the table above,In 2020, Hillhouse Capital has successively held 37 Chinese concept stocks, with a total annual income of approximately US $4.5 billion.In Hillhouse's holdings portfolio, the five stocks with the highest returns are Pinduoduo, JD.com,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>，<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a>And<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>, the annual revenue was US $1.432 billion, US $823 million, US $719 million, US $507 million and US $409 million respectively.<img src=\"https://static.tigerbbs.com/7d647c9926c7b5548e830b4326f1ad70\" tg-width=\"577\" tg-height=\"822\" referrerpolicy=\"no-referrer\">Looking at the tiger again, as shown in the table above,In 2020, Tiger held 25 Chinese concept stocks successively, with a total annual income of US $4.8 billion.It accounted for 46% of Tiger Global Fund's total earnings in 2020 (approximately US $10.4 billion).In Tiger's portfolio of Chinese concept stocks, JD.com, Pinduoduo,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The return is the highest. The total return of the three stocks combined is as high as US $4.71 billion, accounting for 99% of the returns of all Chinese concept stocks in 2020.At first glance, Hillhouse and Tiger have many similarities in terms of income or position, but analyzing the investment behavior behind the two, we can find that there are obvious differences between Hillhouse and Tiger in speculating in Chinese concept stocks.<img src=\"https://static.tigerbbs.com/38e60a0d09f7044f0a41594bddaf7ea0\" tg-width=\"742\" tg-height=\"822\" referrerpolicy=\"no-referrer\">The first is the difference in stock selection.Tiger's choice of Chinese concept stocks is basically a continuation of its investment strategy in the PE sector. As shown in the figure above, as of the fourth quarter of 2020, Tiger's Chinese concept stock positions accounted for about 25% of its U.S. stock positions. It is the stock with the highest position held by Tiger Global Fund, accounting for 11.6% of Tiger's total U.S. stock positions.In addition to e-commerce, the fields in which Tiger invests the most are education (6) and streaming media (5). In addition, Tiger also participates in industries such as data centers and new energy vehicles that are more popular in 2020.<img src=\"https://static.tigerbbs.com/81b095caa7c0f8bb035d79124b368c38\" tg-width=\"742\" tg-height=\"1142\" referrerpolicy=\"no-referrer\">In contrast, Hillhouse has a wider range of coverage. As of Q4 2020, Hillhouse's Chinese concept stock positions totaled US $7.13 billion, accounting for approximately 57% of Hillhouse's total US stock positions, of which Pinduoduo,<a href=\"https://laohu8.com/S/06160\">BeiGene</a>, JD.com holds more than US $1 billion in three stocks.From the perspective of industry classification, e-commerce is also Hillhouse's favorite industry. In addition to the three giants JD.com, Alibaba and Pinduoduo, Hillhouse also holds<a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>、<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>(cleared),<a href=\"https://laohu8.com/S/UXIN\">Youxin</a>Isovertical e-commerce. In addition, pharmaceuticals is also a key industry for Hillhouse. In 2020, Hillhouse successively invested in 6 Chinese concept stock pharmaceutical companies. In addition to Chinese concept stocks, Hillhouse also invested in nearly 30 European and American medical and health companies in 2020.In addition to the key layout of e-commerce, medical care, and education industries, other popular Chinese concept stocks Hillhouse are also involved, from station B,<a href=\"https://laohu8.com/S/GDS\">GDS</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>、<a href=\"https://laohu8.com/S/API\">Acoustic net</a>, to<a href=\"https://laohu8.com/S/BEKE\">Shells</a>Looking for a house,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>Group and three new car-making forces, popular Chinese concept stocks in 2020, except for the end of the year<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Hillhouse didn't miss it.Another manifestation of Hillhouse's strong stock selection ability is its ability to \"avoid pitfalls\". The two biggest thunders in Chinese concept stocks in 2020 are Ruixing and Danke. These two stocks were also popular Chinese concept stocks before, but Hillhouse is perfect. avoid. Except