[Introduction] Jinglin's US stock holdings exposed: selling Nvidia, Microsoft aggressively, adding positions in Apple, Tencent Music, etc
The latest US stock holdings of domestic private equity leader Jinglin Asset Management have been exposed.
Greenwoods Asset Management Hong Kong Limited, the overseas subsidiary of Jinglin Asset Management, recently submitted its US stock holdings data as of the end of the third quarter of 2024 to the US Securities and Exchange Commission (SEC). Its total market value of holdings was $3.151 billion (approximately RMB 22.6 billion), a decrease from the end of the second quarter of this year.
In the third quarter, Jinglin Hong Kong significantly reduced its holdings in several artificial intelligence (AI) and semiconductor stocks, including Nvidia, Microsoft, TSMC, and Meta, the parent company of Facebook. It also slightly reduced its holdings in its largest holding, Pinduoduo; But Apple has aggressively increased its holdings and actively bought multiple Chinese concept stocks such as ZTO Express, Tencent Music, TAL Education, Alibaba, and Beike.
The market value of US stock holdings is 3.151 billion US dollars
Pinduoduo remains the largest holding stock
According to the latest 13F filing disclosed by the SEC, as of September 30, 2024, Jinglin Hong Kong held 35 securities in the US stock market at the end of the third quarter of this year, with a total market value of $3.151 billion, a decrease of about 17% from $3.795 billion at the end of the second quarter.
From the perspective of position adjustment, Jinglin Hong Kong purchased 6 new securities and increased its position by 10 securities in the third quarter; But we cleared 12 securities and reduced our holdings of 12 securities.
Fund Jun would like to clarify that 13F disclosed US stocks directly held by Jinglin's overseas products, excluding US stocks indirectly held through derivatives or domestic products. Therefore, there is a deviation from the actual situation.
Specifically, as of the end of the third quarter of this year, Jinglin Hong Kong's top ten holdings in the US stock market were Pinduoduo, Facebook parent company Meta, NetEase, TSMC, Manbang Group, Futu Holdings, Apple, ZTO Express, Doordash, and New Oriental, with a total market value of $2.717 billion, accounting for 86.23% of its total US stock market value, which has decreased the concentration of holdings compared to the end of the second quarter.
It is worth noting that after a significant increase in holdings in the second quarter, Jinglin Hong Kong reduced its holdings of e-commerce giant Pinduoduo by 689200 shares in the third quarter, bringing its total holdings to 4.5178 million shares; The final market value of the holdings was 609 million US dollars, accounting for 19.33% of the investment portfolio. Pinduoduo remains its largest holding stock.
The stock price trend of Pinduoduo in the third quarter was quite tortuous, with a sharp decline in late August, dropping to $88.01 per share at one point. In September, it rebounded sharply and closed at $134.81 per share on September 30th.
Massive sale of AI and semiconductor companies
Reduce holdings of Nvidia, Microsoft, etc
Fund Jun noticed that in the third quarter of this year, Jinglin Hong Kong Company reduced its holdings of multiple artificial intelligence and semiconductor targets during peak periods.
For example, it significantly reduced its holdings of global computing power leader NVIDIA by 1.059 million shares, with a reduction rate of 97.15%, leaving only 31100 shares and a final market value of 3.7781 million US dollars.
Nvidia's stock price fluctuated significantly in the third quarter of this year, rising above $136 in July but dropping to around $90 in August before rebounding to around $121 by the end of September. Recently, Nvidia has seen a significant increase, with its stock price reaching a historic high.
At the same time, Jinglin Hong Kong also reduced its holdings of 788500 shares in Microsoft, dropping its holdings to 117400 shares at the end of the third quarter, with a market value of 50.5177 million US dollars. Microsoft's stock price plummeted in the third quarter after rising above $467, dropping to around $385 at one point; But then it fluctuated and climbed again, returning to around $430 by the end of September.
Jinglin Hong Kong also reduced its holdings of global chip foundry giant TSMC by 995200 shares, with a final holding of 1.7223 million shares and a market value of 299 million US dollars; At the same time, the company reduced its holdings of Meta, the parent company of Facebook, by 298200 shares, and still held 863500 shares with a market value of 494 million US dollars at the end of the period.
In addition, Jinglin Hong Kong has also reduced its holdings in multiple targets such as NetEase, Manbang Group, Futu Holdings, Doordash, New Oriental, SPDR Biotech ETF, etc; Cleared multiple technology and pharmaceutical industry targets such as ASML, Tesla, Boston Scientific, Novo Nordisk, Amazon, etc.
Significantly increase holdings in Apple Inc
Increase holdings of multiple Chinese concept stocks
In terms of increasing holdings, Jinglin Hong Kong increased its position in tech giant Apple by 356.95% in the third quarter of this year, increasing its holdings by 591100 shares to 756700 shares, with a final market value of $176 million.
Apple's stock price also fluctuated significantly in the third quarter, dropping below $200 in August and closing at around $233 at the end of September.
At the same time, Jinglin Hong Kong significantly increased its holdings of multiple Chinese concept stocks in the third quarter, including adding 969600 shares of Zhongtong Express, increasing its holdings to 5.9835 million shares, with a closing market value of $148 million; Added 1.4675 million shares of Tencent Music, holding 2.9692 million shares with a market value of 35.7789 million US dollars; We also increased our holdings in Chinese concept stocks such as TAL, Alibaba, and Beike.
It is worth mentioning that from September to early October this year, many Chinese concept stocks in the US stock market performed outstandingly. In September, Zhongtong Express rose by 17.41%, Tencent Music rose by 15.42%, and Alibaba rose by 27.33%.
In addition, Jinglin has also joined several technology and pharmaceutical companies in Southeast Asia, including Tencent Sea, Google's parent company Alphabet, BeiGene, Legendary Biotech, Pfizer, and others.
Finally, Fund Jun compiled the US stock holdings data of Jinglin Hong Kong Company at the end of the third quarter of 2024.