Futu vs Tiger: Pricing Reconfiguration After Regulatory Implementation—Who Is Selling, and Who Is Buying?

II. 13F Quarterly Filings: Professional Capital’s Real Choices Amid Market Panic The table below is the most valuable part of this article. Data source: Latest 13F quarterly filings (as of June 30, 2026; concentrated disclosure around August 15), cross-checked against institutional holdings schedules. Futu Holdings (institutional ownership ~50%; covered by 621 institutions) Institution Shares Held as of 6/30 QoQ Change Nature of Change Remarks HHLR Advisors (Hillhouse) 1.7683 million +0.3488 million Active增持 Second-largest holding (19.9% of portfolio) First Beijing Investment 1.3791 million New entry New position Entered top ten directly Quinn Opportunity 0.5191 million +0.5031 million More than doubled Event-driven Millennium Management 0.2883 million +0.2608 million Multi-strategy addition — Citadel Advisors 0.4697 million +0.3559 million Hedge fund增持 — BNP Paribas NA 0.6507 million +0.4827 million Proprietary research — Greenwoods (Jinglin) 1.0936 million +0.0973 million Chinese active asset manager — T. Rowe Price HK 0.4610 million −0.6962 million Index rebalancing Passive reduction State Street 1.0250 million −0.1898 million Passive fine-tuning — Fidelity Canada 1.1883 million −0.1510 million Passive fine-tuning — Net direction: Seven of the top ten institutions increased positions; all reductions came from massive passive/index-oriented asset managers, with reductions negligible relative to their AUM. Tiger Securities (institutional ownership ~32%; covered by 220 institutions) Institution Shares Held as of 6/30 QoQ Change Nature of Change Remarks Avenir Tech 21.811 million +11.4649 million Core增持 12.02% of total shares; single-institution anchor Renaissance Technologies 3.3205 million +1.5384 million Quantitative accumulation — Millennium Management 1.3140 million +1.2782 million Multi-strategy — Point72 Asset Management 1.2424 million New entry New position Multi-strategy Citadel Advisors 0.4697 million +0.3559 million Hedge fund增持 — Marex Group 1.0577 million +1.0330 million Broker proprietary trading — Capital International 2.1907 million −3.0853 million Active reduction Portfolio rebalancing Susquehanna Intl 0.7824 million −1.9734 million Market maker position adjustment — Arrowstreet Capital 2.1625 million −1.8537 million Passive/quantitative reduction —

Weekly Quantitative Finance Highlights (Feb 14–20, 2024)

As of end-January 2024, among the 632 quantitative private equity funds that disclosed performance data, the average January return was −7.21%. Of these, only 83 funds (13.13%) posted positive returns. Shanghai-based funds delivered relatively stronger average returns compared to other cities, while Shenzhen-based funds lagged. Brief comment: Small-scale private equity funds stood out. 2. Segantii’s Assets Shrink by $1 Billion Due to investment losses and investor redemptions, Segantii Capital Management Ltd.’s hedge fund assets have shrunk by 18% since March last year. Its Asia-Pacific equities multi-strategy fund declined from nearly $5.9 billion in March 2023 to approximately $4.8 billion by end-January. Brief comment: One of Hong Kong’s most active hedge funds. 3. Sharp Performance Reversal Among Quantitative Private Equity Funds Data shows that since the start of 2024, multiple leading quantitative private equity firms have collectively suffered sharp performance reversals. As of February 8 net asset value updates, some quant funds’ year-to-date losses have exceeded 30%. Brief comment: Alpha-generating strategies turned into alpha-eroding ones; excess returns turned negative. 4. Hundred-Billion-Yuan Private Equity Fund Holdings Leaked (“Copying Homework”) Recently, the Guangxi Securities Regulatory Bureau disclosed an administrative penalty decision revealing that a branch general manager abused his position to access non-public information—including trading activity and holdings—of a well-known hundred-billion-yuan private equity fund, and periodically shared this information with a smaller private equity firm.

Arrowstreet Capital Increases Stock Position in Alto Ingredients, Inc.

Aug 2, 2026

Arrowstreet Capital Limited Partnership increased its holdings in Alto Ingredients by 67.9% to 1.79 million shares valued at $8.665 million. The move follows the company's better-than-expected quarterly earnings and reflects considerable institutional interest.

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