because<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>Hillhouse lost about US $100 million in its position, and Hillhouse hardly lost much money in speculating in Chinese concept stocks in 2020.The second point is the difference in buying strategy.Tiger rarely buys Chinese concept stocks in the secondary market, and most of its positions are investments completed in the private equity stage. The only exception is e-commerce. In 2020, Tiger will only buy stocks of JD.com, Alibaba, and Pinduoduo in the secondary market. The e-commerce industry is also the field that Tiger is most familiar with. Whether it is investing in Dangdang Excellence in the early years or investing in JD.com to become famous in World War I, Chinese e-commerce can be said to be the gantry for Tiger to become the top PE.Hillhouse also got top PE tickets through JD.com's case, but speculation in Chinese concept stocks is not limited to e-commerce. In 2020, Hillhouse has bought at least 14 Chinese concept stocks in the secondary market, Perfect Diary,<a href=\"https://laohu8.com/S/GDS\">GDS</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>Hillhouse, a few popular Chinese concept stocks in 2020, has bought automobiles in the secondary market and participated as cornerstone investors<a href=\"https://laohu8.com/S/LI\">Li Auto</a>And<a href=\"https://laohu8.com/S/BEKE\">Shells</a>The \"new\" of looking for a house.<img src=\"https://static.tigerbbs.com/0629fe2e85c24d191c22721db6d0e861\" tg-width=\"1080\" tg-height=\"649\" referrerpolicy=\"no-referrer\">It is also worth mentioning the investment in Bilibili. The stock price of Bilibili began to take off after the New Year's Eve party in 2019. Hillhouse was not an early investor in Bilibili. It did not begin to increase its holdings in Bilibili until Q4 of 2020. Public information There is no news that Bilibili introduced Hillhouse's strategic investment, 6 that means that Hillhouse is most likely to buy Bilibili stocks in the secondary market.In Q4 of 2018, I bought 2 million shares, and in the first three quarters of 2019, I bought 1.3 million, 4.5 million and 4.8 million shares respectively. Hillhouse's total holding cost was less than US $180 million, but it earned nearly US $650 million, with a return of as high as 260%, earning more than most VCs who bet on station B.The third point is the difference in investment styles.Tiger's investment style in Chinese concept stocks is relatively stable. For JD.com, Pinduoduo, Alibaba,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/TAL\">TAL</a>For these heavily held Chinese concept stocks, whether Tiger increases or decreases its holdings, the magnitude is not large each time. For example, in 2020Q1, the proportion of reductions in JD.com was about 4%, in 2020Q2, the proportion of increases in holdings was about 2%, and in Q4, the holdings were reduced<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>, the proportion does not exceed 15%.Hillhouse likes band operation, and even \"All in\" at every turn. For example, JD.com, Hillhouse first reduced its holdings by 30% in Q2, directly increased its positions by 100% in Q3, and then reduced its holdings by nearly 20% in Q4. Not only is the operation frequent, but the proportion of blessings and reductions in each quarter also far exceeds that of Tiger. In addition, in the fourth quarter of last year, Hillhouse directly cleared the stocks of Future, XPeng, and Ideal for the new car-making forces at a high point. In 2020, Hillhouse cleared a total of 13 Chinese concept stocks, of which 5 stocks were bought during the year.Finally, there is a particularly interesting phenomenon, that is, for<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>Different treatment of Alibaba and Alibaba stocks.Ali and iQiyi are both stocks that Tiger and Hillhouse are heavily held. At the beginning of 2020, Hillhouse held nearly 2 million Ali shares (worth about 400 million US dollars) and 12 million iQiyi shares (worth about 400 million US dollars) respectively. Tiger holds 3.5 million Ali shares (about 700 million US dollars) and 1 million iQiyi shares (worth about 21 million US dollars) respectively.Both companies encountered trouble in 2020. At the beginning of the year, iQiyi was attacked by short-selling institutions, and later it was reported that it was investigated by sec; Alibaba was in trouble at the end of the year due to domestic antitrust investigations and the failure