Source: China Fund News
Domestic private equity giant Jinglin Asset recently revealed its latest positions in the US stock market.
GREENWOODS ASSET MANAGEMENT HONG KONG LTD (GREENWOODS ASSET MANAGEMENT HONG KONG LTD), an overseas subsidiary of Jinglin Asset, recently submitted data on US stock holdings up to the end of the fourth quarter of 2023. The total market value of its holdings was US$2.802 billion (approximately RMB 20.56 billion), a significant increase over the previous quarter.
Specifically, Jinglin Hong Kong Company increased its position on a number of Chinese securities in the fourth quarter of last year, including$NetEase (NTES.US)$,$Futu Holdings Ltd (FUTU.US)$,$TAL Education (TAL.US)$etc.;$PDD Holdings (PDD.US)$It is still its largest stock, but its holdings have been reduced. The market value of its holdings reached US$693 million at the end of the year; it also reduced its holdings$ZTO Express (ZTO.US)$,$New Oriental (EDU.US)$,$Kanzhun (BZ.US)$,$KE Holdings (BEKE.US)$,$NVIDIA (NVDA.US)$Wait, it's cleared$Qualcomm (QCOM.US)$, Little Tencent in Southeast Asia$Sea (SE.US)$,$Li Auto (LI.US)$, home appliance companies$SharkNinja (SN.US)$.
The top ten heavy stocks account for more than 90%
According to the latest 13F documents disclosed by the US Securities and Exchange Commission (SEC), as of December 31, 2023, Jinglin Asset Management Hong Kong Co., Ltd. held 30 securities in the US stock market at the end of the fourth quarter of last year. The total market value of its holdings reached US$2.802 billion (approximately RMB 20.56 billion), an increase from the end of the third quarter. Among them, Jinglin Hong Kong Company added 3 new securities and added 3 securities in the fourth quarter of last year; however, it cleared 4 securities and reduced its holdings of 7 securities.
![](https://postimg.futunn.com/news-editor-imgs/20240212/public/17076989637092581937567.png)
Fund Jun still wants to explain that 13F discloses US stock positions directly held by Jinglin's overseas entities, not including US stock positions of domestic entities and products.
According to the data, as of the end of the fourth quarter of 2023, the market value of Jinglin Hong Kong's top ten major holdings in US stocks was US$2,527 billion, accounting for 90.2% of the total market value of all its US stock holdings, further increasing the concentration of positions held at the end of the third quarter.
Specifically, the top ten heavy-held stocks are Pinduoduo,$Microsoft (MSFT.US)$, Facebook parent company Meta, NetEase, Zhongtong Express, Google parent company Alphabet, New Oriental,$DoorDash (DASH.US)$, Futu Holdings Ltd.,$Full Truck Alliance (YMM.US)$Group; Among them, the market value of the top 9 individual stocks in a single position all exceeded 100 million US dollars.
![](https://postimg.futunn.com/news-editor-imgs/20240212/public/17076989801896811197250.png)
Pinduoduo slightly reduced its holdings of the largest stock, and the market value of its holdings is still as high as US$693 million
Let's take a look at Jinglin's position adjustments in detail. As of the end of 2023, despite reducing its holdings by 423,200 shares in the fourth quarter, Pinduoduo was still Jinglin Hong Kong's largest position. The number of shares held was 47354 million shares, and the market value of shares held reached US$693 million, accounting for 24.73% of Jinglin's total holdings.
Fund Jun discovered that since Pinduoduo bottomed out at 59.67 US dollars/share in May last year, the stock price rebounded sharply and fluctuated all the way up. The rise was very strong. Among them, the increase in the fourth quarter of last year was over 49%, and Jinglin's profit was partially settled. The stock continued to rise in January of this year. At one point, it rose to a position of 152.99 US dollars/share, but since mid-January, the adjustment was not small. As of February 9 this year, it closed at 127.48 US dollars/share, and the latest total market value was 169.4 billion US dollars.
Adhering to the cost-effective Pinduoduo market capitalization once surpassed e-commerce giants in 2023$Alibaba (BABA.US)$Going overseas in the past two years has also become one of its highlights, and the overseas version of Temu stands out in the European and American markets.
Fund Jun noticed that Jing Lin also firmly holds a number of targets in the field of artificial intelligence, including maintaining its shareholding in the tech giant Microsoft. It still holds 1.180,600 shares and holds a market capitalization of 444 million US dollars, ranking the second largest position. Judging from the stock price performance, Microsoft continued to rise by more than 19% in the fourth quarter of last year. At the beginning of this year, the stock price reached a record high of 420.55 US dollars/share as of February 9. The latest total market value was 3.12 trillion US dollars, surpassing Apple.
Jinglin Hong Kong also maintained its shareholding in Facebook's parent company Meta. At the end of the fourth quarter of 2023, it still held 1,245,700 shares, with a market value of US$441 million at the end of the period, ranking the third largest stock.
Jinglin increased its holdings in NetEase, Good Future, etc., and reduced its holdings in Zhongtong Express, New Oriental, etc.
Meanwhile, Jinglin Hong Kong Company increased its NetEase holdings by 5051 thousand shares in the fourth quarter of last year, and increased its holdings to 2.785,700 shares at the end of the period, holding a market value of 260 million US dollars, ranking the fourth largest stock.
Judging from the stock price trend, NetEase's stock price rose first in the fourth quarter of last year, and once rose to 118.38 US dollars/share in November, but since then it has dropped very much. At one point, it fell to around $81, then rebounded to 93.16 US dollars/share at the end of last year; in January-February of this year, NetEase's stock price continued to rebound to 106.62 US dollars/share.
In addition, Jinglin Hong Kong Company also added 496,700 shares of Futu Holdings Ltd., increasing its holdings to 19.95 million shares at the end of the period, with a market value of 109 million US dollars.
Jinglin Hong Kong also increased its holdings of Good Future by about 810,000 shares. At the end of the period, its shareholding increased to 2.175,600 shares, with a market value of US$274.77,800. Judging from the stock price performance, Good Future rose nearly 39% in the fourth quarter of last year; continued to rise at the beginning of this year, and closed at 13.59 US dollars/share on February 9. The latest market value was 8.7 billion US dollars.
It is worth noting that Jinglin Hong Kong Company joined in the fourth quarter of last year$SPDR S&P Biotech ETF (XBI.US)$,$Airbnb (ABNB.US)$,$Taiwan Semiconductor (TSM.US)$There are only many targets, but the number and amount of shares held is not large.
Judging from the holdings reduction situation, in the fourth quarter of last year, in addition to reducing its holdings in Pinduoduo, Jinglin Hong Kong also drastically reduced its holdings of Zhongtong Express, New Oriental, BOSS Direct Hire, Shell, etc., slightly reducing its holdings of Doordash and Nvidia.
Additionally, Jinglin Hong Kong has cleared Qualcomm, Southeast Asia's Little Tencent Sea, Ideal Auto, and SharkNinja. Home appliance company SharkNinja was the target of its new purchase in the third quarter of last year. It was listed on the New York Stock Exchange at the end of July last year. After listing, its stock price performance was outstanding, and Jinglin may have made a profit.
Finally, Fiducijun compiled Jinglin Hong Kong's US stock holdings data for the end of the fourth quarter of 2023. Friends can take a look.
![](https://postimg.futunn.com/news-editor-imgs/20240212/public/17076990162331215510004.png)
Edit/Corrine