In the third quarter, what Chinese stocks did Gaochun Capital buy

As the top investment institution in the Chinese capital circle, the position of Gaochun Capital has always been the vane of the Chinese US stock investment community. Recently, Gaochun's position in the third quarter was disclosed, holding a total of 83 US stock listed companies, and the investment industry has changed steadily:

  • The e-commerce field is frequently adjusted. In the third quarter, Gaochun CapitalNewly opened Korean e-commerce CPNG and Southeast Asian e-commerce Sea, increased its holdings of JD.com by nearly 30%,Pinduoduo Inc., which has reduced its holdings by nearly 60%;
  • Enterprises holding a large number of innovative drugs. In the third quarter, Gaochun Capital held 34 biomedical enterprises,The quantity and market value rank first in all industriesFor specific analysis, please refer to: What pharmaceutical stocks did Gaochun Capital buy in the third quarter?
  • The field of new energy vehicles is frequently adjusted. In the third quarter, Gaochun CapitalXPeng Inc., which has reduced its holdings by more than 80%,Newly built an ideal car, continued to hold NIO Inc. Motors, and increased its holdings of NIO Inc. and XPeng Inc. in the second quarter. In the third and fourth quarters of last year, Gao Yan successively cleared new car stocks such as Tesla Motors, NIO Inc., Ideal and Tucki.
  • Some of them have been greatly reduced or cleared. In the third quarter, Gao Wei reduced his holdings by more than 90% in MINISO Group Holding Limited and ZTO Express, as well asNearly 70% of the Bilibili Inc.,Clearance of Didi, Wanguo Data and New Oriental Education & Technology.

1. Position situation

(1) Top 20 positions

In the third quarter, the market value of the top 20 positions of Gaochun Capital was 6.403 billion US dollars, accounting for 83.75% of the market value of all positions; From an industry perspective:

  • There are 8 biomedical companies, 3 more than in the second quarter, andThe top three positions are biomedical companies;
  • There are 6 e-commerce companies, including domestic e-commerce companies such as JD.com, Pinduoduo Inc., Alibaba and Vipshop, and overseas e-commerce companies such as Sea and Doordash;;
  • There are two consumer companies, ONON, a Swiss sports shoe company, and Mondelez, an American food company. In addition, Gaochun Capital also holds sales SAAS giant CRM, streaming media company iQiyi Inc., real estate service company KE Holdings Inc. and mobile game company PLTK.

From a geographical point of view,There are 11 overseas companies and 9 Chinese stocks.

Compared with the second quarter, MINISO Group Holding Limited, Bilibili Inc., Airbnb, Inc., Uber, ZOOM, insurance company ENSTAR and biomedical company APLS fell out of the top 20 positions.ONON, Sea, game company PLTK, biomedical companies CTKB, GOSS and ERAS entered the top 20 positions.

(2) Newly built positions: Optimistic about the prospects of overseas enterprises

In the third quarter, Gaochun Capital built 18 new targets, 10 more than in the second quarter:

  • From the perspective of industry,There are 6 biomedical companies and 2 in the fields of e-commerce, consumption, finance and diagnostic testing;
  • Judging from the listing of the target, there are 11HomeThey are all in the third quarterCompanies listed in IPO or SPAC merger, Gao Yan loves to play new habits and continue to maintain;
  • SPAC Merger Listing: Providing for the Insurance IndustryCCCS of Cloud Computing ServicesIt is merged with DGNR, a SPAC company previously held by Gaochun Capital; AugustOnline insurance company HIPOThrough the merger and listing of SPAC RPTZ; Biomedical companies SRNZ and TNGX have passed withCHFW and BCTG of SPAC Company were merged and listed.
  • From the place where the subject belongs,There is only one Chinese stock in Ideal Car, the rest are overseas enterprises;

(3) Increased positions

In the third quarter, Gaochun Capital increased its holdings of 5 companies:

  • From the industry point of view,There are three biomedical industries,Among them, there are 2 stocks in biomedicine, especiallyLegendary biology, the increase in holdings is as high as16 times;
  • Gaochun Capital in the third quarterJD.com, which has increased its holdings by nearly 30%In the first quarter and the second quarter of this year, respectivelyWarehouse reduction69.36% and 11.51%;
  • After increasing its holdings by 6.01% in the first quarter, Gaochun Capital increased its holdings of CRM by 10.36% again in the third quarter.

(4) Reduction of positions: The reduction of China Stocks is relatively largeIn the third quarter, Gaochun Capital reduced its holdings15Company:

  • From the perspective of industry,There are 6 biomedical companiesIt can be seen that Gaochun Capital has frequently adjusted its positions in the biomedical field;
  • In the third quarter, Gaochun Capital reduced its holdings by 95.54%MINISO Group Holding LimitedIn the first quarter and the second quarter, it increased its holdings by 24.15% and 1801.68% respectively; In addition, ZTO Express also suffered a clearance reduction, with a reduction rate of 90%;
  • On the basis of reducing its holdings by 41% in the first quarter and 20.19% in the second quarter, Gaochun Capital reduced its holdings by 79.45% again in the third quarterUBERThis is already continuousReduction in the fourth quarter; In addition, ABNB was also reduced in a clearance manner, and in the second quarter, ABNB was once a Gaochun CapitalThe eighth largest position;
  • Judging from the situation of reducing the target, China Stock Exchange has 6 seats, and the reduction range is relatively large, likeMINISO Group Holding Limited, XPeng Inc. and ZTO Express all reduced their holdings by more than 80%And long-term as the heavy position of Gaochun CapitalBilibili Inc. and Pinduoduo Inc.The reduction rate also reached 68.07% and 59.32% respectively;