of Ant to go public.Tiger cleared iQiyi's stock in Q2, but never reduced its holdings of Ali's stock, which even led to a decrease in Ali's stock income by about US $300 million in Q4 in 2020; Hillhouse was decisive in the matter of Ali. It directly liquidated Ali's shares in Q4, but did not \"abandon\" iQiyi. It only reduced its holdings by about 8 million shares in Q3 and Q4, which is about 1/6 of its holdings.Faced with the same crisis and different companies, Tiger and Hillhouse have made two diametrically opposite operations, and the things behind them are worthy of our careful consideration.Cheng is also JD.com, and how much Cheng is also JD.comFinally, let's talk about Tiger and Hillhouse's investments in JD.com.Both Hillhouse and Tiger became famous because of JD.com's World War I, and thus became one of the top PEs in the world. Tiger, which launched the first phase of private equity fundraising in 2003, completed a total of about US $6 billion in fundraising in the next 11 years. After JD.com went public in 2014, Tiger completed nearly US $18 billion in fundraising in 7 years, three times that of the previous 11 years.The same is true for Hillhouse. When Zhang Lei established Hillhouse Capital in 2005, he only got US $20 million in seeds provided by David Swenson and others. After JD.com went public in 2014, Hillhouse's fundraising accelerated. By 2020, the asset management scale has exceeded 500 billion yuan (about 76 billion US dollars).Let's first review Tiger and Hillhouse's investments in JD.com before they went public.Hillhouse invested in JD.com's Series C financing in 2010. According to media reports, the total investment was US $300 million, of which US $65 million was invested in the form of convertible bonds. This part of the convertible bonds was converted into 86 million ordinary shares in 2012. Together with the 230 million C-series preferred shares shares acquired in the C round, Hillhouse held a total of 319 million ordinary shares (equivalent to 159 million ADS) after its listing on JD.com.Tiger invested in JD.com several times between 2010 and 2012, including US $75 million in JD.com in 2012. According to the prospectus, Tiger held 445 million ordinary shares (equivalent to 222 million ADS) of JD.com before listing. However, after JD.com went public, Tiger distributed most of its shares to LP. By the end of 2014, only 5 million shares belonging to Tiger Global Fund were left.<img src=\"https://static.tigerbbs.com/fcb64858e3a35393daed3822f4349eaa\" tg-width=\"1080\" tg-height=\"696\" referrerpolicy=\"no-referrer\">As shown in the figure above, at the end of 2014, Hillhouse still held 152 million shares of JD.com. In 2015, Hillhouse began to slowly reduce its holdings of JD.com shares. In 2015, it reduced its holdings by about 30 million shares, making a profit of over 800 million US dollars. In 2016, Hillhouse further accelerated the reduction of holdings. By Q2 of 2018, it had reduced its holdings to about 21 million shares, with a profit of about 3.4 billion US dollars during the period. At this time, the return of Hillhouse's investment in JD.com has reached nearly 5 billion US dollars.In 2018, due to the impact of the Liu Qiangdong Mingzhou incident, JD.com's stock price began to enter a long period of stagnation. At this time, Hillhouse also slowed down its reduction of holdings. In 2019, it also bought a small amount of JD.com shares in two quarters.By the beginning of 2020, Hillhouse's JD.com shares had dropped to 12 million shares, with a total market value of approximately US $420 million. Because the epidemic accelerated the recovery of performance, JD.com's stock price skyrocketed in 2020. Hillhouse also invested more than US $500 million to buy JD.com shares in Q2 of 2020. In the end, Hillhouse earned about US $800 million in JD.com shares in 2020.Tiger's operation is just the opposite of JD.COM. After listing, Tiger distributed most of its shares to LP, leaving only 5 million shares at the end of 2014. But since then, Tiger has begun to increase its holdings of JD.com. In Q1 and Q2 of 2015, Tiger invested nearly US $2 billion, and successively bought 16 million and 50 million JD.com shares through its funds.In the following years, Tiger reduced its holdings of JD.com shares at a very slow rate. By 2018Q2, its holdings dropped to 40 million shares, a reduction of about 40% (Hillhouse had already reduced its holdings