Top 5 Stock Picks of Chinese Billionaire Lei Zhang

4. On Holding AG (NYSE:ONON)

Hillhouse Capital Management’s Stake Value: $481,289,000

Percentage of Hillhouse Capital Management’s 13F Portfolio: 6.29%

Number of Hedge Fund Holders: 30

On Holding AG (NYSE:ONON) is a Zurich-based holding company that operates via its subsidiaries, offering athletic apparel and footwear. Zhang’s Hillhouse Capital Management holds a $481.2 million stake in On Holding AG (NYSE:ONON), representing 6.29% of the firm’s Q3 portfolio. 

On Holding AG (NYSE:ONON) posted its earnings for the third quarter on November 16. EPS in the period came in at $0.08, exceeding estimates by $0.19. The Q3 revenue equaled $234.27 million, beating expected revenue by $35.73 million.

On November 17, Credit Suisse analyst Michael Binetti raised the price target on On Holding AG (NYSE:ONON) to $49 from $38 and kept an Outperform rating on the stock after the strong Q3 earnings results. 

As of Q3 2021, 30 hedge funds in the database of Insider Monkey were long On Holding AG (NYSE:ONON), with stakes amounting to $832.5 million.