HHLR Advisors Fully Exits Baidu as AI Push Tests Its Advertising-Funded Model

2026-02-20 16:03:28 ET

According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, HHLR Advisors, Ltd. reported the complete sale of its Baidu position during the fourth quarter. The fund reduced its holdings by 1,641,000 shares, with an estimated transaction value of $216.23 million based on average pricing for the period. The quarter-end valuation of the Baidu stake dropped by $216.23 million, reflecting this divestiture and share price movement.

HHLR Advisors, Ltd. fully exited Baidu, removing a position that previously represented 5.3% of AUM as of the prior quarter.

Top holdings as of the filing:

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