Major private-fund manager Jinglin Asset exits Nvidia
Jinglin Asset, a major private-fund manager with hundreds of billions of yuan under management, made substantial reductions in several AI-related holdings during the first quarter and fully exited Nvidia and Amazon, according to its U.S. stock holdings disclosed by the Securities and Exchange Commission for the end of the second quarter of 2026. As of the end of the second quarter, Jinglin Asset held shares in 21 U.S.-listed companies with a total market value of $2.19 billion. It also substantially reduced its positions in Intel and Google-A during the first quarter. People familiar with the matter said Jinglin Asset systematically reduced holdings in a group of companies whose performance had previously surged mainly because of rising share prices. It also bought back some companies that had fallen sharply during the first half and had strong competitive advantages and valuation safety margins, particularly overlooked Chinese leaders in niche industries with substantial barriers to entry. Jinglin Asset's current portfolio is focused on three areas: undervalued companies in semiconductors and AI infrastructure; Chinese advanced-manufacturing and technology-services companies; and defensive precious-metals and resource assets used for hedging. The top 10 holdings at the end of the second quarter were Google-A, Intel, PDD Holdings, Full Truck Alliance, Futu Holdings, NetEase, Yaduo, QFIN HOLDINGS INC., Apple and Taiwan Semiconductor Manufacturing Co. Compared with the list at the end of the first quarter, the top 10 holdings were substantially reduced. Jinglin Asset held 1.81 million shares of Google-A at the end of the second quarter, after cutting the position by 1.11 million shares from the end of the first quarter. It also reduced its Intel holding by 4.17 million shares and its NetEase holding by 2.59 million shares. At the same time, it fully exited Nvidia, Amazon and Meta, the parent company of Facebook, all of which had ranked among its top 10 holdings at the end of the first quarter. The changes also included two new holdings. Although Jinglin Asset reduced several AI-related positions, it remains highly focused on the AI industry, with a shift in direction. At the end of the second quarter, Jinglin Asset held 7,070 shares of ASML, the lithography-machine giant, with a market value of $14.065 million. According to public information, ASML reported second-quarter net sales of EUR 9.33 billion, compared with EUR 8.8 billion in the previous quarter. Operating profit was EUR 3.46 billion, above the market expectation of EUR 3.07 billion, while net income was EUR 2.92 billion, compared with a market expectation of EUR 2.64 billion. ASML Chief Executive Christophe Fouquet said in a financial-results statement that strong end-market demand had prompted customers to increase capital spending and that demand for equipment had risen substantially since the start of the year. ASML is expanding production capacity and hiring more employees to continue supporting customers, he said. The other company added by Jinglin Asset during the second quarter was 21Vianet, a leading digital-infrastructure company. The company provides data centers, intelligent-computing centers, networks, cloud-computing exchange connectivity based on data centers, hybrid delivery and other integrated cloud-computing services and solutions. It is building a digital-infrastructure operating platform with core technology, large-scale operating capabilities and high value-added services. People familiar with the matter said Jinglin Asset made significant adjustments to its portfolio during the second quarter. Jinglin Asset believes market volatility has been high since July, mainly because deleveraging triggered a chain reaction after trading became extremely crowded during the first half. A secondary factor, it said, was the rapid and excessive rise in prices for some products in the AI supply chain because of shortages, which raised concerns about the sustainability of future AI investment. However, based on the fundamentals of the relevant industry leaders, Jinglin Asset said companies facing supply-chain bottlenecks remain confident in the long-term growth of investment in AI computing power and infrastructure from a supply-and-demand perspective. Their increased capital-expenditure plans provide tangible evidence of that view, it said. The recent pullback does not represent a fundamental change in direction, and high-quality companies may reach new highs after a rebound, according to Jinglin Asset. As a result, at the end of the second quarter Jinglin Asset systematically reduced companies whose performance had previously been boosted mainly by rising prices, while selectively buying back companies that had declined sharply during the first half and had strong competitive advantages and valuation safety margins. It placed particular emphasis on previously overlooked Chinese leaders in niche industries with substantial competitive barriers. People familiar with the matter said Jinglin Asset's industry allocation is relatively balanced and is centered on three areas: growth-oriented, undervalued companies in semiconductors and AI infrastructure; Chinese advanced manufacturing and technology-services companies; and defensive precious-metals and resource assets used for hedging. The firm is also closely monitoring companies that may present major buying opportunities and will make contrarian investments when appropriate. Jinglin Asset believes the world's most important investment opportunities over the next several years will likely center on AI infrastructure, semiconductors, intelligent manufacturing, energy, AI applications and the restructuring of global supply chains.