by nearly 90% during the same period). After the Mingzhou incident in 2018, Tiger chose to further increase its holdings of JD.com, and bought nearly 16 million JD.com shares at a consideration of about US $500 million in the next two quarters.By the beginning of 2020, Tiger held 53 million shares of JD.com. During this year, JD.com, whose stock price more than doubled, earned Tiger nearly US $2.8 billion.When JD.com went public, Hillhouse's return was about US $3 billion based on the issue price. Since then, through long-term holding, Hillhouse has earned an additional US $2.5 billion on JD.com; After Tiger went public in JD.COM, it distributed shares worth US $4.2 billion to LPs (calculated according to the issue price). After seven years of speculation in JD.COM shares, Tiger itself made another US $3.1 billion.","source":"tzw","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hillhouse Capital or Tiger Fund, who is better at speculating in Chinese concept stocks?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHillhouse Capital or Tiger Fund, who is better at speculating in Chinese concept stocks?\n</h2>\n<h4 class=\"meta\">\n\n投中网2021-04-21 10:58\n\n</h4>\n</header>\n<article>\nIn 2020, Hillhouse's income from investing in Chinese concept stocks will be about 4.5 billion US dollars, and Tiger's income will be about 4.8 billion US dollars. What is the secret of the two PE stock trading?Tiger and Hillhouse have become the two PEs that are best at speculating in Chinese concept stocks.Tiger Global Fund earned more than $10 billion in 2020,<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Two stocks earned Tiger $4.2 billion; As of the end of 2020, Hillhouse Capital's position in U.S. stocks has reached US $12.6 billion, and Chinese concept stocks brought approximately US $4.5 billion to Hillhouse last year.When it comes to speculating in Chinese concept stocks, Tiger and Hillhouse have many similar operations: such as heavy positions<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>And Alibaba, after the outbreak of the epidemic, increased their positions in JD.com and Pinduoduo, and successively reduced their holdings of new energy vehicle stocks in the fourth quarter, etc.; However, after careful analysis, the styles of the two are obviously different. For example, Hillhouse prefers to do band operations, while Tiger prefers to hold for a long time; Hillhouse covers a wider range, and Tiger's holdings are concentrated in e-commerce, education, streaming media and other fields that it is familiar with...First of all, I would like to emphasize that the purpose of this article is to summarize the characteristics of Hillhouse and Tiger stock speculation, rather than define all the investment strategies of the two PEs. Hillhouse's asset management scale is nearly 80 billion US dollars, and its U.S. stock position only accounts for 1/7 of the asset portfolio; Although Tiger has significantly increased the proportion of U.S. stocks in its asset portfolio in 2020, entering the market in the private equity stage and holding it for a long time after the company's listing is the secret of Tiger Global Fund's long-term prosperity since its establishment 17 years ago.Hillhouse, Tiger, who is the PE who is best at speculating in Chinese concept stocks?First, let's sort out the earnings of Hillhouse and Tiger on Chinese concept stocks in 2020.<img src=\"https://static.tigerbbs.com/a0d3e0db1c8cdcf3e3d65f30aa474cf4\" tg-width=\"657\" tg-height=\"1105\" referrerpolicy=\"no-referrer\">Let's look at Hillhouse first, as shown in the table above,In 2020, Hillhouse Capital has successively held 37 Chinese concept stocks, with a total annual income of approximately US $4.5 billion.In Hillhouse's holdings portfolio, the five stocks with the highest returns are Pinduoduo, JD.com,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>，<a href=\"https://laohu8.com/S/BGNE\">BeiGene</a>And<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>, the annual revenue was US $1.432 billion, US $823 million, US $719 million, US $507 million and US $409 million respectively.