August 9, 2026 (InvestinChina.asia) — A wave of fresh repositioning by China’s star mutual fund managers is coming into view, revealed through a cluster of share buyback-related disclosures from listed companies. The filings lay bare how major funds have rotated exposures since July, as the technology rally unraveled and managers scrambled to adjust.
The most closely watched move belongs to Yang Zongchang of E Fund Management. Having steered the only two “double-return funds” left in the entire market year-to-date, Yang has added Sany Heavy Industry, the construction machinery giant, to the top ten circulating shareholders list of his products since July, compared with the end of the first quarter. The shift is notable: as the technology sector plunged in July, Yang’s two products were the sole survivors among all funds that had delivered doubling returns this year, making his risk-avoidance moves a focal point for the market.
Hard-Tech Growth: Diverging Bets on Semiconductors and Electronic Chemicals
Within the broad hard-tech growth complex, clear signs of rotation and disagreement have emerged. On Puya Semiconductor, a key domestic memory chip supplier, Yongying Fund’s Zhang Haixiao and Gao Nan both reduced holdings via their respective products, while Liang Shaowen’s Oriental Alpha Technology Select broke into the top ten shareholder list.
On Dinglong Co. — whose businesses span CMP materials, wafer photoresist, and advanced packaging — Ma Xiang’s China Universal Technology Innovation exited the top ten. Meanwhile, Du Meng’s JPMorgan Asset Management (China) Emerging Power and Hu Zhongyuan’s Huashang Runfeng both exited World Circuit, a PCB name. On Dongshan Precision, a CPO (co-packaged optics) play, Fu Pengbo’s Ruiyuan Growth Value cut its stake by 61.03%, while Du Meng exited the register entirely; concurrently, Lei Zhiyong’s Morgan Stanley Digital Economy Hybrid stepped in.
Electronic chemicals also saw sharp adjustments. Han Hao’s AVIC Opportunity Leadership slashed its Zhongshi Technology holding by 66.9%, while Zhou Zhishuo’s product exited the stock altogether. Chen Yunzhong’s two products newly entered Sanfu New Materials’ top ten.
In fine chemicals — upstream inputs for PCB and consumer electronics — Zhu Shaoxing’s Fullgoal Tianhui Growth (LOF) exited Chengai Technology, Zhong Shuai’s China Universal Industry Climate slightly raised its Crystal Optoelectronic Material stake, and Guangfa’s Su Wenjie and Bodao’s Yang Meng both exited Wote. In digital economy names, Zhong Shuai exited Zhuoyi Info, Huang Xingliang exited Saiyi Info, and Zhou Mi entered Runjian, while Guangfa’s Tang Xiaobin and Feng Cheng exited.
New Energy Chain: Trimming Midstream, Eyeing Grid Equipment
The new energy industry chain reveals a clear pattern: trimming upstream mining and midstream manufacturing, while rotating into grid equipment.
Zhao Yi’s Quanguo Xuyuan Three-Year fund and Yang Yu’s China Universal Energy Innovation cut their holdings of Kodali — a lithium battery structural parts maker — by 23.62% and 42.47% respectively. Zhao also modestly trimmed Enjie Shares, a lithium battery separator producer.
Du Meng’s JPMorgan Emerging Power exited upstream non-ferrous names Guocheng Mining and Dazhong Mining, while newly entering Huayou Cobalt, a lithium battery materials company. Shi Cheng’s SDIC Ruifu exited Guocheng Mining, and Li Rui’s Orient Electric Vehicle entered the register.
On Tonghe Technology, a power conversion and smart grid power supply maker, Qi He’s E Fund Environmental Theme and Cui Chenlong’s Qianhai Open Source Utility both exited. Qi’s E Fund High-End Manufacturing newly entered Baiyun Electric, a grid equipment name; his E Fund Environmental Theme raised its stake in the same company by 79.56% versus the end of Q1. Zheng Chengran’s Guangfa High-End Manufacturing, however, exited Baiyun Electric.
In auto parts, Yan Siqian’s Penghua Carbon Neutral Theme newly entered Fenglong Shares, Zhu Shaoxing exited Xingyu Shares, Wan Minyuan exited Changrun Shares, Zhang Lu’s Yongying Advanced Manufacturing slightly raised Sanhua Intelligent Controls, and Yang Dong’s Guangfa Multi-Factor entered Changyuan Donggu.
Pharmaceuticals: Concentrated Trimming Across Star Managers
The pharmaceutical sector saw the most concentrated selling. Ge Lan (Grace Ge) reduced her stake in Yifeng Pharmacy by 33.76%; Zhang Kun cut his holding in medical device maker New Industries by 42.52%; Huang Xingliang reduced innovative drug name Rongchang Bio by 12.5%. Wu Xingwu’s Guangfa Healthcare exited both Rongchang Bio and Huakang Cleanroom.
Wang Chong’s BOCOM New Growth newly entered Yifeng Pharmacy’s top ten, while Qiao Qian’s Xingquan Business Model (LOF) — which had entered in Q1 — exited in July. Wan Minyuan slightly raised his stake in medical device name Sanyou Medical by 7.44% after a 42.86% cut in Q1.
It is worth noting the price backdrop: Yifeng Pharmacy and Sanyou Medical fell over 25.08% and 29.25% respectively in Q2, while Rongchang Bio rallied 119.93% in the first half — explaining why star managers took profits on the latter while trimming the former.
High-End Manufacturing, Aviation and Logistics: Rotation Continues
Beyond tech and pharma, repositioning extended to other corners. Yang Zongchang’s products entered Sany Heavy Industry; Gao Nan exited Bolong Technology; Su Bingyi exited rail transit equipment maker Koan Da; Sheng Fengyan exited Zhonghua Equipment. Yang Ruwen’s JingShun Great Wall New Energy Industry and Fan Yan’s Fullgoal Steady Growth both raised stakes in Hai’an Group, an engineering tire maker.
In aviation, logistics and leasing: Yang Dong’s Guangfa Multi-Factor raised Bohai Leasing, Sun Meng’s Huaxia Dingli slightly added Haicheng Bangda, while Lin Yingrui’s Guangfa Value Leadership and Hu Zhongyuan’s Huashang Runfeng cut Joy Air holdings by 42.33% and 9.04% respectively.
As semi-annual reports have yet to be fully released, the buyback-related disclosures offer the earliest window into how China’s top fund managers navigated July’s violent style rotation — marked by sharp divergence within technology, a pivot from new energy midstream toward grid equipment, and broadly cautious trims across pharmaceuticals.