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<Research>CICC: Top 20 Active Asset Managers in Terms of CN Shrs Holdings Add Stake in H-shrs by 2.5%; 7 New Stocks w/ Big Long Positions; MEITUAN & TENCENT Lead Buying Volume
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CICC released its Overseas Chinese Equity Strategy Report, saying that since mid-April, the Hong Kong stock market has closed higher for four consecutive weeks, with the HSI having rebounded by nearly 20% since the bottom, once returning to near 19,600 points, a record high since August last year. Focusing on the top 20 foreign asset-managing institutions with actively managed portfolios in terms of their Chinese stock holdings (accounting for 22.7% of the total), their Chinese stock holdings in 1Q24 amounted to US$137.1 billion, a drop of 2.7% from US$140.8 billion in 4Q23. CICC estimated that the above leading institutions reduced their positions in A-shares and Chinese stocks by 1.8% and 7.8% respectively, but increased their holdings of Hong Kong stocks by about 2.5% QoQ. Despite the increase in Hong Kong stocks in 1Q, Hong Kong stocks currently account for about 2.2% of the total assets of the 20 institutions mentioned above, still significantly lower than the average of 3.2% since 2020. In terms of sectoral preferences, these asset managers reduced their holdings in business and professional services, insurance, and software & services, while increasing their positions in consumer staples, telecoms services and consumer services. 7 stocks with significant long positions were added to the top 20 holdings of the institutions above. In terms of individual stocks, holdings in MEITUAN-W (03690.HK), TENCENT (00700.HK), TRIP.COM-S (09961.HK) and ANTA SPORTS (02020.HK) were increased the most, while holdings in YUM CHINA (09987.HK), BABA-SW (09988.HK), NIO-SW (09866.HK) and PICC P&C (02328.HK) were reduced the most. The top 20 long positions of the above leading fund managers totalled 121 Chinese stocks in 1Q24, down by 1 from 4Q23. Specifically, there were 9 new entries into the top 20 positions, including Hong Kong-listed BOSS ZHIPIN-W (02076.HK) (BZ.US), XINYI SOLAR (00968.HK), CHINAHONGQIAO (01378.HK), HWORLD-S (01179.HK) and HAITIAN INT'L (01882.HK). On the other hand, 10 stocks that were among the top 20 long positions in 4Q23 failed to make the list in 1Q24, including Hong Kong-listed HANSOH PHARMA (03692.HK), GANFENGLITHIUM (01772.HK), LONGFOR GROUP (00960.HK), CHINA TOWER (00788.HK) and BYD ELECTRONIC (00285.HK). AAStocks Financial News |
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