Top ten well-known foreign institutional investors—including Goldman Sachs, Morgan Stanley, JPMorgan Chase, UBS, and Barclays—have disclosed their largest A-share equity holdings!

Additionally, Morgan Stanley’s top five A-share holdings by circulating market value are: Huace Testing (RMB 367 million), Keli Sensing (RMB 160 million), Haier Biotech (RMB 136 million), Xusheng Group (RMB 136 million), and Wolong Electric Drive (RMB 130 million). Among these, Huace Testing was a major new position added by Morgan Stanley in Q3 last year; however, according to the latest data, Morgan Stanley reduced its stake in the stock over the past two quarters. UBS: Over RMB 2 billion invested in gold-related stocks—massive gains! As of end-2024, UBS appeared among the top ten circulating shareholders of 128 A-share listed companies, with a total holding value of approximately RMB 6.08 billion. Compared to Q3 2024—when it held stakes in 192 companies worth RMB 3.967 billion—the number of holdings declined, yet the total market value surged significantly. Specifically, as of April 29, the top five UBS holdings by price appreciation were: *ST Ningke (+113.85%), Ketai Power (+92.60%), Ampere (Anpei Long) (+69.99%), Julun Intelligent (+61.73%), and Hanyu Group (+93.74%). In terms of shareholding ratio, UBS’s highest proportional stake was in Tekang Life Sciences: 7.772 million shares held at end-2024, valued at RMB 110 million. Since end-2024, the stock has fallen 8.15%, resulting in an estimated unrealized loss of nearly RMB 9 million for UBS; UBS reduced its position by 500,000 shares in Q4. By holding value, only six stocks in UBS’s Q4 portfolio exceeded RMB 100 million—three of which were newly added positions. Notably, UBS built a massive RMB 2.7 billion position in Zijin Mining—a gold stock—in Q4; since end-2024, the stock has risen 13.45%, generating an estimated unrealized gain of RMB 363 million for UBS. Barclays Bank: Overall portfolio is highly diversified! Numerous new positions added recently! As of end-2024, Barclays appeared among the top ten circulating shareholders of 115 A-share listed companies, with a total holding value of approximately RMB 1.327 billion. At end-Q3 2024, Barclays held stakes in 222 companies valued at RMB 2.413 billion—indicating an overall reduction in exposure, along with notably diversified positioning and no single stock exceeding RMB 100 million in value. Its portfolio turnover was evident, with many newly added positions. As of April 29, the top five Barclays holdings by price appreciation were: Weichai Heavy Machinery (+84.10%), Julili Suoju (+36.43%), Tianfu Culture & Tourism (+30.65%), Shengtong Energy (+29.90%), and Jusailong (+29.49%). By shareholding ratio, among Barclays’ top 20 holdings by stake percentage, 13 were newly added in Q4, while five stocks were increased in position. The增持 stocks (by number of shares added) were: Lianhe Precision (+90,700 shares), Yitian Co., Ltd. (+78,100 shares), Zhidi Technology (+162,400 shares), Sentai Co., Ltd. (+39,500 shares), and Degute (+31,100 shares). By holding value, 53 of Barclays’ holdings exceeded RMB 10 million each. Notably, Barclays built a position exceeding RMB 20 million in Weichai Heavy Machinery—a robotics-related stock—in Q4; since end-2024, the stock has surged 84.10%, generating an estimated unrealized gain of over RMB 15 million for Barclays.

Which equity ETFs have been allocated by foreign institutional investors?

Overall, foreign institutions’ ETF allocations at the end of Q2 were dominated by new positions and increases—not reductions. Below is a summary of foreign investors’ changes in equity ETF holdings, compiled for readers’ reference. Barclays Bank: Prefers Hong Kong tech-themed ETFs; reduced exposure to Hong Kong pharmaceutical ETFs. Note: The above content does not constitute fund evaluation or investment advice. Moreover, the displayed performance periods are relatively short and do not reflect long-term fund performance—intended solely for investor reference. Data sources: P2P Fund Ranking Network, official fund company websites. Barclays Bank—one of the 13 Qualified Foreign Institutional Investors (QFIIs)—is one of the UK’s largest commercial banks, founded in 1862, headquartered in London, operating in approximately 60 countries worldwide, and maintaining over 2,100 branches across the UK. Barclays Bank is the most active foreign institution in ETF allocation, appearing among the top ten holders in 78 ETFs—making it the leading foreign force in ETF investing. Looking at the names of ETFs it holds, most are linked to Hong Kong markets: 28 ETFs bear keywords such as “Hong Kong,” “Shanghai–Shenzhen–Hong Kong,” or “Hang Seng” in their titles. Beyond that, Barclays also holds cross-border ETFs tracking U.S. and Japanese indices—including the Tokyo Stock Price Index (TOPIX), Nikkei 225, Nasdaq-100, S&P 500, and even France’s CAC 40 Index. Regarding changes in holdings, Barclays added or initiated positions in more ETFs than it reduced at the end of Q2. It showed strongest preference for Hang Seng Tech Index-tracking ETFs—one such ETF saw its stake increased by as much as 17.62%, bringing Barclays’ total stake to 23.75%. However, the ETF with Barclays’ highest stake is “Huatai *** ETF,” where its holding stood at 55.97% at end-Q2—up 37.83 percentage points from the prior quarter. This ETF tracks the CSI *** Index, whose top ten constituent stocks account for 65.69% of its weight: Tencent Holdings, BYD Company, Meituan, Xiaomi Group, Li Auto, WuXi Biologics, Kuaishou Technology, BeiGene, SMIC, and JD Health. The ETF most heavily reduced by Barclays was “Yinhua *** ETF,” primarily holding Hong Kong-listed pharmaceutical companies; its stake dropped by 34.92 percentage points versus the prior quarter. This ETF’s top ten holdings collectively represent 52.77% of its assets, comprising: WuXi Biologics, BeiGene, CSPC Pharmaceutical Group, JD Health, Innovent Biologics, China Biologic Products, Sinopharm Group, Weigao Group, Alibaba Health, and WuXi AppTec. Although healthcare-related stocks have underperformed this year, capital inflows into the sector have accelerated recently. According to P2P Fund Ranking Network data, healthcare was the industry with the largest ETF share increase over the past month—and the CSI Healthcare Index was the theme with the largest share growth. A research report by Pacific Securities notes that, in the short term, the healthcare anti-corruption campaign has indeed introduced some uncertainty into the industry. However, in the long run, it helps standardize distribution practices, shrink gray-market space, and purify the business environment—indirectly increasing pharmaceutical and medical device manufacturers’ share of value-chain profits. Moreover, the anti-corruption drive promotes value-based healthcare, incentivizing enterprises to develop drugs and devices meeting genuine, urgent clinical needs. Companies with demonstrable clinical value and sustained innovation capacity stand to benefit.

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