Hillhouse Capital, one of China's best-known asset managers, liquidated its positions in Nio (NYSE: NIO, HKG: 9866) and Xpeng Motors (NYSE: XPEV, HKG: 9868) in the first quarter and cut its stake in Li Auto (NASDAQ: LI, HKG: 2015) in half.
As of the end of the first quarter, Hillhouse's fund manager HHLR Advisors, which invests in overseas secondary markets, no longer held any shares of Nio or Xpeng, its 13F filing with the SEC on Monday showed.
For comparison, the fund held 350,000 shares of Nio, worth $11,088,000, and 666,500 shares of Xpeng, worth $33,545,000, at the end of the fourth quarter last year.
HHLR Advisors increased its stake in Nio by 575.47 percent to 859,200 shares in the second quarter of last year and left it unchanged in the third quarter. The fund reduced its holdings in Nio by 59.26 percent in the fourth quarter of last year.
It increased its stake in Xpeng by 36.12 percent in the second quarter of last year, but decreased it by 86.61 percent in the third quarter. In the fourth quarter of last year, the fund increased its holdings in Xpeng by 455.42 percent.
As of the end of the first quarter, HHLR Advisors held 2,496,550 shares of Li Auto's US-traded ADRs worth $64,436,000, according to its most recent filing.
This represents a 50.14 percent decrease in the fund's position in Li Auto during the first quarter. It first bought Li Auto in the third quarter of last year.
During the first quarter, Nio was down 33.55 percent, Xpeng was down 45.18 percent and Li Auto was down 19.6 percent.
It's worth noting that hedge funds were split on their opinions of the Chinese electric vehicle trio.
As CnEVPost reported earlier, Bridgewater Associates, the world's largest hedge fund founded by well-known investor Ray Dalio, continued to increase its bets on the three companies in the first quarter.
Bridgewater increased its stake in Nio by more than 70 percent in the first quarter, and doubled its stakes in both Xpeng and Li Auto.
George Soros' Soros Fund Management bought an initial 101,796,000 shares of Nio's assets classified as "NOTE" during the first quarter for a total value of $84.36 million.
Soros' fund does not hold any assets related to Xpeng or Li Auto.