Hillhouse entities trim ArriVent BioPharma (AVBP) stake in Form 4 sale

Rhea-AI Filing Summary

Hillhouse-affiliated investment entities reduced their stake in ArriVent BioPharma, Inc. A group of vehicles managed by Hillhouse Investment Management and HHLR Advisors reported selling 555,555 shares of ArriVent common stock on December 10, 2025 at $23.37 per share.

After this sale, the reporting group indirectly held 3,929,117 ArriVent shares through entities including HACF, L.P., VSUM VI Holdings Limited, VSUM VIII Holdings Limited and ARVT Holdings Limited. Hillhouse Investment Management, Ltd. and HHLR Advisors, Ltd. filed jointly as 10% owners and expressly disclaim beneficial ownership beyond their pecuniary interests.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HILLHOUSE INVESTMENT MANAGEMENT, LTD.

(Last) (First) (Middle)

OFFICE #122, WINDWARD 3 BUILDING

REGATTA OFFICE PARK, WEST BAY ROAD

(Street)

GRAND CAYMAN E9 KY1-9006

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ArriVent BioPharma, Inc. [ AVBP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/10/2025		S		555,555(1)	D	$23.37	3,929,117(2)	I	See footnotes(3)(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

HILLHOUSE INVESTMENT MANAGEMENT, LTD.

(Last) (First) (Middle)

OFFICE #122, WINDWARD 3 BUILDING

REGATTA OFFICE PARK, WEST BAY ROAD

(Street)

GRAND CAYMAN E9 KY1-9006

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

HHLR ADVISORS, LTD.

(Last) (First) (Middle)

OFFICE #122, WINDWARD 3 BUILDING

REGATTA OFFICE PARK, WEST BAY ROAD

(Street)

GRAND CAYMAN E9 KY1-9006

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The securities reported herein were held by HACF, L.P., an exempted Cayman Islands limited partnership ("HACF"). HHLR (as defined below) acts as the sole management company of HACF.

2. The securities reported herein are held by VSUM VI Holdings Limited ("VSUM VI"), VSUM VIII Holdings Limited ("VSUM VIII") and ARVT Holdings Limited ("ARVT"). VSUM VI is a wholly owned subsidiary of Hillhouse Venture Fund V, L.P. ("Venture Fund V"), VSUM VIII is a wholly owned subsidiary of Hillhouse Healthcare Fund, L.P. ("Healthcare Fund") and ARVT is a wholly owned subsidiary of Hillhouse Venture Fund VI, L.P. ("Venture Fund VI"). HIM (as defined below) acts as the sole management company of each of Venture Fund V, Healthcare Fund and Venture Fund VI.

3. This statement is filed by (i) Hillhouse Investment Management, Ltd., an exempted Cayman Islands company ("HIM") and (ii) HHLR Advisors, Ltd., an exempted Cayman Islands company ("HHLR"). The foregoing persons are hereinafter sometimes each referred to as a "Reporting Person" and collectively referred to as the "Reporting Persons." HIM and HHLR are under common control and share certain policies, personnel and resources. Accordingly, HIM and HHLR are filing this Form 4 jointly.

4. The filing of this statement shall not be deemed an admission that each of the Reporting Persons is the beneficial owner of the securities reported herein for purposes of Section 16 of the Securities Act of 1934, as amended, or otherwise. Each of the Reporting Persons expressly disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any.

	Hillhouse Investment Management, Ltd., by /s/ Audrey Woon, Chief Compliance Officer	02/03/2026
	HHLR Advisors, Ltd. by /s/ Audrey Woon, Chief Compliance Officer	02/03/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did Hillhouse report in ArriVent BioPharma (AVBP)?

Hillhouse-affiliated entities reported selling 555,555 shares of ArriVent BioPharma common stock. The sale occurred on December 10, 2025 and was disclosed in a joint Form 4 filed by Hillhouse Investment Management, Ltd. and HHLR Advisors, Ltd. as 10% owners.

At what price were the ArriVent BioPharma (AVBP) shares sold in this Form 4?

The reported ArriVent BioPharma shares were sold at $23.37 per share. This per-share price applies to the entire 555,555-share transaction disclosed, reflecting the consideration received by the selling Hillhouse-affiliated investment vehicles on the stated transaction date.

How many ArriVent BioPharma (AVBP) shares do the reporting entities hold after the sale?

Following the reported sale, the Hillhouse-affiliated reporting group indirectly holds 3,929,117 shares of ArriVent common stock. These shares are held through multiple investment vehicles, and the reporting persons expressly disclaim beneficial ownership except to the extent of any pecuniary interest.

Who are the reporting persons in this ArriVent BioPharma (AVBP) Form 4 filing?

The Form 4 is filed jointly by Hillhouse Investment Management, Ltd. and HHLR Advisors, Ltd.. Both are Cayman Islands companies identified as 10% owners of ArriVent and act as management companies for the investment funds and entities holding the reported shares.

Which entities actually hold the ArriVent BioPharma (AVBP) shares reported in this Form 4?

The shares are held by investment vehicles including HACF, L.P., VSUM VI Holdings Limited, VSUM VIII Holdings Limited and ARVT Holdings Limited. These vehicles are owned by underlying Hillhouse-managed funds, with Hillhouse entities acting as their sole management companies.

Do Hillhouse Investment Management and HHLR Advisors claim full beneficial ownership of the ArriVent (AVBP) shares?

No. The reporting persons expressly disclaim beneficial ownership of the securities beyond any pecuniary interest. The Form 4 notes the filing should not be deemed an admission that either entity is the beneficial owner for Section 16 or other legal purposes.