Core Viewpoint - There is a divergence between Tencent, a technology giant, and major asset management firms regarding their positions in China International Capital Corporation (CICC). Tencent has reduced its stake while BlackRock and E Fund have increased theirs [2][7]. Tencent's Stake Reduction - Tencent Holdings has sold 4.96 million shares of CICC H-shares at an average price of HKD 21.16 per share, realizing approximately HKD 105 million. Following this transaction, Tencent's ownership in CICC decreased from 11.01% to 10.75% [2][7]. Asset Management Firms' Increased Holdings - BlackRock increased its stake in CICC by purchasing 1.26 million H-shares at an average price of HKD 20.219, raising its ownership from 4.94% to 5.01% [7]. - E Fund acquired 7.14 million H-shares at an average price of HKD 21.44, increasing its stake from 4.76% to 5.13% [7]. CICC's Financial Performance - CICC is projected to achieve a net profit of between CNY 3.453 billion and CNY 3.966 billion for the first half of the year, representing a year-on-year growth of 55% to 78%. This growth is attributed to improvements across investment banking, equity, and wealth management sectors [8][9]. CICC's Competitive Position - CICC's core competitive advantage lies in its comprehensive financial service capabilities, which include investment banking, equity, fixed income, asset management, private equity, and wealth management [9].