(5) Clearance positions

In the third quarter, Gaochun Capital cleared 23 stocks:

  • From an industry perspective, there are 15 biomedical companies, accounting for 65.21%. At the same time,Clearance of two cloud computing companies, ZOOM and Wanguo Data, andESGR, an insurance company held for a long time, was also cleared by Gaochun Capital in the third quarter;
  • From the perspective of geographical distribution, four Chinese stocks such as Didi, NetEase and New Oriental Education & Technology were cleared. Didi should be cleared by Gaochun Capital after the lifting of the ban, andNew Oriental Education & Technology, which opened a new position in the first quarter, was also cleared in the third quarter;

2. Changes in sub-sectors

(1) E-commerce field: open positions in Korean and Southeast Asian e-commerce, and significantly reduce its holdings in Pinduoduo Inc.

Apart from Amazon.com, Hillhouse Capital has been allocated to e-commerce leaders in almost all regions of the world, and SEA in Southeast Asia and MELI in Latin America have long appeared in Hillhouse Capital's positions. Judging from the changes in positions in the third quarter, Gaochun Capital:

  • Newly opened Southeast Asian e-commerce giant Sea,In the first quarter of this year,Gaochun Capital cleared Sea,But in the fourth quarter of last year,Gao Yan greatly increased his holdings of Southeast Asian e-commerce SEA,The increase in holdings reached 285.32%;
  • Newly opened Korean e-commerce CPNG.This is Gaochun CapitalOpening CPNG for the first timeIn September, major shareholdersSoftBankAt an average price of $29.68,Reduced its holdings by 57 million shares.
  • JD.com, which increased its position by 29.43%, reduced its holdings by 15%, 69.36% and 11.51% in the fourth quarter of last year, the first quarter and the second quarter of this year respectively.In the third quarter of last year, Gaochun Capital increased its holdings of JD.com by 105%;
  • Pinduoduo Inc., which reduced its holdings by 59.32%, is the second reduction after reducing its holdings by 32.48% in the second quarter.AndIn the fourth quarter of last year, Gao Yan also slightly increased his holdings of Pinduoduo Inc.;
  • The positions of Alibaba and Vipshop remain unchanged;

(2) Cloud computing industry

From the positions held in recent quarters, the allocation ratio of Gaochun Capital to the cloud computing industry is increasing. However, from the fourth quarter of 2020, Gaochun began to reduce its cloud computing targets, and in the third quarter of this year, it was also mainly reduced:

  • Clear the warehouse, ZOOM. This is the clearance after the reduction of 40.52% in the fourth quarter of last year, 33.72% in the first quarter of this year and 48.01% in the second quarter. As the epidemic is gradually controlled overseas, the beneficiary stocks of the epidemic represented by ZOOM may slow down in terms of performance growth. In the case of an increase of nearly four times a year, it is a better choice to reduce the lock profit;
  • Clearance of Wanguo data, after Gao Wei reduced his holdings of Wanguo data by 87.59% in the second quarter;
  • CCCS, a cloud computing company that opened a position in the US insurance industry, was merged by DGNR, a SPAC company previously held;
  • CRM, an American cloud computing giant, increased its holdings by 10%, continue to hold SNOW.

(3) New energy vehicle industry

Gaochun Capital is inIn the fourth quarter of last year, the Big Three new cars of China Stocks were cleared(NIO Inc., Ideal and Tucki), and in the first quarter of this year,Gaochun Capital once again opened its positions in NIO Inc. and TuckiIn the second quarter of this year, Gaochun Capital once againIncreased its holdings by 575.47%NIO Inc. and36.12%Tucki. But in the third quarter, Gaochun CapitalTucki, which has reduced its holdings by 86.61%, is ideal to open a position again, continue to hold NIO Inc..

(4) Education industry

In the third quarter, Gaochun Capital cleared a small amount of New Oriental Education & Technology previously opened in the first quarter and continued to hold Bosilo Education. Overall, in the past few quarters, Gaochun Capital isWe reduced our holdings in the education sector and cleared TAL Education Group and Yiyi Education in the first quarter.

(5) Financial sector

In the third quarter, Gaochun CapitalHIPO, an AOL insurance company, and COIN, a digital currency trading platform, opened positions, continued to hold ROOT, a smart auto insurance company, and AMG, an asset management company, but cleared ESGR, an insurance company with long-term positions.

(6) Consumption field

In the third quarter, Gaochun CapitalSeems to be optimistic about the prospects of overseas consumer industries, a new warehouse has been openedSwiss sports shoes brand ONON, and become a high-levelThe fourth largest position; At the same time, it also opened positions in DNUT, an American doughnut chain company, and MCG, a membership-based social space company focusing on the hotel industry.

$DiDi Global Inc.(DIDI)$$XPeng Inc.(XPEV)$$Bilibili Inc.(BILI)$$Pinduoduo Inc.(PDD)$$NIO Inc.(NIO)$

# 2021年度盘点

Disclaimer: The above content represents only the personal views of the poster and does not constitute investment advice on this platform.

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