Private equity funds exceeding 10 billion yuan revealed their top holdings in Q4 last year

As A-share listed companies’ 2025 annual reports are gradually released, the latest moves of large-scale private equity institutions with holdings in the billions (RMB) are coming into view. According to the latest data from Private Equity PaiPai (PaiPai), as of April 1, the list of the top 10 circulating shareholders of A-share listed companies that have disclosed their 2025 annual reports shows that as of the end of the 2025 fourth quarter, products under 25 private equity institutions at the “hundreds of billions” scale appeared in the top 10 circulating shareholder lists of 60 listed companies in total. The total market value of their holdings was RMB 28.185 billion (calculated using the closing price as of December 31, 2025, the same below).

In the fourth quarter of 2025, these 25 private equity institutions at the “hundreds of billions” scale increased their holdings in 6 listed companies through their products, added positions in 14 listed companies, kept the shareholding counts unchanged in 30 listed companies, and reduced holdings in 10 listed companies.

Among many private equity institutions at this “hundreds of billions” scale, the portfolio holdings of Shanghai Gaoyi Asset Management Partnership Enterprise (Limited Partnership) (hereinafter referred to as “Gaoyi Asset”) have attracted market attention, with its products appearing in the list of the top 10 circulating shareholders of 9 listed companies as of the end of the fourth quarter of 2025. Specifically, Gaoyi Asset’s market value of holdings in BOE A is as high as RMB 2.833 billion, with the number of shares held remaining unchanged; it increased its holdings in Weiga New Material by 7 million shares, with a market value of RMB 1.320 billion; and it increased its holdings in Beixin Building Materials by 0.5 million shares.

Besides Gaoyi Asset, other private equity institutions at this “hundreds of billions” scale also each focus on different areas of deployment. For example, Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd. has made a “big-ticket” layout in the energy and communications sectors. Its products heavily hold multiple stocks such as China Telecom, China Shenhua, PetroChina, Sinopec, and CNOOC. Among them, Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd.’s most attention-grabbing “bet” on China Telecom: as of the end of the 2025 fourth quarter, its market value of holdings in China Telecom was as high as RMB 4.799 billion. This is also the single-stock holding with the highest market value among these 25 private equity institutions at the “hundreds of billions” scale. In addition, Shanghai Ruiqun Asset Management Co., Ltd. has actively built a position in the electronics industry, increasing its holdings of Leysun Technology by 1.1821 million shares. Shanghai Junming Investment Management Co., Ltd., meanwhile, newly entered the top 10 circulating shareholder lists of multiple listed companies such as Fosusheng Technology and Taotao Auto.

In terms of sector distribution, the heavy holdings of private equity institutions at the “hundreds of billions” scale are mainly concentrated in four sectors: electronics, basic chemicals, pharmaceutical biology, and oil and petrochemicals. Among them, the electronics sector is the sector with the largest number of heavy-held stocks by private equity institutions at this “hundreds of billions” scale, including 9 stocks: Leysun Technology, BOE A, TCL Technology, Wolvo Nuclear Materials, Huashu Holding, Aibison, Synaptics Micro, Xingfu Electronics, and Yangjie Technology.

“The above four major sectors align with the allocation criteria of ‘improving performance, reasonable valuation, and clear catalysts,’ so they have become the key directions for balanced allocations by private equity institutions at the ‘hundreds of billions’ scale in a complex market.” Zhang Pengyuan, a researcher at Shenzhen Qianhai Paipai Fund Sales Co., Ltd., said in an interview with reporters from the Securities Daily that the electronics sector, as the offensive main line, is driven by a “dual-wheel” logic: the upsurge of AI (artificial intelligence) computing power hardware demand and the acceleration of domestic semiconductor substitution, which provides relatively high growth certainty. The basic chemicals sector is undergoing a layout for a cycle reversal; with policy-driven capacity clearance and optimization of supply-demand patterns, plus sector valuations at historical lows, it has strong upside elasticity. The pharmaceutical biology sector is seeing a re-rating of value; industry policy expectations are becoming clearer; valuations are in a trough; and combined with long-term rigid demand brought by population aging, it has both defensive and growth attributes. The oil and petrochemicals sector mainly serves as a defensive allocation: its high dividend yield characteristics match market demand in a volatile environment, and it also benefits from the energy security theme.

Mo Xiaocheng, general manager of Guangdong Hengrui Tianze Private Fund Management Co., Ltd., said he is optimistic about the pharmaceutical biology sector. He told reporters from the Securities Daily: “Facing the trend of population aging, companies strategically increase their allocation to the innovation drug, traditional Chinese medicine, and vaccine sectors. These companies, leveraging their R&D track record, brand influence, and channel advantages, build a deep ‘moat.’ Their earnings sustainability and growth path are clear, and they have the capability to pass through market cycles.”

(Editor: Xu Nannan)

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