(Yicai Global) Aug. 17 -- Hillhouse Capital Group, a Chinese investment firm whose assets have widened by 48 percent in one quarter, has honed its e-commerce portfolio by increasing its shareholding of Alibaba Group Holding and Pinduoduo in the second quarter while unloading JD.Com and Vipshop.

The private equity firm bought 2 million Alibaba shares and 1.1 million Pinduoduo ones by the end of June, the Hong Kong-based company said in a recent filing to the US Securities and Exchange Commission. Assets under the firm's management rose to USD10.9 billion from a quarter earlier.

The company sold 4.1 million JD.Com shares over the three months. It also unloaded 1.6 million shares of Vipshop which operates e-commerce site Vip.Com.

Hillhouse Capital's other recent picks involved education and healthcare. It purchased 400,500 shares of TAL Education Group, a Chinese provider of after-school tutoring. It also bought 210,900 shares of China Biologic Products Holdings, a plasma-based biopharma products maker.

The investment management firm had stakes in 74 US-listed firms in the second quarter, mostly focusing on biopharma and the internet sector. Its three biggest bets were Zoom Video Communications, video platform iQiyi, and cancer therapy developer BeiGene. Alibaba was No. 4, and Pinduoduo No. 5. Those were followed by Uber Technologies, TAL Education, JD.Com, Bilibili, and China Biologic Products.

Among the top 10, shares of Pinduoduo [NASDAQ: PDD] have risen the most at 138 percent in the second quarter.

Over the quarter, Hangzhou-based Alibaba has been attracting other investors too. US hedge fund Bridgewater Associates more than tripled its holdings to USD205 million from a quarter earlier, according to its filing to the US Securities and Exchange Commission published on Aug. 12.

Editor: Emmi Laine