Duan Yongping's US stock holdings at the end of the 1st quarter were revealed! Increase Pinduoduo (PDD.US) and drastically reduce Apple (AAPL.US) and Google (GOOG.US) holdings

The Zhitong Finance App learned that the latest 13F document disclosed by H&H International Investment (Duan Yongping's US stock holder) shows that as of the end of the first quarter of 2025, the overall market value of the portfolio's holdings was about US$12 billion, down about 16% from US$14.5 billion at the end of last year. In the first quarter of this year, Duan Yongping's holdings not only increased from 8 to 11, but the shareholding structure also changed quite a bit. Specifically, they reduced their holdings of Apple (AAPL.US), Google (GOOG.US), new AI giants, and increased holdings of Pinduoduo (PDD.US).

Pinduoduo holds 900 million US dollars, ranking the third largest warehouse

Duan Yongping said that although Pinduoduo's holdings were added to 7.23 million shares in the fourth quarter of last year, Duan Yongping chose to continue to increase its holdings in the first quarter of this year. The latest number of shares held reached 7.75 million shares, with a market value of over 900 million US dollars, ranking the third largest position.

As an angel investor of Pinduoduo, he said along the way that he didn't understand Pinduoduo's model. “It is true that he chose Pinduoduo because he likes Huang Zheng.” On the secondary market side, Duan Yongping bought 150,000 shares of Pinduoduo in the 3rd quarter of 2023, but they were cleared by the end of that year. The band did a very beautiful job. The cost price for the season of purchase was about 80 US dollars, and by the end of the year it had already risen to 146 US dollars.

It wasn't until the first quarter of 2024 that some small positions were retracted, and small positions were bought in the second quarter, and only then did the 3rd quarter begin this round of truly increasing holdings. On August 27, 2024, Duan Yongping said on the snowball, “Starting to sell (Pinduoduo). Although I don't fully understand PDD's business model, it still seems quite interesting to look at it over the years.”

Duan Yongping continued to praise Huang Zheng during an exchange at his alma mater Zhejiang University on January 5 this year. He also said, “Currently, Chinese companies that have actually become globalized are probably Pinduoduo and Douyin. Other companies are probably more localized.”

Apple's holdings fell to 63%

Compared to Pinduoduo, Apple's holdings continue to decline. Although Apple is still H&H's largest position, it decreased by 16% in the first quarter of this year. Currently, the number of shares held is 34.22 million shares, with a market value of 7.6 billion US dollars, and its share of the portfolio has dropped to 63%.

At the end of June 2024, Apple accounted for close to 81% of Duan Yongping's holdings. Mainly, Apple's stock price rose sharply, and the market capitalization skyrocketed.

Duan Yongping, who “only loved” apples, also said in August of that year, “I didn't think apples were too expensive; I just thought apples weren't that cheap anymore. I'm selling Option and it feels pretty good too.”

Since the second quarter of last year, Duan Yongping made a special statement on December 3 last year to clarify, “I haven't taken the initiative to sell apples!!” Shares should be sold passively through a sell call.

In comparison, Buffett is “on hold” with Apple this season.

New to Microsoft (MSFT.US), Nvidia (NVDA.US), and TSM.US

In contrast, Duan Yongping has joined three new AI giants. Microsoft, Nvidia, and TSMC each represent “interface, computing power, and manufacturing” in the AI ecosystem. Duan Yongping bought a few, and the distribution was extremely balanced. The combined market value of the positions is approximately US$220 million.

Duan Yongping responded at Snowball in mid-March, saying that he bought 100,000 Nvidia shares for 92.52 US dollars, “just buy some lottery tickets,” and also sold a call option. Duan Yongping also said a lot about Nvidia. He doesn't hide his interest in Nvidia.

“Nvidia is really great, and it seems like we can't see anyone threatening Nvidia right now. What I don't understand at the moment is: How long will their monopoly last? How long will the demand for Nvidia chips last?

Google (GOOG.US) and Ali (BABA.US) have both been reduced a bit

In terms of other holdings, Google has been cut by another 70% this season, and its holding ratio has dropped to less than 1.5%, falling from the position of the third most heavily held stock at the end of last year to sixth place.

Alibaba's shareholding was reduced by 27%, but due to the rise in its own stock price in the first quarter, its share of holdings in the portfolio did not decrease but increased to 4.4%. The market value of holdings at the end of the first quarter was approximately $527 million.

Occidental Petroleum (OXY.US) continued to increase its positions slightly; Disney (DIS.US) and Modena were cut in the margins by 3% and nearly half, respectively. Modena (MRNA.US), in particular, has a market value of just over $2 million, which is negligible.