On March 6, 2024, the Hong Kong stock Kewang shares continued to rise in the late trading. As of the issuance of the document, JD Group - SW rose 7.55%, Kwai - W rose 6.72%, JD Health rose more than 5%, Ali Health, Alibaba - SW rose more than 3%, Meituan - W, Bilibili - W, Tencent Holdings, Xiaomi Group - W rose more than 2%.
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In terms of popular ETFs, China Concept Internet ETF (513220) rose 1.38% with a turnover rate of 95%, ranking first among cross-border ETFs in the entire market in terms of turnover rate; On the previous trading day, China Concept Internet ETF (513220) received a net inflow of 2.41 million yuan, with a share increase of over 35% since February.
On the news front, according to statistics, as of March 5th, 110 Hong Kong stocks have been repurchased by the company this year, with a cumulative repurchase amount of over HKD 100 million for 16 stocks. Among them, Tencent Holdings, a heavyweight stock of China Concept Internet ETF (513220), had the highest cumulative repurchase amount of HKD 9.825 billion this year; The constituent stocks Meituan-W, Xiaomi Group W and Kwai W also received more repurchases.
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Goldman Sachs Research Department recently stated that China has continued to strengthen shareholder dividends and repurchases, investor protection, and communication with market participants in listed companies; Two types of enterprises may benefit more from it: one is the enterprise that meets the following conditions: low valuation (price to book ratio less than twice), stable company fundamentals (investment return rate and profit compound annual growth rate greater than 10%), and strong cash returns (dividend and repurchase return rate exceeding 5%); Another type is technology-based state-owned enterprises with high R&D investment, high synergy between enterprise management and incentive measures.
In addition, Morgan Stanley has released a report stating that US and EU registered Asian (excluding Japan) or emerging market equity funds have all reduced their holdings of Chinese stocks in February. Not only that, some funds also increased their holdings in technology growth stocks such as Internet and hardware.
According to the latest holdings released by HHLRAdvisors, a subsidiary of Hillhouse, in the fourth quarter of 2023, Hillhouse increased its holdings in Chinese concept stocks such as Pinduoduo and JD.com. Among them, Hillhouse significantly increased its holdings in Pinduoduo by 2.76 million shares, increasing its holdings to 10.11 million shares, with an increase of up to $400 million. At the end of the period, its market value reached $1.479 billion, surpassing the top holding company in multiple quarters, BeiGene, and becoming Hillhouse's largest heavy holdings.
According to the 13F report, hedge fund ScionAsset Management LLC further increased its holdings in Alibaba and JD.com in the fourth quarter of last year, increasing its holdings by 25000 to 75000 shares of Alibaba with a market value of $5.81 million, and increasing its holdings of 75000 to 200000 shares of JD.com with a market value of $5.78 million. As of the end of the fourth quarter, Alibaba had the largest disclosed position, accounting for 6.1% of its assets, followed by JD.com.
CPPIB, the largest pension fund in Canada, newly bought Alibaba in the fourth quarter of last year, holding 3.6 million shares with a market value of 279 million US dollars. In addition, this pension fund has also newly acquired companies such as Ideal Automobile, JD.com, and NetEase.
The hedge fund Appaloosa, known as the "bottom chaser", increased its holdings in Alibaba by 20%, adding 4.35 million shares of Alibaba shares in the quarter ending December 2023.
China Internet ETF (513220) tracks the China Securities Global China Internet Index (930796. CSI), and selects 30 Internet company securities with large market value from the securities of Chinese mainland companies listed globally as the index sample. The top ten weighted stocks account for more than 61%, covering Alibaba SW, Tencent Holdings, Pinduoduo, Meituan-W, NetEase-S, Baidu Group-SW, Xiaomi Group-W, Jingdong Group-SW Ctrip Group - S and other Internet leaders in various subdivisions strive to fully share the overall development dividend of China's Internet leading companies.