In fact, since the third quarter of this year, Hikvision, the "security leader", has been in a volatile downward trend overall. As of September 30, the stock was 30.42 yuan, and the cumulative decline in the third quarter reached 15.97%.

As Hikvision repurchases the company's shares, the top ten circulating shareholders 's holdings have also surfaced. Invesco Great Wall Emerging Growth, managed by Liu Yanchun, has become the top ten circulating shareholders of Hikvision TV this month, and the number of shares held remains unchanged; while Gaoyi Linshan No. 1 Yuanwang No. 1, under the fourth largest circulating shareholder, chose to continue to increase its investment.

In fact, since the third quarter of this year, Hikvision, the "security leader", has been in a volatile downward trend overall. As of September 30, the stock was 30.42 yuan, and the cumulative decline in the third quarter reached 15.97%. Compared with the peak of 68.48 yuan in stock price set in July last year, Hikvision's current drawdown has exceeded 50%.

Under this background, what does Feng Liu's counter-trend increase in positions and Liu Yanchun's persistence mean?

Liu Yanchun enters the top ten circulating shareholders

Recently, Hikvision issued an announcement on the shareholding information of the top ten shareholders and the top ten shareholders without restrictions on share repurchase matters. As of September 27, Invesco Great Wall Emerging Growth, which is under the jurisdiction of Liu Yanchun, has become the tenth largest circulating shareholder of the stock. The number of shares held is 40 million, accounting for 0.44% of the total number of shares without restrictions.

Wind data shows that the end-of-term holding market value of Invesco Great Wall Emerging Growth reached 1.178 billion yuan. In fact, Hikvision disclosed the top ten circulating shareholders for the repurchase of shares in mid-September. As of September 15, Invesco Great Wall Emerging Growth had newly joined the top ten shareholders of the stock, with a holding of 40 million shares.

Looking at it for a long time, the latest round of Invesco Great Wall Emerging Growth on Hikvision can be traced back to the end of 2018. At that time, the fund held 599,900 shares of Hikvision. But at the end of the first half of 2019, Hikvision was "cleared with one click". In the third quarter of the same year, Liu Yanchun took action again. As of the end of the quarter, Invesco Great Wall Emerging Growth held 19.9998 million shares of Hikvision, becoming the top ten heavily held stocks. At the end of 2019. The number of shares held by the stock has further climbed to 27.7998 million shares.

Entering 2020, Invesco Great Wall Emerging Growth reduced its holdings in the stock slightly in the first half of the year. At the end of the second quarter of 2020, the fund's holdings in Hikvision fell to 22 million shares. However, after entering the third quarter of 2020, Liu Yanchun increased his investment in Hikvision for four consecutive quarters. By the end of the first half of 2021, Hikvision had been increased to 40 million shares, making it the eighth largest heavy-weight stock in Invesco Great Wall's emerging growth.

Just as Liu Yanchun increased his investment, Hikvision's stock price also rose steadily, from the end of the second quarter of 2020 to the end of the second quarter of 2021, the stock price rose by 122%. Then in July 2021, Hikvision's stock price hit a new listing high, reaching 68.48 yuan.

However, in the second half of 2021, Hikvision ushered in a stock price adjustment. The current latest stock price is 30.42 yuan, which has fallen back more than 50% from the previous peak of the stock price. Liu Yanchun still chose to continue to stick to it. By the time the latest data was disclosed, the number of shares held by Invesco Great Wall Emerging Growth was still unchanged.

Compared with the end of the first half of 2022, Shenwan Hongyuan Securities is currently withdrawing from Hikvision's top ten circulating stocks, so the persistent Invesco Great Wall Emerging Growth has been able to enter this ranks.

Feng Liu continues to increase his position

Compared with Liu Yanchun, Feng Liu chooses to continue to increase his position against the trend. As of September 27, Gaoyi Linshan No. 1 Yuanwang No. 1, under Feng Liu, held 432 million shares of Hikvision. In the eight trading days since September 15, Feng Liu has increased his holdings by 2 million shares.

compared with 398 million shares at the end of the first half of 2022, Feng Liu has increased his investment by 34 million shares since the third quarter. In fact, since the beginning of this year, Feng Liu's operations on Hikvision can be summarized as "increasing positions, increasing positions, and continuing to increase positions". At the end of the first quarter, Gaoyi Linshan No. 1 Yuanwang No. 1 held 210 million shares of Hikvision, an increase of 6.2 million shares from the end of 2021.

By the end of the second quarter, Feng Liu chose to significantly increase his holdings of 188 million shares to 398 million shares. At that time, Feng Liu's counter-trend increase in positions became the focus of the market. This time, the increase in positions with an increase of nearly 90% of the number of shares was called "a big bet." But obviously, judging from the latest positions, Feng Liu's increase in position has not stopped. How much profit will be brought about by

increase in positions? It is not yet known. However, judging from the past changes in holdings, Feng Liu has made a profit in the stock.For example, after entering the top ten circulating shareholders at the end of the third quarter of 2020, Feng Liu increased his position to 250 million shares at the end of 2020, and then reduced his position by 35 million shares in the first quarter of 2021. During this period, Hikvision's stock price rose by more than 50%.

As the "security leader", Hikvision has been the favorite of many celebrity fund managers. Wind data shows that as of the end of the second quarter of 2021, a total of 1,545 funds held Hikvision, with a market value of 98.926 billion yuan, making it the fourth largest holding stock of public funds. At that time, the E Fund blue chip selected managed by Zhang Kun held a market value of Hikvision of 5.805 billion yuan, ranking first among all fund products, followed by Liu Yanchun's Invesco Great Wall Emerging Growth.

In addition, Xingquan Trend's shareholding market value of this stock also reached 2.302 billion yuan, and the fund manager at that time was Dong Chengfei. The products under management of fund managers such as Xie Zhiyu, Zhang Qinghua, and Fang Xing were also one of the shareholders of the stock at that time.

A year later, Hikvision has temporarily withdrawn from the top ten major positions in public funds. Data shows that as of the end of the second quarter of this year, a total of 1,211 funds held the stock, with a market value of 32.118 billion yuan, falling back to the 24th place in public funds.

In mid-August this year, Hikvision disclosed its 2022 semi-annual report. Since its listing, Hikvision has experienced a year-on-year decline in net profit for the first time, increasing revenue but not increasing profits. Although net profit declined, Hikvision was still favored by sellers and frequently gave "buy" ratings.

As the stock price continues to pull back, in mid-September, Hikvision announced that it would repurchase the company's shares, with the total amount of funds intended to be used for repurchasing shall not exceed RMB 2.5 billion (inclusive) and shall not be less than RMB 2 billion (inclusive). Under the condition that the repurchase price does not exceed RMB 40 per share, based on the maximum amount of RMB 2.5 billion this repurchase, the number of shares repurchased is expected to be no more than 62.5 million shares, accounting for about 0.66% of the company's current total issued share capital; based on the minimum amount of RMB 2 billion this repurchase funds, the number of shares repurchased is expected to be no less than 50 million shares, accounting for about 0.53% of the company's current total issued share capital.

In this regard, Everbright Securities analyzed that the repurchase of shares reflects the company's firm confidence in future development prospects and high recognition of long-term value. Judging from the performance, the company's innovative business achieved a year-on-year revenue growth of 25.62% in the first half of 2022, accounting for 18.81% of the company's revenue. Hikvision's smart home business and robot business are developing rapidly, and the proportion of innovative business revenue is constantly increasing. At present, innovative business has become an important driving force for the company.

This article is from Cailianshe