Super unconventional "bullish investor" spends 1.2 billion yuan in buys 1.2 billion yuan

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A super-unusual type of “bullish retail investor” appears: they didn’t buy stocks; they bought ETFs.

Guangfa CICC Hong Kong Innovative Drug ETF’s annual report shows that as of the end of 2025, Ge Suqin held 1.05 billion ETF shares, with a holding value of over RMB 1.2 billion, making her the largest single holder—quite rare. After combing through what reporters found, at least 920 million of the shares Ge Suqin held above were bought in the second half of 2025.

Judging from the performance of the innovative drug thematic ETFs, it has been continuously adjusting since September 2025, and recently rebounded strongly. At this point in time, whether the innovative drug sector’s rally is a rebound or a reversal has attracted widespread market attention.

Bought more than RMB 1.2 billion

Guangfa CICC Hong Kong Innovative Drug ETF’s 2025 annual report shows that as of the end of 2025, Ge Suqin was the largest holder, with 1.05B shares. Based on the ETF’s net value of RMB 1.2017 at the end of 2025, Ge Suqin’s holdings reached RMB 1.26B.

The following are the top ten holders of Guangfa CICC Hong Kong Innovative Drug ETF as of before the end of 2025:

The following are the top ten holders of Guangfa CICC Hong Kong Innovative Drug ETF as of before the end of June 2025:

As of the end of June 2025, the tenth-largest holder of Guangfa CICC Hong Kong Innovative Drug ETF was Beijing Chengtong Jinkong Investment Co., Ltd., holding 129 million shares. By combining the above-mentioned fund’s periodic reports, it can be seen that Ge Suqin mainly made large-scale purchases in the second half of 2025.

Judging from Guangfa CICC Hong Kong Innovative Drug ETF’s performance, since September 9, 2025, through the second half of March 2026, the largest decline in the period exceeded 30%. It has rebounded strongly since March 24; from March 24 to April 3, Guangfa CICC Hong Kong Innovative Drug ETF rose by more than 16%.

Guangfa CICC Hong Kong Innovative Drug ETF’s average price in the second half of 2025 was RMB 1.4; as of the end of 2025 it was RMB 1.194. Considering that Ge Suqin likely bought at least about 90% of her holdings in the second half of 2025, it can be estimated that when Ge Suqin bought the above ETF, the total amount spent was very likely more than RMB 1.2 billion.

Besides Ge Suqin, among the top ten holders of Guangfa CICC Hong Kong Innovative Drug ETF, as of the end of 2025 China Life Insurance Company Limited ranked as the second-largest holder, holding 498 million shares. UBS Group and Xinhua Life Insurance Co., Ltd., and Shanghai Feiko Investment Co., Ltd. all held more than 150 million shares.

Rebound or reversal?

Guangfa CICC Hong Kong Innovative Drug ETF reflects the performance of the entire innovative drug sector.

Looking over a longer timeframe, after years of continuous adjustment, starting from early 2025, the innovative drug sector turned from bad to good. Multiple innovative drug thematic ETFs doubled quickly within a short period. However, since September 2025, the innovative drug sector has moved toward consolidation.

“How will the long-term outlook for innovative drugs be? Is it worth expecting?” has become one of the most concerns among investors on Ant Fund.

Industrial and Commercial Bank of China Credit Suisse Fund said that in the first quarter of 2026, China’s innovative drug industry delivered an impressive set of results. According to data from the National Medical Products Administration, in the first quarter of 2026, China’s innovative drugs’ total external licensing transaction value exceeded USD 60 billion, approaching half of 2025’s full-year figure; internationalization has accelerated markedly. At the same time, judging from 2025 financial reports from listed companies, multiple innovative drug companies achieved high growth in profits or turned losses into profits.

“A rally in this round of the innovative drug sector is not a short-term speculation. It’s a trend-driven move jointly driven by three factors: policy, performance, and valuation.” In the view of Peony Fund manager Xun Zhaoxu, the innovative drug industry has gone through repeated valuation beatings this year, while the underlying fundamentals of the industry are flourishing. This year’s main line for innovative drugs is that some companies are moving to a second stage: from single-point licensing to having their entire technology level recognized, allowing them to enjoy a share of future global market revenues.

Ping An Fund manager Zhou Sicong believes that the second quarter of 2026 is the first key verification window for the full-year innovative drug market. Its importance comes not only from the general market pattern that the first half is always more active for medical sector stocks; more importantly, this quarter gathers the most concentrated fundamental-catalyst starting points for the entire year. Multiple significant R&D data from domestic innovative drugs—especially those in later clinical stages and focused on major disease areas—will be released in the same period. This will directly determine the sector’s full-year trajectory and individual stock pricing.

Investment logic has changed

Multiple fund managers believe that the investment logic for the innovative drug sector has undergone changes.

“Innovative drugs are still one of the key main lines the medical industry keeps tracking. The sector’s beta value remains, but stock-level differentiation will be significantly stronger, and returns will be more concentrated in leading companies at the top, strong platform-type companies, overseas realized assets, and companies where clinical key milestones are clearly defined.” In Zhou Sicong’s view, the core of innovative drug investing in 2026 lies in selecting high-quality companies.

“In the management of the Hu’an Medical and Biological Equity Fund, in the first half of last year, we heavily allocated to the innovative drug sector. In the second half, as the marginal weakness in BD emerged, we adjusted and reduced positions in quite a few areas and shifted to the CXO segment. From March to May this year, the market may enter again the ASCO (American Society of Clinical Oncology) expectation phase. Innovative drugs may enter a more favorable allocation window. Innovative drug investing has entered the 2.0 era—it places more emphasis on the realization of clinical data, rather than the size of BD.” Hu’an Fund manager Sang Xiangyu said.

Industrial and Commercial Bank of China Credit Suisse Fund believes that in 2026, the innovative drug sector may shift from a sector-level beta-style market to an alpha-style market that focuses on selected individual stocks. For investors, on the one hand, they can capture the trend in the innovative drug industry and participate long-term in quality companies. On the other hand, they are optimistic about companies that saw a larger pullback earlier, have lower BD expectations, and offer greater upside elasticity.

Judging from the current layout on the public fund product side, the heat for medical-themed funds has clearly increased. As of April 6, there are 4 medical-themed funds currently being offered, and another 4 medical-themed funds are about to be launched.

Author: Zhao Mingchao

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