Greenwoods' latest 13F: Increased holdings in Pinduoduo on the left side

These days, it's time again for U.S. stock institutions to submit their 13F filings, disclosing their latest holdings.

Currently, the latest updates from several key figures I'm most focused on, such as Warren Buffett, Duan Yongping's H&H, and Himalaya Capital's holdings, have not yet been released.

As a veteran top-tier Chinese private equity firm, Greenwoods Asset Management today disclosed its report card for Q4 2025.

What particularly caught my attention was undoubtedly its continued increase in Pinduoduo holdings during Q4.

Greenwoods increased its Pinduoduo holdings by 611,300 shares in Q4, elevating it to the third-largest holding in its portfolio.

Reviewing the market environment in Q4 2025, especially towards year-end, Pinduoduo was plagued by noise, with its stock price under overall pressure—a typical contrarian trade.

Besides Pinduoduo, there are several other noteworthy changes in this report:

1. Increased holdings in Google to make it the largest holding, possibly influenced by Buffett's portfolio.

2. Reduced NVIDIA holdings by over 60% and Meta holdings by nearly 20%, taking profits.

3. The current top five holdings are Google, Meta, Pinduoduo, NetEase, and Full Truck Alliance.

Since Greenwoods holds a relatively large number of positions, I won't go into specifics here. I'll just post the latest detailed holdings below.