Core Companies for Share Repurchases and Shareholder增持—Curated List

On the evening of the 20th, the first batch of announcements regarding special loans for share repurchases and shareholdings by listed companies was released, with over 20 listed companies disclosing details of such special loans—amounting to over RMB 10 billion in total. According to the 'Notice on Establishing a Special Re-lending Facility for Share Repurchases and Shareholdings', loan funds must be used exclusively and managed under a closed-loop system. Twenty-one national-level financial institutions—including the China Development Bank, policy banks, state-owned commercial banks, China Post Savings Bank, and joint-stock commercial banks—are authorized to issue these policy-based loans to support listed companies’ share repurchases and shareholdings. Below is a curated list of stocks related to share repurchases and shareholdings: 1. Share Repurchase Announcements China Merchants Shekou (repurchase up to RMB 702 million) China Merchants Port (repurchase up to RMB 389 million) Shan Ying International (repurchase of RMB 200 million) Vmax (repurchase—added 'special loan funding' to fulfill commitment) GigaDevice (repurchase up to RMB 100 million) Jiahua Energy (repurchase of RMB 100 million) China Merchants Energy Shipping (repurchase up to RMB 443 million) COSCO Shipping Development (repurchase up to RMB 287.2 million)

Warren Buffett significantly increased his stake in energy company Chevron in Q4, substantially reduced pharmaceutical holdings, and surprisingly bought Activision Blizzard—what key insights should investors note?

Among these 76 investment targets, technology-oriented enterprises—including biotech, cloud computing, and new-energy firms—account for over 70%. U.S.-listed Chinese stocks (ADRs), healthcare, and tech stocks constitute HHLR’s core investment themes. In the A-share and Hong Kong markets, HHLR has also been highly active: since last year’s second half, it has built substantial positions in companies including InnoCare Pharma, Sanhuan Group, GCL-Poly, and Yonyou Network. As per standard practice, we begin by reviewing HHLR’s top-ten holdings as of the end of Q4. The Economic Daily News compiled this data from SEC filings: This latest top-ten list comprises BeiGene, On (On Running), Legend Biotech, Salesforce, I-Mab Biopharma, JD.com, SEA Limited, DoorDash, iQIYI, and Li Auto—with six being U.S.-listed Chinese stocks. The market values of the top five positions stand at USD 1.483 billion, USD 604 million, USD 550 million, USD 490 million, and USD 340 million, respectively. Notably, Li Auto entered HHLR’s top-ten U.S. portfolio for the first time; HHLR’s investment team significantly increased its stake in Li Auto by 3.92 million shares during Q4. Another newcomer to the top-ten list is SEA Limited, the Southeast Asian e-commerce firm. Notably, HHLR had fully exited SEA in Q1 last year, re-entered the position in Q3, and further increased it to become a top-ten holding in Q4. Additionally, HHLR added or increased stakes in 12 stocks in Q4—including several leading biotech and new-energy firms. Biotech remains HHLR’s priority sector in the U.S. market: BeiGene and I-Mab Biopharma—both long-standing top-ten holdings—remain in the top ten. Overall, HHLR gradually adjusted its U.S. portfolio away from previously high-performing Chinese ADRs during Q4—fully exiting Alibaba and Bilibili, while reducing positions in Pinduoduo and Boss Zhipin. Concurrently, HHLR ramped up investments in A-shares and Hong Kong stocks, recently adding positions in Sanhuan Group, GCL-Poly, and Yonyou Network. 'The Oracle of Omaha' continues aggressive Chevron增持 and pharmaceutical减持 Also on Monday, Warren Buffett’s Berkshire Hathaway disclosed its latest SEC Form 13F filing. As of Q4-end, its total reported portfolio value stood at USD 330.952 billion—up sharply from USD 293.4 billion at Q3-end. In terms of specific holdings, the top-ten positions accounted for 89.54% of the total portfolio. Apple remains firmly entrenched as the largest holding: 887 million shares valued at USD 15.7529 billion—representing 47.6% of the total reported portfolio. The second through fifth largest positions remain Bank of America, American Express, Coca-Cola, and Kraft Heinz, with respective share counts of 1.01 billion, 152 million, 400 million, and 326 million—and market values of USD 4.4939 billion, USD 2.4804 billion, USD 2.3684 billion, and USD 1.169 billion.

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