Comprehensive List of A-Share Technology Sector Restructuring and M&A-Related Stocks

1. Proposed acquisition of a 97.1729% partnership interest in Nuoxinshi, for RMB 120.3 million. 3. Changchuan Technology (300604) Proposed acquisition of 27.78% equity stake in Changchuan Manufacturing, for RMB 356.667 million. 4. Zhongju Core Proposed acquisition of 100% equity stake in Heraeus Conamic UK Limited. 5. Aisen Co., Ltd. Proposed acquisition of 80% equity stake in INOFINE. 6. TCL Technology (000100) Proposed acquisition of 80% equity stake in LGDCA and 100% equity stake in LGDGZ. 7. JCET Group (600584) Proposed acquisition of 80% equity stake in SanDisk Semiconductor, for RMB 4.68 billion. 8. Fulede (301297) Proposed acquisition of semiconductor-related assets under the Ferrotec Group. 9. Jinghua Micro Proposed acquisition of 60%–70% equity stake in Shenzhen Xinbang Zhixin Micro, for RMB 140 million. 10. Silink Proposed acquisition of 71% equity stake in Kekai Electronics. 11. Unisplendour Corporation (000938) Proposed acquisition of 30% equity stake in H3C, for RMB 15.177 billion. 12. Huadong Heavy Machinery (002685) Proposed acquisition of 43.18% equity stake in Ruixin Tuxin, for RMB 94.05 million. 13. Debond Technology Proposed acquisition of 53% equity stake in Hengsuo Huawei. 14. Sigrity Proposed acquisition of 100% equity stake in Chuangxin Micro, for RMB 1.06 billion. 15. Shuangcheng Pharmaceutical (002693) Proposed acquisition of 100% equity stake in Aura Semiconductor. 16. Bio-Agri Chemical Proposed acquisition of 46.67% equity stake in Xinhui Lian, for RMB 700 million. 17. Silan Integrated Circuit Proposed acquisition of 72.33% equity stake in Silan Yuezhou, for RMB 5.897 billion. 18. Focuslight Technologies Proposed acquisition of 100% ownership of ams OSRAM’s optical components assets, for RMB 343 million. 19. Dongxi Semiconductor Proposed acquisition of 37.88% equity stake in Shanghai Lisuan, for RMB 200 million.

CapitaLand Beijing Investment Fund Management Co., Ltd. — Top-tier Chinese Private Equity Firms’ U.S. Portfolio Performance “Exposed”!

As most U.S.-based institutional investors disclosed their fourth-quarter holdings (Form 13F), domestic Chinese investors once again turned their attention to the overseas investment activities of prominent Chinese private equity firms—including Hillhouse Capital, High-Flyer Asset Management, and Jingtian & Gonghe. Overall, during last quarter, Hillhouse, High-Flyer, and Jingtian & Gonghe all reduced positions in certain U.S.-listed Chinese companies—including Alibaba and Pinduoduo—though such Chinese-American stocks still accounted for roughly half of these firms’ portfolios. Interestingly, Hillhouse, High-Flyer, and Jingtian & Gonghe all increased positions in or initiated new positions in Alphabet (Google) stock during Q4—indicating shared optimism regarding Google’s prospects. Li Lu’s Himalaya Capital maintained its existing portfolio unchanged, continuing to hold major positions in U.S. Bancorp, Google, and Berkshire Hathaway. 01 Hillhouse: Total Portfolio Value Sharply Declined; Continued Focus on Chinese Assets Data shows that HHLR Advisors’ total portfolio value dropped sharply in Q4—from approximately USD 4.6 billion in Q3 down to about USD 2.9 billion. With U.S. equities currently at historic highs, HHLR Advisors’ Q4 portfolio adjustments likely reflected not only profit-taking but also risk management considerations. Although HHLR Advisors trimmed positions in several previously high-flying U.S.-listed Chinese stocks, its overall portfolio remains heavily concentrated in Chinese assets. Overall, eight of HHLR Advisors’ top ten holdings in Q4 were U.S.-listed Chinese stocks. While Hillhouse significantly reduced positions in BeiGene, Alibaba, and Pinduoduo, these three stocks retained the top three spots among its largest holdings. HHLR Advisors’ Key Holdings Other U.S.-listed Chinese stocks among its top ten holdings include NetEase, KE Holdings (Beike), Vipshop, Legend Biotech, and Futu Holdings. The only two non-Chinese stocks in its top ten were biopharmaceutical company ArriVent BioPharma and business process management firm WNS. Among the four new positions added by HHLR Advisors in Q4, two were U.S.-listed Chinese stocks: Agora and Momo. Specifically, HHLR Advisors purchased over 2.09 million shares of Agora in Q4, representing 1.98% of its total portfolio. In Q4, HHLR Advisors also increased positions in ten stocks—four of which were U.S.-listed Chinese names: KE Holdings (Beike), Futu Holdings, JD.com, and Dada Nexus. For example, it added 392,588 shares of KE Holdings—a 3.61% sequential increase—and 67,214 shares of Futu Holdings—a 6.39% sequential increase. 02 Jingtian & Gonghe: Increased Positions in Google and NVIDIA; Reduced Positions in Futu and TSMC Jingtian & Gonghe’s top ten holdings remained largely unchanged from the prior quarter—accounting for nearly 80% of its total portfolio—with only minor shifts in ranking. Jingtian & Gonghe’s Key Holdings Due to Pinduoduo’s 28% decline in Q4, even though Jingtian & Gonghe slightly increased its position, Meta Platforms displaced Pinduoduo as its top holding. NetEase, Full Truck Alliance (Manbang), and ZTO Express received modest increases, while TSMC and Futu Holdings saw reductions of nearly 30%. Beyond its top ten holdings, Jingtian & Gonghe substantially increased its position in Google in Q4, and also added to positions in U.S. tech giants Microsoft and NVIDIA—as well as UnitedHealth Group, whose stock experienced significant volatility at year-end following the assassination attempt on its CEO.

AdvisorNet Financial Inc Acquires 5,992 Shares of Linde PLC

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AdvisorNet Financial Inc purchased 5,992 shares of Linde PLC worth approximately $2.95 million in Q3. Linde reported strong quarterly earnings exceeding expectations and declared a $1.60 per share dividend.

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