In the view of some institutional investors, the second quarter is a good opportunity to bottom out Chinese-listed stocks.

Recently, Point72 Hong Kong, a hedge fund owned by Steven Cohen, a famous Wall Street mogul, released a report on its position at the end of the second quarter, which shows that at the end of the second quarter, Point72 Hong Kong made a large effort to copy the bottom of Chinese-listed stocks and build new positions.$Alibaba (BABA.US)$、 $Vipshop (VIPS.US)$、$JOYY (YY.US)$Increase the position$Yum China (YUMC.US)$The range is as high as 1905%.

By the end of the second quarter of 2022, point 72's Hong Kong company had a US stock portfolio of $2.715 billion. Its assets under management decreased by $201 million compared with the end of the first quarter.

In the second quarter, Point 72 HK sold 732 shares and bought 558, with a turnover rate of 82.58 per cent.

By the end of the second quarter, in terms of industry distribution of Point 72 HK positions, the information technology sector accounted for the largest share of 22.06%, the non-essential consumer goods sector ranked second with 12.89%, and the financial sector ranked third with 12.68%.

As of June 30th, the top 10 heavy stocks of Point 72 HK US stock portfolio are: put option of SPY (tracking S & P 500); VIPS (Vipshop Holdings Limited), SPY call option, JOYY Inc era, BABA, Russell 2000 call option, QQQ call option, Yum China$ZTO Express (ZTO.US)$，$Berkshire Hathaway-B (BRK.B.US)$。

Among the top 10 heavy stocks, newly bought Vipshop Holdings Limited, JOYY Inc era, BABA, Jiakang Yum China, ZTO Express, increased the position of Yum China by as much as 1905%.

Many call and put options are used in Point 72 HK positions. For example, the first heavy stock is the put option of SPY (which tracks the S & P 500), and the third is the call option of SPY. In the second quarter, Point 72 Hong Kong increased its put options and significantly reduced its call options.

ETF,Point 72 Hong Kong, which tracks the US tech stock index, also adopts the simultaneous operation of call options and put options. During this period, both call and put options are reduced, but the reduction of call options is even greater.

Steve Cohen, founder of Point 72, was named by BusinessWeek as the most influential trader in the history of Wall Street. He is also the prototype of Bobby, the financial magnate in the US TV series billions.

According to media reports, in 2000, when the US Internet bubble burst, Steve Cohen accurately shorted US stocks, earned 73 per cent in the case of the collapse of US stocks, and became famous in the first World War. Subsequently, he used macro and systemic strategies, superimposed discretionary long and short strategies, and maintained the legend of an annualized return of 30% in nearly 20 years. Later, Cohen was fined for insider trading, and Cohen was suspended from "managing money for others". Cohen set up his own family office, Point 72. After the regulatory ban was lifted, he turned his family office into a hedge fund.

Invest more energy in investigating A-share listed companies

In addition to the bottom of Chinese-listed stocks, Point 72 HK is also very concerned about A-share companies.

Interestingly, although no entity has been set up in the mainland, point72 frequently appears in the research of A-share listed companies, which can be called a "A-share labor model".

Wind data show that since 2021, Point 72 has begun to pay more attention to the A-share market. In 2021, Point 72 surveyed 82 A-share listed companies by means of on-the-spot meetings and videoconferences, and completed a total of 123 surveys, ranking second only to Goldman Sachs Group Group.

This year, Point 72 has accelerated the pace of A-share market research. As of August 17, 2022, Point 72 has investigated 81 A-share listed companies by means of on-the-spot meetings, video conferences and web conferences, and has completed 122 surveys, which is about to match the records completed in 2021. Among them, Point 72 investigated 13 Shanghai motherboard companies, 31 Shenzhen motherboard companies, 16 gem companies and 21 science and technology companies. In the survey of foreign-funded institutions, Point 72 temporarily ranked third.