<img src=\"https://static.tigerbbs.com/7d647c9926c7b5548e830b4326f1ad70\" tg-width=\"577\" tg-height=\"822\" referrerpolicy=\"no-referrer\">Looking at the tiger again, as shown in the table above,In 2020, Tiger held 25 Chinese concept stocks successively, with a total annual income of US $4.8 billion.It accounted for 46% of Tiger Global Fund's total earnings in 2020 (approximately US $10.4 billion).In Tiger's portfolio of Chinese concept stocks, JD.com, Pinduoduo,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The return is the highest. The total return of the three stocks combined is as high as US $4.71 billion, accounting for 99% of the returns of all Chinese concept stocks in 2020.At first glance, Hillhouse and Tiger have many similarities in terms of income or position, but analyzing the investment behavior behind the two, we can find that there are obvious differences between Hillhouse and Tiger in speculating in Chinese concept stocks.<img src=\"https://static.tigerbbs.com/38e60a0d09f7044f0a41594bddaf7ea0\" tg-width=\"742\" tg-height=\"822\" referrerpolicy=\"no-referrer\">The first is the difference in stock selection.Tiger's choice of Chinese concept stocks is basically a continuation of its investment strategy in the PE sector. As shown in the figure above, as of the fourth quarter of 2020, Tiger's Chinese concept stock positions accounted for about 25% of its U.S. stock positions. It is the stock with the highest position held by Tiger Global Fund, accounting for 11.6% of Tiger's total U.S. stock positions.In addition to e-commerce, the fields in which Tiger invests the most are education (6) and streaming media (5). In addition, Tiger also participates in industries such as data centers and new energy vehicles that are more popular in 2020.<img src=\"https://static.tigerbbs.com/81b095caa7c0f8bb035d79124b368c38\" tg-width=\"742\" tg-height=\"1142\" referrerpolicy=\"no-referrer\">In contrast, Hillhouse has a wider range of coverage. As of Q4 2020, Hillhouse's Chinese concept stock positions totaled US $7.13 billion, accounting for approximately 57% of Hillhouse's total US stock positions, of which Pinduoduo,<a href=\"https://laohu8.com/S/06160\">BeiGene</a>, JD.com holds more than US $1 billion in three stocks.From the perspective of industry classification, e-commerce is also Hillhouse's favorite industry. In addition to the three giants JD.com, Alibaba and Pinduoduo, Hillhouse also holds<a href=\"https://laohu8.com/S/MOGU\">Mushroom Street</a>、<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>(cleared),<a href=\"https://laohu8.com/S/UXIN\">Youxin</a>Isovertical e-commerce. In addition, pharmaceuticals is also a key industry for Hillhouse. In 2020, Hillhouse successively invested in 6 Chinese concept stock pharmaceutical companies. In addition to Chinese concept stocks, Hillhouse also invested in nearly 30 European and American medical and health companies in 2020.In addition to the key layout of e-commerce, medical care, and education industries, other popular Chinese concept stocks Hillhouse are also involved, from station B,<a href=\"https://laohu8.com/S/GDS\">GDS</a>、<a href=\"https://laohu8.com/S/MNSO\">MINISO</a>、<a href=\"https://laohu8.com/S/API\">Acoustic net</a>, to<a href=\"https://laohu8.com/S/BEKE\">Shells</a>Looking for a house,<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>Group and three new car-making forces, popular Chinese concept stocks in 2020, except for the end of the year<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Hillhouse didn't miss it.Another manifestation of Hillhouse's strong stock selection ability is its ability to \"avoid pitfalls\". The two biggest thunders in Chinese concept stocks in 2020 are Ruixing and Danke. These two stocks were also popular Chinese concept stocks before, but Hillhouse is perfect. avoid. Except because<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>Hillhouse lost about US $100 million in its position, and Hillhouse hardly lost much money in speculating in Chinese concept stocks in 2020.The second point is the difference in buying strategy.Tiger rarely buys Chinese concept stocks in the secondary market, and most of its positions are investments completed in the private equity stage. The only exception is e-commerce. In 2020, Tiger will only buy stocks of JD.com, Alibaba, and Pinduoduo in the secondary market. The e-commerce industry is also the field that Tiger is most familiar with. Whether it is investing in Dangdang Excellence in the early years or investing in JD.com to become famous in World War I, Chinese e-commerce can be said to be the gantry for Tiger to become the top PE.Hillhouse also got top PE tickets through JD.com's case, but speculation in Chinese concept stocks is not limited to e-commerce. In 2020, Hillhouse has bought at least 14 Chinese concept stocks in the secondary market, Perfect Diary,<a href=\"https://laohu8.com/S/GDS\">GDS</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>Hillhouse, a few popular Chinese concept stocks in 2020, has bought automobiles in the secondary market and participated as cornerstone investors<a href=\"https://laohu8.com/S/LI\">Li Auto</a>And<a href=\"https://laohu8.com/S/BEKE\">Shells</a>The \"new\" of looking for a house.