Foreign Holdings of A-Shares Reach 122.25 Billion Shares, Market Value Exceeds RMB 3 Trillion

As of June 30, 2026, foreign institutions held a combined 122.246 billion A-shares, up 4.75% from 116.699 billion shares on March 31, with a market value exceeding RMB 3 trillion. Based on September 2 share prices and assuming unchanged holdings, the latest market value stood at RMB 3.12 trillion. Of the total, 107.496 billion shares were held via Stock Connect, corresponding to a market value of RMB 3.13 trillion, while QFII/RQFII held 14.749 billion shares worth RMB 340.546 billion. More than 180 foreign institutions appeared on the shareholder lists of A-share companies, and QFII/RQFII were among the top ten circulating shareholders of 1,724 stocks.

By sector, foreign institutions increased holdings in more than ten industries, including electronics, power equipment, and machinery. Electronics holdings rose from 10.098 billion shares at the end of the first quarter to 12.044 billion, an increase of 1.946 billion shares. Power equipment holdings rose from 7.665 billion to 9.192 billion, up 1.527 billion shares. Machinery holdings increased from 6.574 billion to 7.878 billion, up 1.304 billion shares. During the same period, biopharmaceuticals, banking, telecommunications, computers, media, real estate, and agriculture, forestry, animal husbandry, and fisheries saw reductions. Bank holdings fell from 19.732 billion shares at the end of the first quarter to 18.919 billion, biopharmaceutical holdings dropped from 4.669 billion to 4.217 billion, and media sector holdings were reduced by 417 million shares.

Sixteen stocks, including BOE Technology, S. F. Holding, Hengrui Medicine, Wuliangye, and Luxshare Precision, were held by more than 70 foreign institutions each. As of June 30, foreign holdings of Bank of Nanjing and BOE Technology exceeded 2 billion shares each, at 2.465 billion and 2.313 billion shares, respectively. Holdings of TCL Technology, Bank of Ningbo, Zijin Mining, ICBC, Sany Heavy Industry, Beijing-Shanghai High-Speed Railway, Weichai Power, Agricultural Bank of China, China Yangtze Power, and China Merchants Bank ranged between 1 billion and 1.8 billion shares. CATL had the highest market value among foreign-held stocks, exceeding RMB 360 billion on June 30, with a September 2 market value of RMB 320.958 billion, based on unchanged holdings of 922 million shares.

Among major institutions, HSBC held the most shares at 47.331 billion, covering more than 2,800 stocks, with its largest position in Sany Heavy Industry at 922 million shares, and holdings exceeding 600 million shares each in BOE Technology, ICBC, Beijing-Shanghai High-Speed Railway, TCL Technology, Weichai Power, China Yangtze Power, and Zijin Mining. Standard Chartered (Hong Kong) held 20.512 billion shares across more than 2,700 stocks, with leading positions in BOE Technology, Beijing-Shanghai High-Speed Railway, and Zijin Mining. Citibank (U. S. ) held 13.191 billion shares across more than 3,300 companies, with significant positions in Zhejiang Century Huatong, BOE Technology, ICBC, Agricultural Bank of China, Bank of Communications, Luxshare Precision, and Beijing-Shanghai High-Speed Railway. Morgan Stanley and Goldman Sachs (Asia) Securities held 6.061 billion and 5.127 billion shares, respectively, each with positions in more than 3,000 companies, favoring BOE Technology, TCL Technology, Weichai Power, and Zijin Mining.

BNP Paribas, UBS Securities (Hong Kong), Merrill Lynch Far East, J. P. Morgan Brokerage (Hong Kong), and Goldman Sachs International held between 1.9 billion and 5 billion shares each.

Among Middle Eastern sovereign wealth funds, the Abu Dhabi Investment Authority held 979 million shares across 65 stocks as of June 30, with notable positions in TCL Technology, Zijin Mining, Sany Heavy Industry, Luxshare Precision, and Wanhua Chemical, and the largest market values in Zijin Mining, Luxshare Precision, Wanhua Chemical, Sungrow Power, and TCL Technology. The Kuwait Investment Authority invested in 16 stocks, holding a combined 135 million shares, with leading positions in Sailun Tire, Oriental Yuhong, Small Commodity City, Great Star Industrial, Songyuan Safety, and Yinlun Machinery, and the largest market values in Yinlun Machinery, Great Star Industrial, Maxweave, and Sailun Tire.