Over the past week, Moore Threads Technology Co.,Ltd. has arguably become the hottest keyword in the A-share market. Given its prominent industry positioning, analysts widely predict that Moore Threads could become this year’s most profitable IPO, potentially setting a new record for single-lot earnings among newly listed stocks.
However, in Moore Threads' institutional placement list, one name stands out subtly yet catches the attention of those familiar with long-term capital operations. This institution, which has frequently stirred the A-share market over the past year, has quietly revealed a rare capital trail through its holdings—leading to the hottest IPO and potentially massive unrealized gains.
The clue itself isn’t conspicuous, but a single interface exposed beneath the layered capital structure invites deeper scrutiny.
**The Capital Chain in the Placement List** When Moore Threads' strategic placement list was disclosed, professional investors immediately zeroed in. The overall structure was unsurprising, including investment arms of lead underwriter CITIC Securities, employee stock ownership plans, national-level large-scale investment funds, local venture capital funds, and industrial partners.
Yet, in this mosaic of diverse institutions, one name appeared quietly in an inconspicuous spot: Tianyi Capital. This firm’s maximum intended subscription amount was RMB 200 million—neither eye-catching in size nor position. This private equity firm focuses on pre-IPO investments, venture capital, and angel investments, with assets under management exceeding RMB 4 billion. It is wholly owned by China Telecom, a central state-owned enterprise (SOE).
At first glance, Tianyi Capital’s presence seemed unremarkable.
**The "Honghu Fund" Connection** However, behind Tianyi Capital lies a more intriguing capital chain. Tracing upward, China Telecom’s major shareholders include a fund established less than two years ago. As of September 2025, "Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd. - Honghu Zhiyuan (Shanghai) Private Investment Fund Co., Ltd." ranked as China Telecom’s eighth-largest shareholder. This is the Honghu Fund, now under the radar of savvy A-share investors.
Far from an ordinary market-driven private fund, Honghu is a long-term capital platform backed by China Life Insurance and New China Life Insurance, dedicated to investing in Chinese equities. Despite its short history, it has already amassed over RMB 100 billion in assets under management.
Honghu Fund’s pedigree is exceptional. On one hand, it is intrinsically linked to two major listed insurers and has been regarded as a stabilizing force since its launch in February 2024. Crucially, its public holdings are remarkably "restrained," with only sporadic appearances in major shareholder lists—concentrated in a handful of blue-chip giants like China Telecom, Shaanxi Coal, Yili Group, China Shenhua, PetroChina, and Daqin Railway, reflecting a long-term investment approach.
Piecing this together reveals an observable chain: Tianyi Capital’s participation in Moore Threads’ placement, its parent company China Telecom, and Honghu Fund as one of China Telecom’s core shareholders. This structure isn’t directional or transactional but simply highlights a visible link across industrial and capital layers.
Additionally, "China Life Insurance Co., Ltd. - Traditional General Insurance Product - 005L-CT001-Shanghai" consistently appears among the top ten shareholders of hundreds of listed companies.
**Honghu Fund’s "New Coordinates"** Public disclosures outline Honghu Fund’s investment scope. Its insurer shareholders stated: "Investment range: A+H shares of large-cap constituents in the CSI A500 Index, prioritizing firms with sound governance, stable operations, steady dividends, and liquidity—aligned with insurers’ long-term investment needs." This description frames Honghu as adhering to insurers’ conservative investment framework.
But a broader view reveals insurers’ portfolios aren’t limited to high-dividend, stable-cashflow assets. New China Life’s 2024 annual report noted: "In equity investments, we supported national industrial upgrades and new productive forces, actively investing in semiconductors, hard tech, and healthcare." China Life’s 2025 interim report added: "In equity investments, we steadily advanced long-term capital deployment, targeting new productive forces while increasing high-dividend allocations."
These statements paint a richer picture: insurers aren’t just chasing stable dividends but also pivotal sectors in next-phase industrial upgrades. "New productive forces" broadly encompass computing infrastructure, smart manufacturing, core tech breakthroughs, advanced hardware, and innovative drug R&D—higher-volatility sectors that don’t fit insurers’ traditional risk appetite but are vital for long-term growth. Hence, insurers’ rhetoric balances "high-dividend assets" and "new productive forces."
Plotting these clues reveals Honghu Fund’s multidimensional strategy. The CSI A500 Index’s constituents inherently carry growth traits, covering rising industry leaders with stronger growth potential and closer ties to industrial upgrades than traditional blue chips. While Honghu’s current holdings spotlight high-dividend blue chips, the index’s underlying pool is far broader and more flexible.
**Innovation and Ambition** Synthesizing these insights, a clear structure emerges: Honghu Fund, as a major institutional shareholder of China Telecom, fulfills insurers’ long-term stability mandate, while China Telecom—via its investment arm Tianyi Capital—participates in placements for innovators like Moore Threads. This chain, spanning top-tier insurers, SOE platforms, and innovative firms, isn’t strategic by design but a natural capital-structure outcome.
Here, China Telecom plays a pivotal dual role. It’s a classic high-dividend SOE with robust cash flows and predictable payouts, meeting insurers’ core stability needs. Simultaneously, it’s a key player in China’s tech infrastructure, with investments spanning computing, hard tech, core components, and industrial digitalization—all central to new productive forces. Moore Threads is just one observable node in this chain, not its entirety.
Thus, Honghu Fund’s strategy blends traditional insurer conservatism with China Telecom’s hub position, naturally extending into broader industrial frontiers. While the chain itself isn’t prescriptive, its existence adds new dimensions to understanding Honghu Fund’s maneuvers.
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