A few days ago, Jinglin assets, a star private equity fund, submitted its latest position report to the US Securities Regulatory Commission (SEC). At the end of the fourth quarter of 2019, the total market value of Jinglin assets' positions in US stocks reached $1.847 billion, an increase of $236 million from the end of the third quarter.

As a well-known and large-scale investment institution in China, the position change of Jinglin assets is of great reference value; at the same time, the Chinese background also makes its trend of investing in Chinese-listed stocks concerned by many investors. In the latest position portfolio, which stocks are newly entered and cleared by Jinglin assets, and what is the return on investment? Futu Information brings you a detailed analysis.

BABA's family is dominant and its shares are highly concentrated.

Overall, nearly half of Jinglin's U. S. stock positions are invested in BABA. At its closing price on December 31, 1919, BABA had a market capitalization of $840 million, or 46 per cent of his portfolio.

Facebook Inc and New Oriental Education & Technology Group ranked second and third in position market capitalization, accounting for 17% and 13% respectively. The top three holdings together account for 76%, and the top ten holdings account for 95%, with a high concentration of holdings.

It is worth mentioning that the fourth largest holding stock$Sea Limited (SE.US) $This is a Southeast Asian company invested by Tencent, mainly engaged in digital entertainment and e-commerce. Jinglin assets opened its position in Sea in the third quarter of 2019 and increased its holdings by 60 per cent in the fourth quarter, and the stock has risen 50 per cent since it was built.

New entrants Tesla, Inc., youdao, Weibo Corp

As shown in the table below, the newly built positions of Jinglin assets in the fourth quarter are Tesla, Inc., Weibo Corp, Yabao, youdao and so on.

In the fourth quarter of 19, the number of shares held by Tesla, Inc. by Jinglin assets was 88, 347, with a market capitalization of $36.9 million, accounting for 2% of the portfolio. Although the scale is not large, but the timing of this position is incomparably accurate.

Tesla, Inc. 's share price has skyrocketed recently. it has been just over a month since 2020, with an increase of 85%. Taking into account that Jinglin should not have completed the construction of the position within one day on December 31, and Tesla, Inc. rose 25% in the fourth quarter of 1919, if it has not been sold yet, its surplus may exceed 100%.

In addition to "Tianxiu" to buy Tesla, Inc., the same newly built positions of youdao has also risen sharply in the near future. The "longest winter vacation" triggered the online education market, with Youdao, Inc soaring 80 per cent in two trading days and 70 per cent this year, even if it withdrew later.

Unlike the above two stocks, Weibo Corp, who built a new position in Jinglin in the fourth quarter, has not yet started the market and his performance in 2020 was mediocre. Weibo Corp's stock price has performed poorly in the past two years due to the overall poor performance of online advertising. Now the macro is gradually warming up, and the action of Weibo Corp in Jinglin layout is worth pondering.

Sharply increase the positions of Vipshop Holdings Limited, TAL Education Group and Qudian Inc

At the end of the fourth quarter, Jinglin assets held 5315337 shares of Vipshop Holdings Limited, more than threefold compared with the end of the third quarter, and the market capitalization accounted for 4 per cent of the portfolio assets, up from less than 1 per cent.

Of course, the increase in share is not just an increase in the number of holdings. Vipshop Holdings Limited's share price also rose sharply in the fourth quarter of 2019, up 58 per cent in a single quarter.

TAL Education Group also increased its holdings by 75 per cent, but tracking the number of holdings in the past few quarters shows that Jinglin assets have repeated views on TAL Education Group. Positions were reduced by 53% in the third quarter of 2019 and increased again in the fourth quarter.

TAL Education Group also rose significantly in the fourth quarter of last year, reaching 40 per cent. Jinglin promptly corrected the wrong route of reducing TAL Education Group's position and grasped the follow-up market. TAL Education Group has risen nearly 20% this year.

Including New Oriental Education & Technology Group, the third largest holding stock, and companies such as Puxin Ltd and OneSmart International Education Group Ltd, Jing Lin is firmly optimistic about the future of China's education industry.

Clearance of JOYY Inc Shida and Momo Inc

Jinglin cleared JOYY Inc era and Momo Inc in the fourth quarter, with a combined market capitalization of $100m, which was wiped out at the end of 19 years. In addition, Jing Lin does not hold HUYA Inc. and DouYu International Holdings Limited, and his views on the live broadcast industry are self-evident. In addition, Jinglin phased profits in the fourth quarter reduced Pinduoduo's position.

But the era of clearing JOYY Inc may have caused Jinglin to miss a wave of the market, and its share price has risen 24% this year, despite its mediocre performance in the fourth quarter of last year.