Yang Dong and Dong Chengfei's latest holdings revealed; profit-driven market rally is expected to start

Public company share repurchase and private placement announcements reveal the latest holdings of some well-known private equity firms.

Recently, Tiangao Energy announced a share repurchase plan showing that as of February 27, two products managed by Yang Dong’s Ningquan Asset ranked among the company’s top ten shareholders. Meanwhile, recent public disclosures also show that as of February 24, two products managed by Dong Chengfei, partner at Ruijun Asset, ranked among Yuanli Co., Ltd.'s top ten shareholders; and as of January 9, products under Jinglin Asset entered the top ten shareholders list of Suyan Jing Shen…

Notably, based on current disclosed holdings, leading private equity firms are actively positioning themselves in listed companies with potential for overseas expansion or emerging from industry cycle lows. They believe that active incremental capital and the stabilization of China’s economic fundamentals are key supports for the structural market trend. Opportunities driven by future profits are expected to further emerge, with sectors like chemicals and electrical equipment worth watching.

Revealed Holdings of Notable Fund Managers

Tiangao Energy’s share repurchase announcement shows that as of February 27, two products under Ningquan Asset held a total of 14,531,500 shares, unchanged from the end of Q3 last year. Over the long term, these two products entered the top ten tradable shareholders of the company in mid-2025 and have held nearly the same number of shares since.

According to public information, Tiangao Energy is a company engaged in natural gas supply and pipeline operations, membrane product R&D and sales, water treatment engineering services, and waste heat power generation contract energy management. Public data indicates that Tiangao Energy is actively “going global.” In December 2025, through its Tiangao Hong Kong platform, it successfully signed a strategic cooperation agreement with PT Indo Sino Oil dan Gas, marking its official entry into the Indonesian energy market. A private equity researcher told reporters that as natural gas consumption recovers, companies that can independently choose to expand imports or seize international resale opportunities to increase profits are worth paying attention to.

Yuanli Co., Ltd. recently announced that as of February 24, Ruijun Youfu No. 1 Private Securities Investment Fund and Ruijun Youfu No. 3 Private Securities Investment Fund, managed by Ruijun Asset, ranked among the top ten shareholders. Compared to the end of Q3 last year, the former’s holdings remained unchanged, while the latter is a new addition.

Yuanli mainly produces activated carbon, white carbon black, and new energy carbon materials. In December last year, the company announced an overseas expansion plan. Its wholly owned subsidiary, Nanping Yuanli Activated Carbon Co., Ltd., began its U.S. market operations by acquiring a 49% stake in Clarimex.

Similarly, Suyan Jing Shen, a basic chemical sector target, recently disclosed that as of January 9, Jinglin Ziyuan Private Equity Fund, managed by Jinglin Asset, held 3.687 million shares of the company, entering the top ten shareholders list for the first time since Q3 last year. According to brokerage research reports, methods such as salt cavern gas storage will open a second growth curve for the company, helping it transition from cyclical chemicals to public utility operations, with sustained growth potential.

Profit-Driven Market Opportunities Expected to Activate

From these holdings, it’s clear that top private equity firms are paying close attention to companies with potential for performance recovery.

Dafushui Spring Investment told reporters that by 2026, the market-driven logic is expected to shift from valuation repair to profit support. This requires investors to carefully distinguish the prosperity and growth quality of different industries and companies. Specifically, under the trend of global supply chain restructuring, China’s advantageous manufacturing industry is accelerating its overseas expansion based on technological and supply chain competitiveness, actively seizing new demands brought by re-industrialization in developed countries and industrialization in emerging markets, thereby driving corporate profit growth. These opportunities are worth focusing on.

Yuan Lesheng Asset also stated that in 2026, the company will look for opportunities from the perspective of improving industry supply and demand. Specifically, the AI industry is experiencing rapid development, with opportunities in computing power, AI applications, energy storage, and electrical equipment worth close attention. Meanwhile, as China’s industrial chain’s global market share increases, investment opportunities will continue to emerge, such as companies in engineering machinery, building materials, and consumer goods expanding overseas.

Intensive Research on Electrical Equipment

Focusing on changes in listed company profitability, the electrical equipment sector has also become a key area of interest for private equity.

According to Private Equity Data Platform, in February, 383 private equity firms participated in 704 research visits covering 158 stocks across 22 Shenwan first-level industries. Industry-wise, electrical equipment was the most favored sector, with 14 stocks receiving private equity attention and a total of 97 research visits. Companies such as Tianshun Wind Energy, Huaming Equipment, Dajin Heavy Industry, and Huatong Cables were among those frequently surveyed.

Industry insiders say that the demand for electricity in AI data centers (AIDC) is rapidly increasing, making power and energy key constraints for AI development. Additionally, the average service life of electrical grid equipment in Europe and America exceeds 30 years. During the integration of new energy sources and energy transition, overseas utility companies are expected to continue increasing capital expenditure. Against this backdrop, Chinese electrical equipment companies leveraging ultra-high voltage technology, full industry chain cost advantages, and strong delivery capabilities have a competitive edge in going abroad, with ongoing opportunities expected.

(Article source: Shanghai Securities News)