As of the end of the second quarter, Jinglin Asset held shares in 21 U.S.-listed companies with a total market value of $2.19 billion. It also substantially reduced its positions in Intel and Google-A during the first quarter.
People familiar with the matter said Jinglin Asset systematically reduced holdings in a group of companies whose performance had previously surged mainly because of rising share prices. It also bought back some companies that had fallen sharply during the first half and had strong competitive advantages and valuation safety margins, particularly overlooked Chinese leaders in niche industries with substantial barriers to entry.
Jinglin Asset's current portfolio is focused on three areas: undervalued companies in semiconductors and AI infrastructure; Chinese advanced-manufacturing and technology-services companies; and defensive precious-metals and resource assets used for hedging.
The top 10 holdings at the end of the second quarter were Google-A, Intel, PDD Holdings, Full Truck Alliance, Futu Holdings, NetEase, Yaduo, QFIN HOLDINGS INC., Apple and Taiwan Semiconductor Manufacturing Co.
Compared with the list at the end of the first quarter, the top 10 holdings were substantially reduced. Jinglin Asset held 1.81 million shares of Google-A at the end of the second quarter, after cutting the position by 1.11 million shares from the end of the first quarter. It also reduced its Intel holding by 4.17 million shares and its NetEase holding by 2.59 million shares. At the same time, it fully exited Nvidia, Amazon and Meta, the parent company of Facebook, all of which had ranked among its top 10 holdings at the end of the first quarter.
The changes also included two new holdings. Although Jinglin Asset reduced several AI-related positions, it remains highly focused on the AI industry, with a shift in direction.
At the end of the second quarter, Jinglin Asset held 7,070 shares of ASML, the lithography-machine giant, with a market value of $14.065 million.
According to public information, ASML reported second-quarter net sales of EUR 9.33 billion, compared with EUR 8.8 billion in the previous quarter. Operating profit was EUR 3.46 billion, above the market expectation of EUR 3.07 billion, while net income was EUR 2.92 billion, compared with a market expectation of EUR 2.64 billion.
ASML Chief Executive Christophe Fouquet said in a financial-results statement that strong end-market demand had prompted customers to increase capital spending and that demand for equipment had risen substantially since the start of the year. ASML is expanding production capacity and hiring more employees to continue supporting customers, he said.
The other company added by Jinglin Asset during the second quarter was 21Vianet, a leading digital-infrastructure company. The company provides data centers, intelligent-computing centers, networks, cloud-computing exchange connectivity based on data centers, hybrid delivery and other integrated cloud-computing services and solutions. It is building a digital-infrastructure operating platform with core technology, large-scale operating capabilities and high value-added services.
People familiar with the matter said Jinglin Asset made significant adjustments to its portfolio during the second quarter.
Jinglin Asset believes market volatility has been high since July, mainly because deleveraging triggered a chain reaction after trading became extremely crowded during the first half. A secondary factor, it said, was the rapid and excessive rise in prices for some products in the AI supply chain because of shortages, which raised concerns about the sustainability of future AI investment.
However, based on the fundamentals of the relevant industry leaders, Jinglin Asset said companies facing supply-chain bottlenecks remain confident in the long-term growth of investment in AI computing power and infrastructure from a supply-and-demand perspective. Their increased capital-expenditure plans provide tangible evidence of that view, it said. The recent pullback does not represent a fundamental change in direction, and high-quality companies may reach new highs after a rebound, according to Jinglin Asset.
As a result, at the end of the second quarter Jinglin Asset systematically reduced companies whose performance had previously been boosted mainly by rising prices, while selectively buying back companies that had declined sharply during the first half and had strong competitive advantages and valuation safety margins. It placed particular emphasis on previously overlooked Chinese leaders in niche industries with substantial competitive barriers.
People familiar with the matter said Jinglin Asset's industry allocation is relatively balanced and is centered on three areas: growth-oriented, undervalued companies in semiconductors and AI infrastructure; Chinese advanced manufacturing and technology-services companies; and defensive precious-metals and resource assets used for hedging. The firm is also closely monitoring companies that may present major buying opportunities and will make contrarian investments when appropriate.
Jinglin Asset believes the world's most important investment opportunities over the next several years will likely center on AI infrastructure, semiconductors, intelligent manufacturing, energy, AI applications and the restructuring of global supply chains.