Deng Xiaofeng Returns to Zijin Mining's Top Ten Shareholders as Middle Eastern Capital Adds CNY 3.9 Billion

Deng Xiaofeng, a well-known fund manager at Gaoyi Asset, has once again appeared on the list of top ten tradable shareholders of Zijin Mining.

According to the latest semi-annual report disclosed by Zijin Mining, products managed by Deng Xiaofeng newly entered the ranks as the ninth-largest tradable shareholder by the end of the first half of the year. Looking back over a longer period, products managed by Deng significantly reduced their holdings in Zijin Mining in the third quarter of 2025 and disappeared from the list of top ten tradable shareholders by the end of 2025. Now, two quarters later, Deng has reappeared.

Notably, the Abu Dhabi Investment Authority also actively increased its stake in Zijin Mining during the second quarter of this year. According to statistics from Simuwang (Private Fund Ranking Network), as of August 21, 27 private equity firms with assets under management exceeding CNY 10 billion had appeared on the top ten tradable shareholder lists of listed companies that had disclosed their semi-annual reports. They newly entered nearly 30 listed companies, most of which were high-performing stocks. Industry insiders believe that corporate earnings will become an important investment clue for the market going forward.

The latest semi-annual report from Zijin Mining shows that by the end of the first half of the year, the Gaoyi Xiaofeng No. 2 Zhixin Fund, managed by Deng Xiaofeng, newly entered the company's list of top ten tradable shareholders. The fund held 92.78 million shares, with a market value of CNY 2.33 billion at the end of the period.

According to public information, Zijin Mining's stock price rose strongly last year, with an increase of more than 50% in the third quarter alone. Against this backdrop, the Gaoyi Xiaofeng No. 2 Zhixin Fund managed by Deng Xiaofeng significantly reduced its holdings in Zijin Mining, selling 18.6 million shares in the third quarter. It then disappeared directly from the list of top ten shareholders in the fourth quarter and was also absent at the end of the first quarter of this year. In the second quarter, the non-ferrous metals sector as a whole underwent adjustments, and Zijin Mining's stock price fell by more than 20%. However, Deng Xiaofeng reappeared on the list of top ten tradable shareholders at the end of the second quarter, demonstrating his long-term tracking of the target and his operational rhythm.

It is worth noting that Middle Eastern capital also showed greater interest in Zijin Mining during the second quarter.

By the end of the first half of the year, the Abu Dhabi Investment Authority - Proprietary Funds held 155 million shares of Zijin Mining, with a market value of up to CNY 3.9 billion at the end of the period, an increase of 13.66 million shares compared to the end of the first quarter.

According to Zijin Mining's semi-annual report, due to significant year-on-year increases in the prices of gold, copper, and lithium, as well as contributions from some newly added production capacity, the company achieved operating revenue of CNY 194.178 billion in the first half of the year, a year-on-year increase of 15.78%. Net profit attributable to parent company shareholders reached CNY 39.17 billion, a year-on-year increase of 68.17%. Net profit attributable to parent company shareholders after deducting non-recurring items was CNY 38.035 billion, a year-on-year increase of 75.89%.

In fact, it is not just Zijin Mining; many high-performing stocks saw increased layout by private equity firms with over CNY 10 billion in assets during the second quarter of this year.

The semi-annual report released by Transsion Holdings on August 17 showed that by the end of the second quarter, the Gaoyi Linshan No. 1 Yuanwang Fund, managed by well-known Gaoyi Asset fund manager Feng Liu, newly entered the company's list of top ten tradable shareholders. The fund held 17.5 million shares at the end of the period, with a shareholding market value of up to CNY 1.03 billion.

According to public information, Transsion Holdings is a provider of smart terminal products and mobile internet services. In the first half of the year, the company achieved operating revenue of CNY 35.431 billion, a year-on-year increase of 21.85%, and net profit attributable to owners of the parent company of CNY 1.773 billion, a year-on-year increase of 46.22%.

Statistical data from Simuwang shows that as of August 21, 2026, 27 private equity firms with assets under management exceeding CNY 10 billion had appeared on the top ten tradable shareholder lists of 50 listed companies that had disclosed their semi-annual reports, with a combined shareholding market value of CNY 26.412 billion. In terms of portfolio adjustments, these large-scale private equity firms newly entered positions in 29 stocks, increased holdings in 5 stocks, maintained unchanged holdings in 10 stocks, and reduced holdings in 6 stocks during the second quarter.

At the individual stock level, Hongshida, Hongyu Packaging Materials, and Hikvision all received heavy positions from no fewer than two private equity firms with over CNY 10 billion in assets. Among them, Hongshida attracted heavy positions from three such firms: Juming Investment, Shanghai Geru Private Equity, and Nantu Assets, with shareholding market values of CNY 248 million, CNY 235 million, and CNY 127 million, respectively, all of which were new entries in the second quarter. Hongyu Packaging Materials attracted increased stakes from two firms, Qianyi Investment and Jiaqi Private Equity, with shareholding market values of CNY 2.7076 million and CNY 2.8841 million, respectively, also both new entries in the second quarter. Hikvision received heavy positions from two firms, Gaoyi Asset and Chongyang Strategy, with shareholding market values of CNY 3.865 billion and CNY 3.873 billion, respectively.

Stone Investment analyzed that, from a medium-term perspective, the fundamental logic of the current stock market has not changed significantly, and there are still many opportunities within the market worthy of attention. The AI industry chain remains representative of current high-prosperity opportunities. However, the volatility in July has also prompted the market to reflect on the match between sector valuations and performance. This means that non-AI related opportunities may also attract capital attention. The market style is expected to become more balanced in the future, with corporate earnings remaining an important investment clue.

In addition, Deng Xiaofeng and Middle Eastern capital also appeared in another individual stock.

The latest 2026 semi-annual report disclosed by BNBM (000786) shows that by the end of the second quarter, the Abu Dhabi Investment Authority and two products managed by Deng Xiaofeng all appeared on the company's list of top ten tradable shareholders. According to BNBM's periodic reports, the Abu Dhabi Investment Authority had long held the company. Two products managed by Deng Xiaofeng appeared on the shareholder list in the third quarter of 2025 but disappeared from the list of top ten tradable shareholders in the first quarter of this year. In the second quarter, BNBM's stock price plummeted by about 30%, prompting them to buy in again.

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