Jin Rong Jie·2025-08-13 17:20Core Viewpoint - The trend of foreign capital increasing its investment in Chinese assets is becoming increasingly evident, as demonstrated by the recent purchase of shares in ZhongAn Online by the Norwegian central bank [1][4]. Group 1: Investment Activity - On August 7, the Norwegian central bank purchased 1.3481 million shares of ZhongAn Online at a price of HKD 17.7718 per share, totaling approximately HKD 23.9582 million [1]. - After this transaction, the Norwegian central bank's total holdings in ZhongAn Online reached 82.8927 million shares, representing 5.07% of the H-shares and approximately 4.92% of the total share capital [1][3]. - Prior to this increase, the Norwegian central bank already held 81.5446 million shares, with a market value of HKD 1.49 billion based on the closing price of HKD 17.98 on August 13 [3]. Group 2: Company Background - ZhongAn Online is recognized as China's first internet insurance company, officially commencing operations on November 6, 2013, and successfully listing on the Hong Kong Stock Exchange on September 28, 2017 [3]. - Following a new H-share placement completed on July 4, the total number of issued shares increased from 1.47 billion to 1.68 billion, with H-shares rising from 1.42 billion to 1.63 billion [3]. Group 3: Shareholder Structure - The shareholder structure of ZhongAn Online has undergone changes, with Ping An Group being the largest shareholder, holding 150 million shares (8.9031%) [3]. - Shenzhen Jiadexin Investment Co., Ltd. is the second-largest shareholder with 134 million shares (7.9306%), while Ant Group has reduced its holdings to 108 million shares (6.4321%), dropping to the third-largest shareholder [3]. - Tencent's holdings have decreased to 94.0932 million shares (5.58%), making it the fourth-largest shareholder [3]. Group 4: Market Trends - The increase in foreign investment in Chinese assets reflects a positive attitude towards asset allocation in China, with a reported net increase of USD 10.1 billion in foreign holdings of domestic stocks and funds in the first half of 2025 [4]. - Investor interest in Chinese stocks has reached a high point, driven by factors such as the need for diversification beyond the U.S. market, expectations of a stronger RMB against the USD, the emergence of AI models and applications in China, and supportive policies for the private sector [4]. - The stock price of ZhongAn Online has performed strongly this year, surpassing HKD 21 per share at one point, with a year-to-date increase of over 50% as of August 13, when it closed at HKD 17.98 per share [5].