<img src=\"https://static.tigerbbs.com/0629fe2e85c24d191c22721db6d0e861\" tg-width=\"1080\" tg-height=\"649\" referrerpolicy=\"no-referrer\">It is also worth mentioning the investment in Bilibili. The stock price of Bilibili began to take off after the New Year's Eve party in 2019. Hillhouse was not an early investor in Bilibili. It did not begin to increase its holdings in Bilibili until Q4 of 2020. Public information There is no news that Bilibili introduced Hillhouse's strategic investment, 6 that means that Hillhouse is most likely to buy Bilibili stocks in the secondary market.In Q4 of 2018, I bought 2 million shares, and in the first three quarters of 2019, I bought 1.3 million, 4.5 million and 4.8 million shares respectively. Hillhouse's total holding cost was less than US $180 million, but it earned nearly US $650 million, with a return of as high as 260%, earning more than most VCs who bet on station B.The third point is the difference in investment styles.Tiger's investment style in Chinese concept stocks is relatively stable. For JD.com, Pinduoduo, Alibaba,<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/TAL\">TAL</a>For these heavily held Chinese concept stocks, whether Tiger increases or decreases its holdings, the magnitude is not large each time. For example, in 2020Q1, the proportion of reductions in JD.com was about 4%, in 2020Q2, the proportion of increases in holdings was about 2%, and in Q4, the holdings were reduced<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>, the proportion does not exceed 15%.Hillhouse likes band operation, and even \"All in\" at every turn. For example, JD.com, Hillhouse first reduced its holdings by 30% in Q2, directly increased its positions by 100% in Q3, and then reduced its holdings by nearly 20% in Q4. Not only is the operation frequent, but the proportion of blessings and reductions in each quarter also far exceeds that of Tiger. In addition, in the fourth quarter of last year, Hillhouse directly cleared the stocks of Future, XPeng, and Ideal for the new car-making forces at a high point. In 2020, Hillhouse cleared a total of 13 Chinese concept stocks, of which 5 stocks were bought during the year.Finally, there is a particularly interesting phenomenon, that is, for<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>Different treatment of Alibaba and Alibaba stocks.Ali and iQiyi are both stocks that Tiger and Hillhouse are heavily held. At the beginning of 2020, Hillhouse held nearly 2 million Ali shares (worth about 400 million US dollars) and 12 million iQiyi shares (worth about 400 million US dollars) respectively. Tiger holds 3.5 million Ali shares (about 700 million US dollars) and 1 million iQiyi shares (worth about 21 million US dollars) respectively.Both companies encountered trouble in 2020. At the beginning of the year, iQiyi was attacked by short-selling institutions, and later it was reported that it was investigated by sec; Alibaba was in trouble at the end of the year due to domestic antitrust investigations and the failure of Ant to go public.Tiger cleared iQiyi's stock in Q2, but never reduced its holdings of Ali's stock, which even led to a decrease in Ali's stock income by about US $300 million in Q4 in 2020; Hillhouse was decisive in the matter of Ali. It directly liquidated Ali's shares in Q4, but did not \"abandon\" iQiyi. It only reduced its holdings by about 8 million shares in Q3 and Q4, which is about 1/6 of its holdings.Faced with the same crisis and different companies, Tiger and Hillhouse have made two diametrically opposite operations, and the things behind them are worthy of our careful consideration.Cheng is also JD.com, and how much Cheng is also JD.comFinally, let's talk about Tiger and Hillhouse's investments in JD.com.Both Hillhouse and Tiger became famous because of JD.com's World War I, and thus became one of the top PEs in the