In the early morning of November 13th, Beijing time, Jinglin Assets disclosed its US stock latest position details.
Zishido found that as of the end of September this year, the Chinese private equity giant held US$2.48 billion in US stocks, equivalent to RMB 15.82 billion. Compared with the position of
at the end of the second quarter of US$2.86 billion, the scale of management decreased by 13% from the previous quarter.
is known as the "Little Tencent" in Southeast Asia. Donghai Group continues to be the top spot in Jinglin's US stock portfolio. In addition, Jinglin has deeply explored domestic companies in the United States. This trend deserves attention.
High concentration of shareholdings
Zishido found that the latest market value of Jinglin Asset’s top ten U.S. stock holdings was US$2.19 billion, accounting for 88% of its portfolio.
As shown in the figure above, the top holding is the same as the previous quarter, still SEA (East China Sea Group), with a market value of US$612 million. The founder of
SEA is Li Xiaodong, who graduated from Shanghai Jiao Tong University . He started the company in Singapore in 2009 and officially landed on the New York Stock Exchange in 2017. Because SEA's business model is based on and Tencent , it is called the "Little Tencent" in Southeast Asia.
Since the first quarter of this year, SEA has become Jinglin’s largest holding.
Jinglin’s top five U.S. stock holdings also include Facebook , NetEase , ZTO Express , and Pinduoduo, with a total market value of US$1.65 billion.
calculations found that the market value of the top five stocks mentioned above accounted for 67% of their total portfolio.
Digging deeply into the U.S. stock market
Shishido found that Jinglin’s U.S. stock portfolio, in addition to Chinese concept stocks , also invested in U.S. local assets, such as Facebook, Google and other technology Internet giants.
It is worth noting that Jinglin also added a position in a company called CARVANA - which is known as the "Amazon of the automotive industry." According to data, CARVANA was founded in 2012 and has become the fastest growing online used car dealer in the United States and is famous for its multi-story car vending machines.
In the third quarter, Jinglin increased his position in CARVANA from 77,000 shares to 184,000 shares.
In addition, Jinglin also built a new position in Peloton, another American company, holding 170,000 shares. The market value of the position at the end of the third quarter was US$14.828 million. According to
information, Paraton is an American fitness equipment and media company located in New York City. The main products are networked stationary bikes and treadmills that allow monthly subscribers to attend classes remotely via streaming .
New highlights of positions frequently
In the third quarter, Jinglin also established a position in a American semiconductor company - CREE ( Cree ) , which is a global leader in LED epitaxy, chips, packaging, LED lighting solutions, compound semiconductor materials, A well-known manufacturer and industry leader of power devices and radio frequency, the company was listed on Nasdaq in 1993.
According to public reports, Cree was previously famous for manufacturing LED light bulbs . After the CEO changed hands in 2017, it paid more attention to semiconductor manufacturing, believing that semiconductors have higher growth potential than lighting, and focused more on silicon carbide manufacturing business.
As of the end of the third quarter, Jinglin’s shareholding in Cree reached 279,800 shares, with a market value of US$22.59 million.
In addition, among Jinglin's top ten holdings are . BOSS directly hires 's holding company to target Co., Ltd., and Jinglin significantly increased its position in it in the third quarter.
It is reported that the BOSS direct recruitment platform mainly helps enterprises and enterprises in the recruitment process between job seekers and employers. Through the BOSS direct recruitment platform, we have pioneered the "direct chat + direct recruitment model" in the world, and achieved accurate recommendation of talents and positions through big data technology. In June this year, the company officially listed on Nasdaq for financing.
continues to be optimistic about Internet companies
From the above review, it can be seen that Jinglin attaches great importance to the "Internet flavor" of investment targets.
Jinglin Asset and Investor Report pointed out: Affected by some short-term policies, the technology Internet industry has experienced certain fluctuations this year.However, from a fundamental perspective, the operations and future development of core holding companies still have great investment value, and most restrictive policies have been implemented. In the short and medium term, the relevant companies have entered the bottom stage.
Regarding the Internet industry, Jing Lin has the following latest views:
In the long term, the Internet will continue to penetrate traditional industries and continuously improve the operating efficiency of society; new segmented businesses such as live broadcast e-commerce, cloud computing, and the Yuanverse The continued rise of models. At the same time, Internet technology companies are also constantly making efforts in various national strategic directions such as semiconductors and new energy. The current valuations of mainstream Internet companies are not expensive and are still very good assets worth holding for the long term.
As for the future investment direction, Jinglin predicts that he will focus on the medium and long-term opportunities for outstanding companies brought about by the relaxation of regulatory margins. Overall, we still have to go back to the essence of investment: observe corporate profits in the next 1-2 years, and business models in 3-5 years, and think through these issues clearly. Market volatility provides patient, long-term investors with an opportunity to buy good companies cheaply.
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