If we only look at the scale and influence within the domestic market, Dan Bin has long been one of the representative figures of the hundred billion private equity in the industry.
However, in the overseas market, Dan Bin has not yet had the same level of influence.
But he may be close to becoming a &#34;hundred billion private equity&#34; in the U.S. stock market.
According to disclosures from the overseas market, as of the end of 2025, the total market value of U.S. stock assets held by Dongfang Hongyuan reached USD 1.316 billion, equivalent to approximately RMB 9.1 billion, showing a significant increase from USD 1.292 billion at the end of the third quarter.
This is another reflection of Dan Bin's investment capability and influence in the overseas market. The announcement also indicated that as of the fourth quarter of last year, Dan Bin's U.S. stock portfolio included at least 10 stocks, and his favorite NVIDIA has now fallen to second place.
The investment trends and logic behind this are worth tracing.
<h2>Google Becomes the Top Holding</h2>
Zhitang noticed that Dan Bin's U.S. stock investment portfolio underwent another &#34;disruptive&#34; change in the fourth quarter of last year.
The holdings data for the fourth quarter of 2025 shows that Google has replaced NVIDIA as his top holding stock.
Specifically, the market value of Google in Dan Bin's U.S. stock portfolio reached USD 406 million, accounting for 31%, far exceeding NVIDIA's USD 237 million, which accounts for 18%.
Previously, NVIDIA was Dan Bin's &#34;absolute number one&#34; asset, and its explosive growth in the fields of artificial intelligence and graphics processing over the past three years has driven the fund's net value up.
As the year comes to a close, Google's inclusion has broken this situation.
<h2>From Hardware to Software?</h2>
Unlike the previous &#34;focus&#34; on NVIDIA, Google's inclusion may signify an adjustment in Dan Bin's investment strategy for overseas tech stocks.
Although NVIDIA's performance remains strong, with changes in the market environment, especially during the rotation of tech stocks, Google, with its more diversified business structure and excellent performance in software large models, has attracted the attention of many market investors.
Dan Bin is just one of them.
Li Chunyu, a fund manager at Private Equity Ranking Network, commented on Zhitang: &#34;Dan Bin's focus is gradually shifting from the computing hardware represented by NVIDIA to platform companies like Google that possess AI ecosystems and commercialization capabilities.&#34;
<h2>Derivatives Boost Dan Bin's Layout</h2>
Additionally, in Dan Bin's U.S. stock investment portfolio, besides the two core assets of Google and NVIDIA, he has also increased his leveraged investment in tech stocks through derivatives, further enhancing the overall risk-reward ratio of his holdings.
Specifically, the third largest holding is a triple-leveraged ETF that goes long on the Nasdaq, with a market value of USD 127 million, accounting for 9.6%; the fourth largest holding is a triple-leveraged ETN that goes long on the FANG+ index, with a market value of USD 106 million, accounting for 8.1%.
The introduction of these two leveraged products has significantly increased Dan Bin's holding proportion in U.S. tech stocks.
<h2>Triple-Leveraged Amplification</h2>
Specifically, the triple-leveraged Nasdaq ETF (commonly referred to as the Nasdaq 3x Long ETF) is a tool that amplifies the performance of the Nasdaq 100 Index (which includes tech giants like Apple, Microsoft, Amazon, etc.) through derivatives
Due to the structure of this ETF, its price volatility is three times that of a regular Nasdaq ETF. This means that if the Nasdaq 100 index rises by 1%, this ETF will rise by 3%. Dan Bin has cleverly amplified the profit potential of tech stocks through this instrument, leveraging the capital appreciation brought about by the market rise.
In addition, the three times leveraged FANG+ index ETN also amplifies returns based on the performance of FANG+ (i.e., tech giants like Facebook, Amazon, Netflix, Google) through leveraged investment methods.
ETN (Exchange Traded Note) is a debt instrument traded on the stock market, issued by financial institutions. It looks like an ETF, but what investors hold is not fund shares, but a type of debt claim against the issuer. These products aim to provide approximately three times the daily return of the underlying index through a leverage mechanism, thereby amplifying short-term risk exposure to specific tech sectors.
For ordinary investors, leveraged long ETFs and ETNs mean using borrowed funds to amplify market gains or losses.
These products allow investors to amplify returns when the market rises through derivatives, but they also come with greater risks. If the market declines, the losses of these leveraged products will also be magnified.
Clearly, they are only suitable for investors with a certain level of expertise.
<h2>Portfolio Adjustment, More Firepower to Attack Tech Giants</h2>