world. Tiger, which launched the first phase of private equity fundraising in 2003, completed a total of about US $6 billion in fundraising in the next 11 years. After JD.com went public in 2014, Tiger completed nearly US $18 billion in fundraising in 7 years, three times that of the previous 11 years.The same is true for Hillhouse. When Zhang Lei established Hillhouse Capital in 2005, he only got US $20 million in seeds provided by David Swenson and others. After JD.com went public in 2014, Hillhouse's fundraising accelerated. By 2020, the asset management scale has exceeded 500 billion yuan (about 76 billion US dollars).Let's first review Tiger and Hillhouse's investments in JD.com before they went public.Hillhouse invested in JD.com's Series C financing in 2010. According to media reports, the total investment was US $300 million, of which US $65 million was invested in the form of convertible bonds. This part of the convertible bonds was converted into 86 million ordinary shares in 2012. Together with the 230 million C-series preferred shares shares acquired in the C round, Hillhouse held a total of 319 million ordinary shares (equivalent to 159 million ADS) after its listing on JD.com.Tiger invested in JD.com several times between 2010 and 2012, including US $75 million in JD.com in 2012. According to the prospectus, Tiger held 445 million ordinary shares (equivalent to 222 million ADS) of JD.com before listing. However, after JD.com went public, Tiger distributed most of its shares to LP. By the end of 2014, only 5 million shares belonging to Tiger Global Fund were left.<img src=\"https://static.tigerbbs.com/fcb64858e3a35393daed3822f4349eaa\" tg-width=\"1080\" tg-height=\"696\" referrerpolicy=\"no-referrer\">As shown in the figure above, at the end of 2014, Hillhouse still held 152 million shares of JD.com. In 2015, Hillhouse began to slowly reduce its holdings of JD.com shares. In 2015, it reduced its holdings by about 30 million shares, making a profit of over 800 million US dollars. In 2016, Hillhouse further accelerated the reduction of holdings. By Q2 of 2018, it had reduced its holdings to about 21 million shares, with a profit of about 3.4 billion US dollars during the period. At this time, the return of Hillhouse's investment in JD.com has reached nearly 5 billion US dollars.In 2018, due to the impact of the Liu Qiangdong Mingzhou incident, JD.com's stock price began to enter a long period of stagnation. At this time, Hillhouse also slowed down its reduction of holdings. In 2019, it also bought a small amount of JD.com shares in two quarters.By the beginning of 2020, Hillhouse's JD.com shares had dropped to 12 million shares, with a total market value of approximately US $420 million. Because the epidemic accelerated the recovery of performance, JD.com's stock price skyrocketed in 2020. Hillhouse also invested more than US $500 million to buy JD.com shares in Q2 of 2020. In the end, Hillhouse earned about US $800 million in JD.com shares in 2020.Tiger's operation is just the opposite of JD.COM. After listing, Tiger distributed most of its shares to LP, leaving only 5 million shares at the end of 2014. But since then, Tiger has begun to increase its holdings of JD.com. In Q1 and Q2 of 2015, Tiger invested nearly US $2 billion, and successively bought 16 million and 50 million JD.com shares through its funds.In the following years, Tiger reduced its holdings of JD.com shares at a very slow rate. By 2018Q2, its holdings dropped to 40 million shares, a reduction of about 40% (Hillhouse had already reduced its holdings by nearly 90% during the same period). After the Mingzhou incident in 2018, Tiger chose to further increase its holdings of JD.com, and bought nearly 16 million JD.com shares at a consideration of about US $500 million in the next two quarters.By the beginning of 2020, Tiger held 53 million shares of JD.com. During this year, JD.com, whose stock price more than doubled, earned Tiger nearly US $2.8 billion.When JD.com went public, Hillhouse's return was about US $3 billion based on the issue price. Since then, through long-term holding, Hillhouse has earned an additional US $2.5 billion on JD.com; After Tiger went public in JD.COM, it distributed shares worth US $4.2 billion to LPs (calculated according to the issue price). After seven years of speculation in JD.COM shares, Tiger itself made another US $3.1 billion.