I made a double profit! The two giants simultaneously increased their holdings in Pinduoduo, and Gao Lin weighed nearly 10 billion yuan

券商中國 ·  May 16 12:10

Source: Broker China Author: Xu Xiaoru

With the successive disclosure of the US Stock 13F Report, private equity giants' latest positions have surfaced.

On May 15, 100 billion private equity firm Gao Lin and Gao Yi's subsidiary company submitted the 13F US stock position report to the US SEC on the same day as the end of the first quarter. The two major private equity firms are firmly optimistic$PDD Holdings (PDD.US)$They chose to continue to increase their positions in Pinduoduo. Currently, this stock is the largest of the two major private equity firms. In particular, Gao Lin has a heavy position of nearly 10 billion yuan in Pinduoduo.

At the same time, Takayama HHLR also increased its positions significantly$Amazon (AMZN.US)$, newly purchased AMD (Ultrafine Semiconductors), Apple,$NVIDIA (NVDA.US)$; Gao Yi bought it as a newcomer$Tesla (TSLA.US)$, Meta, etc., right$H World Group (HTHT.US)$und$Yum China (YUMC.US)$Significant increase in positions.

The two major private equity firms continue to increase their positions in Pinduoduo

Unlike Jinglin Asset, which drastically reduced Pinduoduo's holdings, Gaolin HHLR and Gao Yi Asset International Company drastically increased their positions in Pinduoduo in the first quarter.

Among them, Gao Lin HLR added 1.68 million shares to Pinduoduo, increasing its holdings by 16.62%. The latest number of shares rose to 11.7815 million shares, and the market value of shares held at the end of the period reached 1.37 billion US dollars (approximately RMB 9.891 billion), that is, the single ticket position was close to 10 billion yuan, which shows its favor for Pinduoduo.

Gao Yi, on the other hand, increased Pinduoduo's holdings by 488,200 shares, reaching 75%. The number of shares held at the end of the period reached 1,138,000 shares, and the market value of shares held at the end of the period was US$132 million, accounting for 23.89% of its total holdings.

In the past year, Pinduoduo's increase was as high as 120%, and the two major private equity holdings were also very profitable.

In 2023, Pinduoduo delivered impressive results: annual revenue reached 247.6 billion yuan, an increase of 90% year on year; net profit of 60 billion yuan, up 90% year on year. Among them, in the fourth quarter, Pinduoduo achieved revenue of 88.9 billion yuan, an increase of 123% over the previous year. Net profit was 23.3 billion yuan, up 146% year over year.

This rapid increase in revenue shocked the market. After the financial report was released, Pinduoduo surged 13% before the market, but then a large amount of capital profits came to an end, and the stock price went all the way down. Recently, with the recovery of China's securities market, Pinduoduo's stock price is once again close to its high level in recent years.

As of the latest, Pinduoduo's market capitalization is 192.609 billion US dollars.$Alibaba (BABA.US)$The market capitalization is 193.498 billion US dollars, and the market capitalization of the two major e-commerce giants is quite close. It is worth noting that Pinduoduo is expected to release its first quarter earnings report on May 29, 2024, and the market has high expectations for this.

Gao Lin buys new AMD and Apple to increase Amazon holdings

By the end of the first quarter, the total market value of Gao Lin HHLR's holdings in the US stock market was US$4.604 billion. The top ten largest stocks were Pinduoduo,$BeiGene (BGNE.US)$,$KE Holdings (BEKE.US)$,$Legend Biotech (LEGN.US)$,$Microsoft (MSFT.US)$, AMD, Amazon,$Salesforce (CRM.US)$, Danaher,$Take-Two Interactive Software (TTWO.US)$The Chinese stock market accounts for more than 70% of the market value and dominates the market.

In the first quarter, Gao Lin bought AMD and bought 912,400 shares in a big way. At the end of the period, the market value of its holdings reached 165 million US dollars, making it Gao Lin's sixth largest stock in one fell swoop.

AMD's first-quarter results showed that it achieved revenue of 5.473 billion US dollars, an increase of 2.2% over the previous year, which was basically in line with market expectations; net profit of 123 million US dollars, and the profit side fell sharply month-on-month, mainly due to the decline in demand from the gaming business, etc., and AMD's stock price also fell from a high level.

In addition to China Securities, technology is still the main investment logic of HHLR Advisors. Gao Lin also bought new targets related to technology companies such as Apple, Nvidia, and META in the first quarter.

In addition, Gao Lin slightly increased its position on the heavy stock Amazon, increasing its holdings by 11,000 shares, and the market value of its holdings rose to US$148 million at the end of the period; the inventory was cleared$iQIYI (IQ.US)$Wait 6 shares.

Gao Yi added Huazhu to buy Tesla and Meta as newcomers

In the first quarter, Gao Yi also adjusted his US stock holdings for shares.

As of the end of the first quarter, the total market value of Gao Yimei's stock holdings was US$554 million. The top ten heavy-held stocks are Pinduoduo,$ZTO Express (ZTO.US)$, Huazhu, iQiyi,$Tencent Music (TME.US)$,$NetEase (NTES.US)$,$YUM CHINA (09987.HK)$, Microsoft,$RLX Technology (RLX.US)$, seashells, concentration as high as 87.56%. With the exception of Microsoft, all others are Chinese securities, which shows that domestic private equity giants are still focusing their positions on Chinese assets they know better and investing within their ability circles.

In addition to increasing his holdings in Pinduoduo, Gao Yi also significantly increased his holdings in Huazhu, Yum China, NetEase, Shell,$ (TCOM.US)$Waiting for an overview of shares. Among them, Huazhu increased its holdings by 840,000 shares, an increase of 116.25%, and the market value of shares held at the end of the period rose to US$60.55 million; its holdings of Yum China increased by 620,000 shares, an increase of 843.09%.

Gao Yi bought 3 new shares including Tesla and Meta in the first quarter and reduced his holdings by 5 shares including Tencent Music, Microsoft, and Good Future. Overall, Gao Yi's holdings in US stocks are still low, mainly because Gao Yi took a long time to set up overseas private equity giants such as Jing Lin and Tamsui Springs even later.

It is worth noting that the market value of Gao Yi's US stock holdings has also grown rapidly in recent quarters, but A-shares are the “ballast stone” of Gao Yi's asset allocation. Feng Liu and Deng Xiaofeng's public holdings in A-shares once reached 50 billion yuan.


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