Core Insights - Shanghai Jinglin Asset has recently undergone significant changes, including an increase in registered capital and a shift in shareholder structure, indicating a strategic move to enhance its capital strength and research capabilities [1][3][4] Company Changes - On November 14, Shanghai Jinglin Asset's registered capital increased from 48.53 million RMB to 61.03 million RMB, following an investment from Hong Kong Jinglin Asset, which now holds a 24.9% stake [1][2] - The company type changed from "limited liability company (natural person investment or holding)" to "limited liability company (investment from Hong Kong, Macao, and Taiwan, non-independent)" [1][2] Shareholder Structure - Following the changes, the shareholding ratios of the original shareholders decreased, with Xizang Jingning Enterprise Management's stake dropping from 81.82% to 61.45%, and Hainan Jinglai Enterprise Management's stake falling from 18.18% to 13.65% [2] Market Position and Strategy - Jinglin Asset remains optimistic about China's long-term economic prospects, aiming to strengthen its capital and research capabilities through this investment [3][4] - The firm has a total of 450 products registered, with 379 still operational, representing 84.22% of its offerings [3] - Despite a recent "window period" without new product registrations, the company maintains a positive outlook on structural "alpha" opportunities in the Chinese market [3][4] Global Investment Context - Hong Kong Jinglin Asset, established in 2005, holds a significant portfolio in U.S. stocks, with a total market value of approximately $4.44 billion as of the third quarter, reflecting a substantial increase from $2.87 billion in the previous quarter [4][5] - The largest holdings include Facebook (META) with a market value of $900 million, followed by notable positions in companies like NetEase (NTES) and NVIDIA (NVDA) [5] Industry Trends - The current regulatory environment is perceived as friendly, with concerns about market overheating easing, indicating a broader trend of liquidity revaluation globally [4] - Other prominent private equity firms have also increased their registered capital this year, suggesting a trend of strengthening financial positions within the industry [6][7]

Core Viewpoint - Jinglin Asset Management Hong Kong Company has shown a significant increase in its US stock holdings, with a total market value of $4.44 billion as of September 30, 2025, representing a 54.52% increase from the previous quarter [1][2]. Summary by Category Portfolio Activity - The company held 30 securities in the US market at the end of Q3 2025, with a notable active adjustment in its portfolio [1][3]. - In Q3, Jinglin made 9 new purchases, added to 8 existing positions, sold out of 7 stocks, and reduced holdings in 6 stocks [3][6]. Key Holdings - The top ten holdings accounted for 81.9% of the total US stock portfolio, with a slight decrease in concentration compared to the previous quarter [2][3]. - Major increases included Meta (23.46 million shares), Nvidia (174.83 million shares), and significant stakes in Pinduoduo and Alibaba [4][5]. Sector Focus - The company has actively invested in the autonomous driving sector, acquiring 2.68 million shares of WeRide, a leading player in China's autonomous driving market [7]. - Continued investments were made in the hotel and e-commerce sectors, with increased stakes in Atour and Huazhu Group [3][4]. Market Outlook - Jinglin Asset Management maintains a positive outlook on quality Chinese assets, emphasizing structural "alpha" opportunities amid ongoing market fluctuations [9]. - The firm believes that China's competitive advantages, such as cost efficiency and talent reserves, will continue to attract overseas capital, with potential inflows into A-shares and Hong Kong stocks [9].

