The wave of enthusiasm for Hong Kong stocks is surging again, and Hillhouse Capital is increasing its positions in the consumer, technology, and pharmaceutical sectors simultaneously.
The stock price of Mixue Group (2097.HK) has shown strong performance recently, continuously hitting new highs in market value since its listing. As of June 5, the total market value of Mixue Group reached HK$215.6 billion, and the stock price has risen by more than 20% in the past twenty days.
Having been listed for three months, Mixue Group is undoubtedly one of the most watched consumer companies in the Hong Kong stock market this year. In this IPO, Hillhouse participated in the cornerstone subscription through its HHLR fund, joining Boyu Capital, Meituan Longzhu and others. Hillhouse's total subscription amount in this round of cornerstone investment exceeded HK$200 million, reflecting the concentrated bets of leading institutions on the new consumer track. Coupled with its leading investment of nearly HK$1 billion in the company's only round of external financing before, Hillhouse has become the largest external institutional investor in Mixue.
In the IPOs in the Hong Kong stock market this year, Hillhouse, as a cornerstone investor, has been continuously active and made successive moves. On May 20, CATL listed on the Hong Kong Stock Exchange at an issue price of HK$263, and its stock price rose by more than 12% on the first day, making it one of the largest IPOs in the Hong Kong stock market this year. A total of 23 cornerstone investors were introduced in this IPO, covering various types such as energy central enterprises, sovereign wealth funds, and global asset management giants, and Hillhouse was one of them. Other investors include Sinopec, Kuwait Investment Authority (KIA), Gao Yi Asset Management, UBS Asset Management, Oaktree Capital, etc. Among them, Hillhouse, Sinopec, and KIA were the three with the highest investment amounts. The overall cornerstone subscription amount exceeded HK$20 billion, accounting for 57% of the issued shares.
Meanwhile, Hengrui Medicine also launched its H-share issuance plan, raising up to HK$13 billion, which is the largest fundraising amount among Hong Kong stock pharmaceutical companies in the past five years. Its lineup of cornerstone investors is also strong, including Government of Singapore Investment Corporation (GIC), Invesco, UBS Asset Management, Hillhouse Capital, and Boyu Capital. The "cornerstone group" combines active private equity and long - term funds, covering both international and local buyers. This is another public increase in holdings by Hillhouse in the pharmaceutical sector, continuing its consistent focus on innovative drugs.
Since the beginning of this year, the Hong Kong stock market has continued to recover. The Hang Seng Index has risen by more than 15% in stages, the stock prices of many core assets have rebounded significantly, and trading volume and activity have increased simultaneously. Leading A - share enterprises have flocked to list in Hong Kong, with the number nearly doubling compared to last year. As of May 27, 2025, five A - share enterprises, including CATL, Hengrui Medicine, Chifeng Gold, Junda Co., Ltd., and Jihong Co., Ltd., have successfully listed in Hong Kong.
Among the enterprises that have submitted applications or passed the hearing, five enterprises such as Haitian Flavoring & Food, Sanhua Intelligent Control, and Anjoy Foods have passed the record - filing of the China Securities Regulatory Commission, and 17 enterprises such as GigaDevice Semiconductor, Seres, and Chao Hong Ji have submitted applications for listing on the Hong Kong stock market. It is worth noting that in the semiconductor sector, in addition to Will Semiconductor, listed companies such as GigaDevice Semiconductor, Jiangbo Long Storage Technology, Navchip Microelectronics, Juwat Microelectronics, Tsinghua Unigroup, and Hehui Optoelectronics have successively announced their plans to list in Hong Kong in the first half of this year. Whether Hillhouse will continue to bet as a cornerstone investor remains to be seen. In any case, its multiple cornerstone layouts in the Hong Kong stock IPOs this year, covering various sectors such as consumption, technology, and healthcare, reflect that leading institutions are quickly adjusting their allocation strategies in the changing market rhythm, focusing on high - quality enterprises with solid fundamentals and long - term potential, and participating in the new round of market pricing in a more proactive manner.