As A-share listed companies conclude their disclosures of 2025 annual reports and 2026 first-quarter reports, the latest holdings of several well-known investors have been unveiled.
Wind data shows that at the end of the first quarter, Ge Hu Dong appeared among the top ten shareholders of five listed companies. He made a slight reduction in his stake in Gigadevice Semiconductor Inc. (603986.SH), while his related parties Wang Ping and Ge Gui Lian also adjusted their portfolios.
Zhang Jian Ping newly entered the top ten circulating shareholders of Northern Rare Earth (600111.SH), Western Materials (002149.SZ), Meinian Health (002044.SZ), and Sichuan Gold (001378.SZ) in the first quarter. He reduced his position in Cambricon Technologies Corporation Limited (688256.SH) and exited its list of top ten circulating shareholders. Other prominent retail investors, including Fu Xiao Tong, Zhang Su Fen, and Zhou Yu Guang, also made significant portfolio adjustments during the first quarter.
The combined holdings of the Ge Hu Dong family total 22.1 billion yuan. They appeared in the shareholder lists of Muxi and UCloud, while significantly reducing exposure to the consumer sector.
According to disclosed 2026 first-quarter reports, Ge Hu Dong and his related parties Wang Ping, Ge Gui Lian, and Ge Gui Lan appeared in the shareholder lists of multiple listed companies, with combined holdings exceeding 22.1 billion yuan. Ge Hu Dong appeared in the shareholder lists of six listed companies, including Jianghuai Automobile (600418.SH), Gigadevice Semiconductor Inc., MicroPort EP (688351.SH), Muxi (688802.SH), Dawnsense Digital Creation (872808.BJ), and UCloud (688258.SH).
Reviewing Ge Hu Dong's portfolio changes in the first quarter of this year, he primarily increased positions in companies such as Xinquan (603179.SH) and Bright Laser Technologies (688333.SH), and newly entered UCloud and Orient National Communication (300166.SZ).
According to periodic reports from Gigadevice Semiconductor Inc., as of the end of 2025, Ge Hu Dong held 17.0267 million shares, unchanged from his holding at the end of the third quarter of 2025. However, his related party Wang Ping newly appeared among the top ten circulating shareholders of Gigadevice.
Muxi, in which Ge Hu Dong holds a stake valued at over 8 billion yuan, listed on December 17, 2025. Ge Hu Dong invested in the company prior to its listing. According to announcements, in February and March 2025, Ge Hu Dong invested 300 million yuan and 500 million yuan respectively to acquire shares through capital increases. Additionally, Hunto Investment, controlled by Ge Hu Dong, began investing in Muxi in 2022.
In the first quarter of this year, Muxi's stock price saw a slight increase, raising the value of Ge Hu Dong's holdings from 8.3 billion yuan at the end of 2025 to 8.6 billion yuan by the end of the first quarter. However, these shares are currently under a lock-up period.
According to Jianghuai Automobile's 2025 annual report, in the fourth quarter of 2025, Wang Ping increased her stake in the company by 1.25 million shares, while Ge Gui Lian's holding remained unchanged. Furthermore, according to a report on a private placement disclosed by Jianghuai Automobile on February 10, 2026, Ge Hu Dong invested approximately 1 billion yuan to subscribe to 20.0481 million shares. The issue price was 49.88 yuan per share. By the end of April, Jianghuai Automobile's stock price was 47.34 yuan, resulting in a slight paper loss on the portion acquired through the private placement.
Notably, in the first quarter of this year, the Ge Hu Dong family reduced their stakes in several new consumer concept stocks. Specifically, Ge Hu Dong, Ge Gui Lan, and Ge Gui Lian all disappeared from the top ten circulating shareholders of LAFANG (603630.SH); Ge Hu Dong and Ge Gui Lian exited the top ten circulating shareholders of Kuaijishan (601579.SH); and Ge Hu Dong and Wang Ping exited the top ten circulating shareholders of Guaibao Pet. Additionally, Ge Gui Lian exited the list of top ten shareholders of Wanchen Group in the first quarter.
Zhang Jian Ping sold 4.6 billion yuan worth of Cambricon shares and made a heavy 3.5 billion yuan bet on a rare earth leader.
According to Cambricon's 2026 first-quarter report dated April 29, as of March 31, 2026, Zhang Jian Ping was no longer among the top ten shareholders. Previously, Cambricon's 2025 annual report showed that as of December 31, 2025, Zhang Jian Ping held 6.8149 million shares, making him the fifth largest shareholder.
Zhang Jian Ping has sold at least 4.79 million shares, realizing proceeds exceeding 4.6 billion yuan. His investment in Cambricon is considered highly successful, with rough estimates suggesting total profits between 4 billion and 6 billion yuan over approximately a year of holding.
Where did the capital go? Zhang Jian Ping aggressively moved into resource stocks. In the first quarter of this year, he made a substantial purchase of Northern Rare Earth, with an estimated investment exceeding 3.5 billion yuan.
Besides Northern Rare Earth, as of the end of the first quarter, Zhang Jian Ping also appeared among the top ten circulating shareholders of several other listed companies, including Western Materials and Sichuan Gold. Among these, he increased his stake in Dongcai Technology during the first quarter, while his positions in Sichuan Gold and Western Materials were new additions. Combined with Northern Rare Earth, the total market value of Zhang Jian Ping's holdings in these four companies amounted to 5.034 billion yuan.
Furthermore, other retail investors like Fu Xiao Tong, Zhang Su Fen, and Zhou Yu Guang also made notable adjustments. At the end of the first quarter, Fu Xiao Tong appeared among the top ten circulating shareholders of CITIC Securities, Inspur Information, Huayu Mining, and Shanghai Belling, with a combined holding value of 2.584 billion yuan. Compared to the end of 2025, Fu Xiao Tong newly entered the top ten circulating shareholders of CITIC Securities and Inspur Information, reduced his stake in Huayu Mining, and maintained his holding in Shanghai Belling.
Zhang Su Fen appeared in the top ten circulating shareholder lists of 22 listed companies, including Shaanxi International Trust, Zhenhua Technology, and Tiandi Technology, with a combined holding value of 1.376 billion yuan. In the first quarter, apart from maintaining her share count in Yibai Pharmaceutical, Zhang Su Fen adjusted all other holdings, either increasing or decreasing positions.
Zhou Yu Guang appeared in the top ten circulating shareholder lists of 22 listed companies, including Urban Construction Development, Fuwei Films, and Zhongjian Huanneng, with a combined holding value of 1.894 billion yuan. Zhou Yu Guang adjusted all of his holdings in the first quarter.
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