(Yicai Global) Feb. 15 -- HHLR Advisors has increased its US positions in electric vehicle makers Li Auto and Xpeng Motors while selling all of its holdings of Alibaba Group Holding and video streaming site Bilibili in the fourth quarter of last year.

Firms in the fields of biotechnology, cloud computing, and new energy made up over 70 percent of the 76 US-listed stocks that HHLR held positions in by the end of 2021, the Hong Kong Special Administrative Region-based company said in a filing posted on the United States Securities and Exchange Commission's website today. Six of the top 10 stocks were companies with business in China.

HHLR increased its holdings of 12 stocks in the States over the quarter. It purchased more shares in Li Auto, making the Beijing-based electric vehicle manufacturer one of the fund manager's 10 biggest US-listed favorites. The investor also added shares of Guangzhou-based Xpeng.

The two car companies have been posting impressive sales. Li Auto more than doubled its deliveries to almost 12,270 units last month from a year ago. Xpeng also recorded a more than twofold surge in deliveries to over 12,900 units.

HHLR also let go of some shares. It sold almost 60 percent of its Nio holdings. The Shanghai-based electric automaker reported a nearly 34 percent increase in deliveries to a bit more than 9,650 units last month. HHLR cut its equity in e-commerce giant Pinduoduo, too. The investor had been buying Bilibili and Pinduoduo since 2018, public data show.

Stock price movements can offer context to the transfers. Alibaba's New York Stock Exchange-listed shares have dropped more than a third in the past six months and Pinduoduo's Nasdaq-listed stock has slid 28 percent. But HHLR's deals may not mean the firms are unpopular. Bridgewater Associates, founded by Ray Dalio, increased its holdings of the two online retail behemoths in the fourth quarter, according to the American investment manager's report released the same day. The company had sold all of its shares in Amazon, Oracle, and Netflix.

Moreover, the data is limited to the US market. One of the main reasons behind HHLR's transactions is that a growing number of firms that have business in China have completed secondary listings in Hong Kong, said an industry professional. Thus, investment institutions have more flexibility to adjust their positions in the SAR, the person added.

Another reason for the cuts could be that some sectors have staged bigger rallies and others were impacted by some profound changes in the environment, said the industry insider.

HHLR has boosted its investments on the mainland and in Hong Kong. Some of the recent additions are electronic component maker Three-Circle Group, clean energy firm GCL-Poly Energy Holdings, and workplace software developer Yonyou Network Technology.

Editors: Liao Shumin, Emmi Laine, Xiao Yi