Prominent private equity investor Deng Xiaofong has drawn market attention with his latest portfolio adjustment. Recent shareholder disclosures from Zijin Mining show that investment products managed by Deng have exited the company's list of top ten circulating shareholders.
Zijin Mining represented the most significant holding in Deng's portfolio based on public information, with its stock price surging significantly since the fourth quarter of last year. Deng's managed funds first entered Zijin Mining's top ten circulating shareholders in 2019, maintaining the position for six years.
The mining giant, with a market capitalization exceeding 800 billion yuan, recently released its 2025 annual report and share repurchase report, disclosing top shareholder information as of end-2025 and March 20 this year. Neither report showed any presence of products managed by Deng Xiaofong of Gaoyi Asset Management among the major shareholders.
Deng's Gaoyi Xiaofeng No. 2 Zhi Xin Fund held 180 million shares of Zijin Mining at the end of the third quarter of 2025, representing the last publicly available data showing his position among top shareholders. Based on this figure, the fund has reduced its holding by at least 55 million shares since the fourth quarter of 2025.
While it remains unclear whether Deng has completely exited the position or merely reduced it below the top ten threshold, the investment has generated substantial returns. From the initial position established in the third quarter of 2019 to the recent exit from the major shareholders list, Zijin Mining's stock price has recorded massive gains.
Trading data shows Zijin Mining's stock price has surged approximately 1700% on a split-adjusted basis from the fourth quarter of 2019 to present. The stock particularly soared in 2025, recording a 136% gain for that year alone.
Deng's funds first appeared in Zijin Mining's major shareholders list in the third quarter of 2019, with two products holding a combined 309 million shares. In the fourth quarter, Gaoyi Asset Management also participated in Zijin Mining's private placement at 3.41 yuan per share. By year-end 2019, Deng's two products collectively held over 530 million shares, with acquisition costs between 3.16 yuan and 4.64 yuan per share.
Deng's holdings generally increased through 2022, reaching 918 million shares by year-end when Zijin Mining traded around 10 yuan per share, representing a holding value of 9.18 billion yuan. The position then began to decrease, particularly after 2024. By end-2023, two of Deng's products still held 699 million shares with the stock price at 12.46 yuan per share, up 24.6% year-over-year.
In the first quarter of 2024, Zijin Mining's stock rose 35%, during which Deng's funds reduced holdings by 78.06 million shares. The减持 trend continued through 2024 and 2025. Zijin Mining's stock reached 34.47 yuan per share by end-2025 and briefly exceeded 44 yuan in January this year, with the latest price at 32.47 yuan as of March 27.
Based on approximate share quantities and price movements, Deng's私募 funds may have realized profits exceeding 10 billion yuan from their Zijin Mining investment over the six-year period.
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