Top Sci-Tech Innovation Board Companies Favored by Institutions in Q3 Revealed: 930 Institutions Hold Cambricon, National Silicon and Piotech Lead in Major Fund Holdings

Stock News2025-11-03

As of November 2, over 540 out of 592 companies listed on the Sci-Tech Innovation Board (STAR Market) have institutional shareholders. Among them, 55 companies boast more than 50 institutional shareholders, while 25 have over 100.

In Q3, foreign institutions showed strong preference for Montage Technology, while the National Social Security Fund favored Kaili Advanced Materials. Meanwhile, the National Integrated Circuit Industry Investment Fund (known as the "Big Fund") emerged as the largest circulating shareholder in National Silicon Industry Group and Piotech Inc.

**Key Highlights by Sector and Company** Cambricon Technologies (688256.SH), SMIC (688981.SH), Hygon Information (688041.SH), AMEC (688012.SH), and Montage Technology (688008.SH) each attracted over 200 institutional shareholders. The semiconductor sector led with 98 companies, followed by medical devices (46), software development (36), general equipment (30), and automation (26).

In terms of circulating shareholding ratios, the top five companies were: - Century Technology (688055.SH) at 89.99% - 3SBio (688336.SH) at 87.97% - ACM Research (688082.SH) at 87.96% - Tianneng Battery (688819.SH) at 87.7% - Guobo Electronics (688375.SH) at 86.3%

**Semiconductor Sector Dominates Institutional Interest** Cambricon, SMIC, Hygon, AMEC, and Montage Technology—all constituents of the STAR 50 Index—drew significant index-tracking funds. Notably, AI chipmaker Cambricon held 930 institutional shareholders by Q3-end. Key holders included: - ICBC Credit Suisse STAR 50 ETF - China Merchants Bank STAR 50 ETF - New entrant Huatai-PineBridge CSI 300 ETF, which acquired 3.755 million shares. However, northbound Stock Connect funds reduced Cambricon holdings by 3.7 million shares.

SMIC saw new positions from China Securities STAR Chip ETF and CCB CSI 300 ETF, while Hygon’s post-restructuring shareholder list featured state-backed investors like Chengdu Industrial Investment Group.

Montage Technology attracted heavy northbound inflows, with net buys of 14.78 million, 27.57 million, and 29.73 million shares over Q1–Q3. Major foreign buyers included CLSA (7.509 million shares, +12,976%) and Haitong International (2.93 million shares, +7,900%).

**Fund Holdings and SSF Preferences** Among 467 STAR stocks held by funds, SMIC, Montage, and Hygon topped by volume. Cambricon led in fund participation (926 funds holding 61.54 million shares, 14.71% of float).

The Social Security Fund (SSF) held stakes in 29 companies, with Kaili Advanced Materials (688269.SH) as its top pick (three SSF accounts holding 5.8% of float). Other SSF-heavy positions included Haituo New Materials (4.2%) and Transsion Holdings (32.72 million shares).

**Big Fund’s STAR Market Footprint** The Big Fund held 16 STAR-listed electronic firms, becoming the largest circulating shareholder in National Silicon (23.4% stake via Fund I and II) and Piotech (55.03 million shares via Fund I).

*(Note: All data reflects positions as of Q3 2025.)*

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