In Dan Bin's U.S. stock portfolio, in addition to Google and NVIDIA, the other major holdings also show a clear concentration in tech stocks.
Starting from the fifth largest holding, Microsoft (market value of $93.593 million, accounting for 7.1%), to the ninth largest holding, Amazon (market value of $42.399 million, accounting for 3.2%), it is evident that Dan Bin has depth and breadth in his investments in the tech sector.
In fact, recently Dan Bin has liquidated several stocks including Coinbase, Netflix, Astera Labs, BitMine Immersion Technologies, Broadcom, and TSMC, further focusing on large-cap internet tech companies, indicating his preference for these leading enterprises.
Specifically, Microsoft and Apple occupy the fifth and sixth largest holdings, respectively, with nearly equivalent market values of $93.593 million and $92.853 million, each accounting for about 7% of the portfolio.
Both companies are among the highest-valued tech companies globally, with stable long-term performance and strong profitability, representing &#34;blue-chip&#34; stocks in tech investments.
Following closely are Meta and Tesla, which occupy the seventh and eighth largest holdings, respectively. Meta has a market value of $90.377 million, accounting for 6.9%, while Tesla stands at $89.018 million, accounting for 6.8%.
Although these two companies have lower market values than Microsoft and Apple, they remain significant players in the tech sector, especially with the rapid development of social media and electric vehicles, which hold enormous market potential.
Finally, the ninth largest holding is Amazon, with a market value of $42.399 million, accounting for 3.2%. As a global leader in e-commerce and cloud computing, Amazon continues to be a standout in tech stocks, particularly with the sustained growth of its cloud computing business, AWS, keeping it in the sights of investors
From an overall portfolio perspective, Dan Bin's layout clearly focuses on large-cap internet technology giants.
<h2>The Final &#34;Ambush&#34;</h2>
In fact, Dan Bin's U.S. stock portfolio has another &#34;ambush&#34; hidden at the end of the holding structure.
As mentioned earlier, Dan Bin has increased his investment in the entire technology sector by using triple leverage to go long on the Nasdaq ETF and the FANG+ Index ETN. In his tenth largest holding, he further strengthened his investment in Google through a double-leveraged ETF. This ETF has a market value of $31.834 million, accounting for 2.4%.
The double-leveraged ETF for Google is a tool that amplifies the price fluctuations of Google stock through derivatives.
This move reflects Dan Bin's high confidence in Google. By using leveraged tools, he has amplified the investment returns on a &#34;single stock&#34;; if Google's stock price rises by 1%, the return on this ETF will be 2%.
In other words, the price fluctuations of this ETF are twice that of Google's stock price fluctuations.
In his U.S. stock investment portfolio, using leveraged tools to strengthen his holdings in stocks he is optimistic about has become a unique strategy. This operation is undoubtedly a &#34;dangerous attempt,&#34; but it also reflects his strong confidence in Google's future growth, while also implying that potential risks are amplified.
<h2>Recreating an Eastern Harbor Overseas?</h2>
Dan Bin's mainland private equity institution is called Dongfang Gangwan (Shenzhen Dongfang Gangwan Investment Management Co., Ltd.), established in 2004, and is one of the first 33 sunshine private equity institutions in China.
This company not only has a long history but has also performed exceptionally well in recent years in the mainland, thus crossing the 10 billion management scale early on.
However, few people know that Dan Bin has another asset management platform overseas, also called &#34;Dongfang Gangwan&#34; (in English), registered in Hong Kong, primarily targeting domestic and international clients.
It is this overseas platform that has rapidly grown in scale in recent years, with its holdings of U.S. stocks gradually approaching 10 billion yuan.
Considering that Dan Bin's mainland platform has already reached the 10 billion milestone, the &#34;parallel advancement&#34; of these two platforms in terms of scale itself constitutes an intriguing contrast.
In a certain sense, Dan Bin, who has emerged later, has become one of the representatives of domestic private equity going overseas

Netflix Q4 earnings

Recreating an Eastern Harbor Overseas?

- Dan Bin has established himself as a leading figure among billion-yuan hedge funds in China, yet lacks the same influence in overseas markets.  
- As of the end of 2025, his firm, Dongfang Gangwan, held $1.316 billion in U.S. securities, showing significant growth with Google now being his largest holding, surpassing Nvidia.  
- Dan's investment strategy is evolving, focusing on diversified technology companies and utilizing leveraged products to amplify risk and return in his portfolio.

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Dan Bin's latest investment "portfolio" exposed: Google position exceeds NVIDIA, US stock market size approaching 10 billion