Technology giant Tencent Holdings was Chinese mutual funds’ top stock holding in the first quarter, pushing Contemporary Amperex Technology (CATL) into second place, as mainland institutional investors increased their holdings of Hong Kong-listed shares, according to data from TX Investment Consulting on Wednesday.
A total of 1,186 mainland Chinese mutual funds held a combined 151 million Tencent shares worth 69.38 billion yuan (US$9.5 billion) at the end of March, the data showed.
CATL, the world’s largest electric vehicle battery maker, which was investors’ favourite stock since the second quarter of last year, dropped to second place, with 1,267 mutual funds owning a combined 55.37 billion yuan of its shares.
Chinese liquor giant Kweichow Moutai ranked third, with 746 mutual funds holding 378.62 million yuan of the company’s shares at the end of the first quarter. The stock was mutual funds’ favourite for two years until CATL dislodged it in June.
Alibaba Group Holding, which owns the Post, placed fourth with 651 funds owning 33.95 billion yuan worth of shares, and Midea Group rounded off the top five with 913 funds holding 33.7 billion yuan worth of shares.
