Hillhouse Capital Management, managed by Lei Zhang, has reduced its passive stake in JD.Com Inc (ADR) (NASDAQ:JD), which is an online direct sales company in China. In its latest filing with the U.S. Securities and Exchange Commission, Hillhouse Capital disclosed that its ownership of the company’s shares reduced to nearly 305 million Class A ordinary shares from around 310 million shares the fund held previously. The new stake is equal to 13.8% of the company’s ordinary shares.
Yale University-backed Hillhouse Capital Management was founded in 2005 by Zhang Lei, who is one of the top dogs in Asia. Hillhouse Capital focuses media, consumer, industrial and commodity-related sectors. Some of the fund’s investment decisions would classify it as a contrarian, though it maintains its fair share of mainstream bets as well. Hillhous Capital has offices in Beijing, Hong Kong and Singapore. As of the end of the third quarter of 2014, the value of the Hillhouse Capital’s equity portfolio totaled nearly $816 million, down from the previous value of more than $880 million.
Hillhouse Capital reported holding largest stakes in Mondelez International Inc (NASDAQ:MDLZ), Ctrip.com International Ltd. (ADR) (NASDAQ:CTRP), Sohu.com Inc (NASDAQ:SOHU). The fund held 9.30 million shares of Mondelez International Inc (NASDAQ:MDLZ), which manufactures food and beverage products for consumers in over 100 countries worldwide. Ctrip.com International Ltd. (ADR) (NASDAQ:CTRP) was the most valuable holding, in which the fund reported ownership of 3.76 million shares. Hillhouse Capital owned 1.65 million shares of Sohu.com Inc (NASDAQ:SOHU), as of the end of the third quarter. The fund’s stakes in these three holdings remained unchanged over the quarter. Hillhouse Capital reported owning 154,850 shares of Baidu Inc (ADR)(NASDAQ:BIDU), as of the end of the third quarter.
Last month, Hillhouse Capital revealed raising its activist stake in Qunar Cayman Islands Ltd (NASDAQ:QUNR), owning around 17.03 million class B shares of the company, the stake represents 14.84% of class.