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://mp.weixin.qq.com/s/HGCWrdQ_CxJgpybrfRLAbw\">投中网</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8bab54e49dd53d68a704005a9775aa0d","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://mp.weixin.qq.com/s/HGCWrdQ_CxJgpybrfRLAbw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161095162","content_text":"2020年高瓴投资中概股的收益约45亿美元，老虎的收益约48亿美元，两家PE炒股的秘诀是什么？\n\n老虎和高瓴，已经成为最会炒中概股的两家PE。\n老虎环球基金2020年赚了100多亿美元，京东、拼多多两只股票就给老虎赚了42亿美元；高瓴资本截至2020年底持有美股的头寸已经达到126亿美元，中概股去年给高瓴带来约45亿美元的收益。\n在炒中概股这件事儿上，老虎和高瓴有很多相似的操作：比如重仓京东、拼多多和阿里，疫情爆发后加仓京东、拼多多，四季度陆续减持新能源汽车股等等；但仔细分析，二者的风格又有明显的不同，比如高瓴更喜欢做波段操作，老虎却更倾向长期持有；高瓴覆盖的范围更广，老虎的持仓集中在自己熟悉的电商、教育、流媒体等领域……\n先强调一下，这篇文章的目的是总结高瓴、老虎炒股票的特点，而不是定义两家PE全部的投资策略。高瓴资产管理规模近800亿美元，美股头寸只占到资产组合的1/7；老虎虽然在2020年大幅提高了资产组合中美股的占比，但在私募阶段入局并在公司上市后长期持有，才是老虎环球基金成立17年以来长盛的秘诀。\n高瓴、老虎，谁是最会炒中概股的PE？\n首先梳理一下2020年高瓴和老虎在中概股上的收益。\n\n先看高瓴，如上表所示，2020年高瓴资本先后持有37只中概股股票，全年总收益约45亿美元。\n在高瓴的持仓组合中，收益最高的5只股票分别是拼多多、京东、阿里巴巴，百济神州和哔哩哔哩，全年收益分别是14.32亿美元、8.23亿美元、7.19亿美元、5.07亿美元和4.09亿美元。\n\n再看老虎，如上表所示，2020年老虎先后持有25只中概股，全年收益总额为48亿美元，占老虎环球基金2020年总收益（约104亿美元）的46%。\n在老虎的中概股仓位组合中，京东、拼多多、阿里巴巴收益最高，三只股票加起来的总收益高达47.1亿美元，占2020年全部中概股收益的99%。\n乍看之下不论是收益还是仓位，高瓴、老虎有很多相似之处，但分析二者背后的投资行为，却可以发现炒中概股这件事上，高瓴和老虎有着明显的差异。\n\n首先是择股的区别。\n老虎对于中概股的选择，基本是其PE部门投资策略的延续。如上图所示，截至2020年四季度，老虎中概股仓位约占其美股仓位的25%，中国电商三巨头京东、拼多多、阿里巴巴的头寸超过10亿美元，其中京东股票头寸高达45亿美元，是老虎环球基金持仓最高的股票，占老虎全部美股头寸的11.6%。\n除电商之外，老虎投资最多的领域是教育（6只）、流媒体（5只），此外2020年比较热门的数据中心、新能源汽车等行业老虎也有参与。\n\n相比之下高瓴的涉猎范围更广。截至2020年Q4高瓴中概股头寸合计71.3亿美元，约占高瓴全部美股头寸的57%，其中拼多多、百济神州、京东三只股票持仓超过10亿美元。\n从行业分类来看，电商同样是高瓴最喜爱的行业，除了京东、阿里、拼多多三巨头，高瓴还持有蘑菇街、唯品会（已清仓）、优信等垂类电商。此外医药也是高瓴重点布局的行业，2020年高瓴先后投资了6家中概股医药公司，除中概股以外，高瓴还在2020年投资了近30家欧美医疗健康公司。\n除了重点布局的电商、医疗、教育行业，其他热门中概股高瓴也多有涉猎，从B站、万国数据、名创优品、声网，到贝壳找房、华住集团以及三个造车新势力，2020年热门的中概股，除了年底的百度之外高瓴都没有错过。\n高瓴择股能力强的另一个表现是“避坑”能力，2020年中概股最大的两颗雷分别是瑞幸和蛋壳，这两只股票此前也是热门中概股，高瓴却完美避开。除了因为爱奇艺的仓位亏掉约1亿美元，高瓴2020年炒中概股几乎没怎么亏到钱。\n第二点是买入策略的不同。\n老虎很少在二级市场买入中概股，大多数持仓都是在私募阶段完成的投资。唯一的例外是电商，2020年老虎只在二级市场买入京东、阿里、拼多多的股票。电商行业也是老虎最熟悉的领域，不论是早年投资当当卓越，还是投资京东一战成名，中国电商可以说是老虎跻身顶级PE的龙门。\n高瓴也是通过京东的案子拿到顶级PE的入场券，但炒中概股并不局限于电商。2020年高瓴至少在二级市场买入过14只中概股，完美日记、万国数据、蔚来汽车这几个2020年的热门中概股高瓴都曾在二级市场买入，还以基石投资者的身份参与了理想汽车和贝壳找房的“打新”。\n\n另外值得一提的是对B站的投资，B站股价从2019年的跨年晚会后开始起飞，高瓴并不是B站的早期投资者，直到2020年Q4才开始增持B站，公开信息中并没有B站引入高瓴战投的新闻，6也就是说高瓴大概率是在二级市场买入的B站股票。\n2018年Q4买入200万股，2019年前三季度分别买入130万、450万和480万股，高瓴总共的持仓成本不到1.8亿美元，却赚了将近6.5亿美元，回报高达260%，比大部分押中B站的VC挣得都多。\n第三点则是投资风格的区别。\n老虎的中概股投资风格相对稳健。对于京东、拼多多、阿里巴巴、新东方、好未来这些重仓中概股，老虎不论是增持还是减持，每次的幅度都不大。比如2020Q1减持京东的比例约4%，2020Q2增持的比例约2%，还有Q4减持新东方，比例不超过15%。\n高瓴则喜欢波段操作，甚至动辄“All in”。比如京东，Q2高瓴先是减持30%，Q3直接加仓100%，又在Q4减持近20%，操作不仅频繁，每个季度加持减持的比例也远超老虎。还有去年四季度对处于高点的造车新势力，高瓴直接清仓了未来、小鹏、理想的股票。2020年高瓴一共清仓了13只中概股，其中5只股票都是在年内买入。\n最后还有一个特别有意思的现象，就是对于爱奇艺和阿里巴巴两只股票的不同处理。\n阿里和爱奇艺都是老虎和高瓴重仓的股票，2020年初高瓴分别持有近200万股阿里股票（价值约4亿美元）和1200万股爱奇艺股票（价值约4亿美元），老虎分别持有350万股阿里股票（约7亿美元）和100万股爱奇艺股票（价值约2100万美元）。\n2020年这两家公司都遇到了麻烦，年初爱奇艺遭遇做空机构狙击，之后传出遭到sec调查；阿里巴巴则在年底因为国内反垄断调查和蚂蚁上市失败陷入麻烦。\n老虎在Q2清仓了爱奇艺的股票，但始终没有减持阿里的股票，甚至导致2020年阿里股票的收益在Q4减少了约3亿美元；高瓴在阿里这件事上杀伐果断，在Q4直接清仓了阿里股票，却没有“抛弃”爱奇艺，只在Q3、Q4减持了约800万股，约是持股的1/6。\n面对同样的危机，面对不同的公司，老虎和高瓴却做出了两种截然相反的操作，背后的东西值得我们好好思考。\n成也京东，成多少也是京东\n最后，我们来聊一聊老虎和高瓴在京东的投资。\n高瓴和老虎都是因为京东一战成名，由此跻身全球顶尖PE的行列。2003年启动第一期私募基金募集的老虎，之后的11年一共完成了约60亿美元的募资，而在京东2014年上市后，老虎7年里完成了将近180亿美元募资，是之前11年的3倍。\n高瓴也是如此，2005年张磊成立高瓴资本时，手中拿到的不过是大卫·史文森等提供的2000万美元种子，2014年京东上市后高瓴募资加快，到2020年时资管规模已经超过5000亿元（约760亿美元）。\n先回顾一下老虎和高瓴在上市前对京东的投资。\n高瓴在2010年投资京东C轮融资，根据媒体报道投资总额为3亿美元，其中6500万美元是以可转债的方式投资。这部分可转债在2012年转换成8600万股普通股，加上C轮取得的2.3亿股C系列优先股，高瓴在京东上市后一共持有3.19亿普通股（相当于1.59亿ADS）。\n老虎在则在2010年-2012年之间数次投资京东，其中2012年投资京东7500万美元，根据招股书上市前老虎持有京东4.45亿普通股（相当于2.22亿ADS）。但在京东上市后老虎把大部分的股票都分给了LP，截至2014年底属于老虎环球基金的股票只剩下500万股。\n\n如上图所示，2014年底高瓴还持有1.52亿股京东股票，2015年高瓴开始慢慢减持京东股票，其中2015年减持约3000万股，获利超过8亿美元。2016年高瓴进一步加快减持速度，到2018年Q2已经减持到约2100万股，期间获利约34亿美元，此时高瓴投资京东的回报已经将近50亿美元。\n2018年因为刘强东明州事件的影响，京东股价开始进入一个漫长的停滞期，此时高瓴也放缓了减持的动作，2019年还在两个季度买入少量京东股票。\n到了2020年初，高瓴持有的京东股票降至1200万股，总市值约4.2亿美元。而因为疫情加快业绩复苏，京东在2020年股价暴涨，高瓴也在2020年Q2投入超过5亿美元买入京东股票，最终2020年高瓴在京东股票上收益约8亿美元。\n老虎则与京东的操作正好相反，上市后老虎把大部分的股票分给了LP，2014年底的持仓只剩500万股。但此后老虎开始增持京东，2015年Q1和Q2老虎投入近20亿美元，通过旗下基金先后买入1600万和5000万股京东股票。\n之后几年老虎以非常缓慢的速度减持京东股票，到2018Q2时持股降至4000万股，减持约40%（同期高瓴已经减持了将近90%），而在2018年明州事件之后，老虎选择进一步增持京东，接下来的2个季度以约5亿美元的对价买入近1600万股京东股票。\n到2020年初，老虎持有京东5300万股，在这一年里，股价上涨超过2倍的京东，为老虎赚了将近28亿美元。\n京东上市时，按照发行价计算高瓴的回报约30亿美元，此后通过长期持有，高瓴在京东上多赚了25亿美元；老虎在京东上市后给LP们分了价值42亿美元的股票（按照发行价计算），之后炒了7年京东股票，老虎自己又赚了31亿美元。","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1091,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}