SCHEDULE 13G: Hillhouse Investment Management Discloses 6.4% Passive Stake in Oatly Group AB

Hillhouse Investment Management, Ltd. has filed a Schedule 13G, reporting a 6.4% beneficial ownership stake in Oatly Group AB, primarily through convertible notes held by its indirectly owned entity, Mars II Holdings Pte. Ltd.

Summary

• Hillhouse Investment Management, Ltd. (HIM) reported beneficial ownership of 40,746,809 Ordinary Shares of Oatly Group AB.
• This ownership represents 6.4% of Oatly's outstanding Ordinary Shares.
• The shares are issuable upon conversion of convertible notes held by Mars II Holdings Pte. Ltd., an entity indirectly equally owned by Hillhouse Focused Fund Growth V, L.P. and Hillhouse Climate Fund, L.P.
• The total beneficial ownership includes 12,625,409 Ordinary Shares and 28,121,400 Ordinary Shares in the form of ADSs, all issuable upon conversion of convertible notes.
• The percentage ownership is calculated based on 598,559,840 Ordinary Shares outstanding as of February 28, 2025, as reported in Oatly's Annual Report on Form 20-F filed on March 13, 2025.
• HIM holds shared voting power and shared dispositive power over all 40,746,809 shares.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing (Schedule 13G) reporting a passive beneficial ownership stake. It does not contain information that would inherently be positive or negative regarding the company's performance or outlook, but rather a factual disclosure of an investment position.

Positives

• The disclosure confirms a significant, continued investment by Hillhouse Investment Management, a notable investment firm, in Oatly Group AB.
• Hillhouse's passive stake may signal long-term confidence in Oatly's business model and future prospects.

Negatives

• The filing itself does not contain any negative information regarding Oatly's operations or financial performance.

Risks

• The filing is a beneficial ownership report and does not detail specific risks related to Oatly's business operations or financial health.

Future Outlook

The document is a beneficial ownership report and does not contain forward-looking statements or guidance from Oatly Group AB or Hillhouse Investment Management regarding Oatly's future performance.

Industry Context

This filing is a routine regulatory disclosure of a passive ownership stake and does not provide specific insights into broader industry trends or competitive dynamics within the plant-based food sector.

Comparison to Industry Standards

• This document is a beneficial ownership filing and does not contain financial results or operational data that can be compared to global benchmarks or specific comparable companies/projects.

Related Party Transactions

• The filing details that Mars II Holdings Pte. Ltd., which holds the convertible notes, is indirectly equally owned by Hillhouse Focused Fund Growth V, L.P. and Hillhouse Climate Fund, L.P., both managed by Hillhouse Investment Management, Ltd. This establishes the relationship for beneficial ownership reporting.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant passive ownership stake held by a major investment firm, which could be interpreted as a vote of confidence.
• Regulatory Authorities: Fulfills SEC disclosure requirements for beneficial ownership.

Next Steps

• The document does not mention any specific future actions, events, or milestones for Oatly Group AB or Hillhouse Investment Management.

Key Dates

Keywords

Oatly Group AB, Hillhouse Investment Management, Schedule 13G, beneficial ownership, convertible notes, ADSs, plant-based food, investment, passive stake