As listed companies intensively disclose their 2025 annual reports, the portfolio adjustments of major private funds with assets under management exceeding ten billion yuan have come to light.
In the fourth quarter of 2025, Deng Xiaofeng, Chief Investment Officer of Gaoyi Asset, increased his stake in BNBM, maintained his position in TCL Technology, and significantly reduced holdings in several non-ferrous metal stocks. Xia Junjie, the head of Renbridge Asset, added to his positions in Cheng Tou Holdings and China Resources Double-Crane, with his managed products appearing among the top ten shareholders of Sitech. Dong Chengfei, Chief Research Officer of RuiJun Asset, continued to increase investments in semiconductor and chip industry targets. Lin Peng and Jiang Tong simultaneously reduced their stakes in Shiji Information.
Deng Xiaofeng increased his holdings in BNBM. The Gaoyi Xiaofeng No.2 Letter Fund under his management is the seventh largest shareholder of BNBM, holding 13.165 million shares with a quarter-end reference market value of 329 million yuan. The Gaoyi Xiaofeng Hongyuan Collective Capital Trust Plan is the ninth largest shareholder, holding 12.148 million shares valued at 303 million yuan.
According to the third-quarter 2025 report, the Gaoyi Xiaofeng No.2 Letter Fund and the Gaoyi Xiaofeng Hongyuan Trust Plan newly entered the top ten shareholders of BNBM, with a combined holding of 24.813 million shares. Compared to the end of the third quarter of 2025, the two products managed by Deng Xiaofeng collectively increased their BNBM holdings by 500,000 shares.
BNBM is the green building new materials industry platform of China National Building Material Group, a Fortune Global 500 company, and was listed on the Shenzhen Stock Exchange in 1997. The company focuses on three core businesses: gypsum board, waterproof materials, and coatings. It is the world's largest gypsum board and keel industrial group, with its waterproofing business scale ranking among the top three in the industry.
Deng Xiaofeng maintained his position in TCL Technology, with no change in the number of shares held. As of the end of the fourth quarter of 2025, the Gaoyi Xiaofeng No.2 Letter Fund still held 207 million shares of TCL Technology.
Additionally, Deng Xiaofeng reduced holdings in non-ferrous metal stocks such as Zijin Mining and Yunnan Aluminium. According to the annual report disclosed by Zijin Mining, by the end of 2025, the Gaoyi Xiaofeng No.2 Letter Fund had disappeared from the list of top ten circulating shareholders of Zijin Mining.
As of the end of the third quarter of 2025, the Gaoyi Xiaofeng No.2 Letter Fund held 180 million shares of Zijin Mining, with an end-of-period reference market value of 5.301 billion yuan. According to an announcement released by Zijin Mining on March 20, the tenth largest circulating shareholder held 125 million shares. This indicates that Deng Xiaofeng reduced his Zijin Mining holdings by at least 55 million shares since the fourth quarter of 2025.
Deng Xiaofeng also reduced his stake in Yunnan Aluminium. The Gaoyi Xiaofeng No.2 Letter Fund similarly disappeared from the list of top ten circulating shareholders of Yunnan Aluminium. As of the end of the third quarter of 2025, the fund was the sixth largest shareholder of Yunnan Aluminium, holding 28.5 million shares. By the end of 2025, the tenth largest shareholder of Yunnan Aluminium held 16.1293 million shares, meaning Deng Xiaofeng reduced his Yunnan Aluminium holdings by over 12.37 million shares in the fourth quarter.
Xia Junjie increased his stakes in Cheng Tou Holdings and China Resources Double-Crane. The managed product also appeared among the top ten shareholders of Sitech.
By the end of 2025, the Renbridge Zeyuan Equity Private Fund managed by Xia Junjie became the third largest shareholder of Cheng Tou Holdings, holding 27.4865 million shares, an increase of 619,900 shares compared to the end of the third quarter. Cheng Tou Holdings is a favored stock for Xia Junjie; his managed private fund entered the top ten shareholder list of Cheng Tou Holdings in the first quarter of 2025 and has been increasing its stake since.
Public information shows that Cheng Tou Holdings focuses on real estate development, real estate operation, and financial investment, with business layouts covering the entire real estate industry chain. The 2025 annual report released by Cheng Tou Holdings showed the company achieved operating revenue of 14.457 billion yuan, a year-on-year increase of 53.27%; net profit attributable to parent company owners was 289 million yuan, a year-on-year increase of 19.19%.
In the fourth quarter of 2025, Xia Junjie increased his stake in China Resources Double-Crane by 1.1803 million shares, bringing the total holding to 3.654 million shares, making him the sixth largest shareholder. China Resources Double-Crane's main business covers new drug research and development, preparation production, pharmaceutical sales, pharmaceutical equipment, and active pharmaceutical ingredient production.
Furthermore, a product managed by Xia Junjie newly entered as the tenth largest shareholder of Sitech, holding 837,000 shares at the end of the period. Sitech's main business involves the research and development, production, sales, and value-added services of machine vision inspection equipment.
Dong Chengfei increased his stake in Espressif Systems. Dong Chengfei, Chief Research Officer of RuiJun Asset, continued to add to positions in semiconductor and chip industry targets. In the fourth quarter of 2025, two products managed by Dong Chengfei collectively increased their holdings in Espressif Systems by 2.2227 million shares, with a combined end-of-period holding value of 701 million yuan.
Espressif Systems is a technology ecosystem company focused on the Internet of Things, possessing full-stack engineering capabilities from chips, hardware, operating systems, and software solutions to cloud and AI, providing one-stop AIoT products and services for global enterprises and developers.
Additionally, Dong Chengfei maintained his position in Chipown Micro-electronics, with the two products collectively holding 2.4158 million shares, unchanged from the end of the third quarter.
Lin Peng and Jiang Tong simultaneously reduced their stakes in Shiji Information. In the fourth quarter of 2025, the Harmony Huiyi Vision No.2 Fund managed by Lin Peng reduced its Shiji Information holding by 10.8933 million shares, resulting in an end-of-period holding of 12.6443 million shares, with a portfolio value of 137 million yuan.
The Green Forest Harvest No.3 Fund managed by Jiang Tong reduced its Shiji Information holding by 441,900 shares, resulting in an end-of-period holding of 21.997 million shares. The Green Forest Jingtai Harvest Private Fund reduced its Shiji Information holding by 282,200 shares in the fourth quarter, resulting in an end-of-period holding of 12.7139 million shares.
Shiji Information primarily provides integrated information system solutions and services for the broad consumer industry, including hotels, catering, retail, and leisure entertainment. In terms of performance, Shiji Information reported operating revenue of 2.79 billion yuan for 2025, a year-on-year decrease of 5.35%; net profit attributable to parent company owners was -166 million yuan, a year-on-year increase of 16.44%.
Comments