Core Insights - Jinglin Asset Management Hong Kong Company disclosed its US stock holdings as of September 30, 2025, reporting a total market value of $4.441 billion, a significant increase of 54.52% from $2.874 billion at the end of the previous quarter [1][3][5] Group 1: Portfolio Adjustments - The company actively adjusted its portfolio in Q3 2025, acquiring 9 new stocks, adding to 8 existing positions, while completely selling out of 7 stocks and reducing holdings in 6 others [5][7] - The top 10 holdings accounted for 81.9% of the total US stock portfolio, indicating a slight decrease in concentration compared to the previous quarter [5][6] - Notable increases included 174.83 million shares of NVIDIA, bringing the total to 237.88 million shares, valued at approximately $443.83 million [5][6] Group 2: Key Stock Movements - The company increased its stake in Meta by 234,600 shares, raising its total to 1.226 million shares, making it the largest holding valued at $900.32 million [5][6] - Significant purchases included 2.6842 million shares of WeRide, valued at $26.57 million, marking a strategic entry into the autonomous driving sector [8][9] - The company also increased its positions in hotel chains Atour and Huazhu, with additional purchases of 2.0794 million shares and 183,200 shares, respectively [5][6] Group 3: Market Outlook - Jinglin Asset Management maintains an optimistic view on quality Chinese assets, emphasizing the potential for structural "alpha" opportunities amid ongoing market fluctuations [2][10] - The firm believes that China's competitive advantages in cost efficiency, talent, and integrated supply chains will continue to attract international investment [10] - The expectation of a weak US dollar may lead global funds to flow into emerging markets, enhancing the appeal of undervalued Chinese stocks [10]

Core Viewpoint - Jinglin Asset Management Hong Kong Company has shown a significant increase in its US stock holdings, with a total market value of $4.44 billion as of September 30, 2025, representing a 54.52% increase from the previous quarter [2][3]. Holdings Overview - As of Q3 2025, Jinglin Hong Kong Company held 30 securities in the US market, with a total market value of $4.44 billion, up from $2.87 billion in the previous quarter [2][3]. - The company actively adjusted its portfolio, making 9 new purchases, adding to 8 existing positions, selling out of 7 stocks, and reducing holdings in 6 stocks [5][8]. Major Investments - The top ten holdings accounted for 81.9% of the total US stock portfolio, indicating a slight decrease in concentration compared to the previous quarter [5][6]. - The largest holding remains Meta Platforms, with an increase of 234,600 shares, bringing the total to 1,226,000 shares [6][7]. - Significant increases were also noted in holdings of Nvidia, with an additional 1,748,300 shares acquired, and in the hotel sector with increased positions in Atour and Huazhu Group [6][7]. New Acquisitions and Exits - Notable new purchases include 2,684,200 shares of WeRide, a leading player in China's autonomous driving sector, and positions in UnitedHealth, Uber, and New Oriental [8][9]. - The company has completely exited positions in several stocks, including Daqo New Energy, Trip.com, and BeiGene, indicating a strategic shift in its investment approach [8]. Market Outlook - Jinglin Asset Management maintains a positive outlook on quality Chinese assets, emphasizing the competitive advantages of Chinese companies in terms of cost efficiency, talent, and comprehensive capabilities across the production process [10]. - The firm believes that despite market fluctuations, there are still structural opportunities worth pursuing, particularly in the context of potential inflows of overseas capital into the Chinese market [10].

Core Insights - Jinglin Asset's overall holdings have increased to $4.44 billion, a significant rise of over 50% compared to the previous quarter, with a total of 30 stocks in its portfolio [1][2] Holdings Overview - The top ten holdings of Jinglin Asset include META, NetEase, NVIDIA, Pinduoduo, Google-A, Manbang, Futu Holdings, Alibaba, Nebius Group, and Qifu Technology, with Chinese stocks making up a substantial portion [2] - The firm has expressed strong optimism about China's future development, citing competitive advantages in cost efficiency, talent reserves, and industry chain collaboration [2] Investment Strategy - Jinglin Asset has notably increased its investment in technology stocks, with a 277% increase in NVIDIA holdings, raising its market value to $444 million, making it the third-largest holding [2] - The firm has also increased its stake in Google-A by 852% [2] - Alibaba saw an 81% increase in holdings, with 843,400 shares valued at $151 million, driven by strong revenue growth and a significant rise in stock price [3] Additional Investments - The firm has made substantial investments in Atour, increasing its holdings by nearly tenfold, and has also built a significant position in WeRide, with 2.68 million shares [3] - WeRide is recognized as a leading player in China's autonomous driving sector, with a notable revenue increase in its Robotaxi business [3] Reductions in Holdings - Jinglin Asset has significantly reduced its holdings in Futu Holdings, Beike, NetEase, and Intel, with Futu Holdings seeing a 34.94% decrease [4] - The firm has completely divested from seven stocks, including Microsoft and Daqo New Energy [4]