BlackRock's Investment Stock Details in China

BlackRock has really bought all the good assets in China

BlackRock's Investment Details in China

As the world's largest asset management company, BlackRock's investments in China cover multiple fields such as technology, new energy, consumption, and finance, with a deep layout through equity investments, public funds, and cross-border capital operations. The following is the core investment information and updates as of March 2025:

1、 Technology and Internet

Baidu: holds 129 million shares and is the second largest shareholder, with a focus on betting on its artificial intelligence and autonomous driving technology.

Tencent Holdings: holding 2.29% shares, the fourth largest shareholder, and relying on social networking and game ecology to consolidate the Internet landscape.

Alibaba: holds 2.53% stake, the third largest shareholder, covering e-commerce, cloud computing, and logistics fields.

Meituan: holds 332 million shares, the second largest shareholder, and deeply cultivates the local life service market.

Xiaomi Group: Holding 2.46% of the shares, the third largest shareholder, laying out the smartphone and AIoT ecosystem.

SMIC: Strategic investment in semiconductor manufacturing, supporting chip localization.

2、 New energy and automobiles

BYD: holds 6.2% of H-shares and will surpass Tesla in global electric vehicle sales by 2023.

CATL: Holding 0.55% of the shares, it is a global leader in power batteries.

New forces in car manufacturing:

Ideal Automobile: Holding 2.79% of the shares, the fifth largest shareholder;

NIO: holds 3.72% of the shares;

Xiaopeng Motors: holds 2.9% of the shares.

3、 Consumption and Finance

Consumer leader:

Kweichow Moutai: 0.78%;

Wuliangye: holding 0.65% of the shares;

Yili Co., Ltd. and Haitian Flavor Industry: shareholding ratio is less than 1%.

Financial sector:

China Merchants Bank: holds 0.82% of H-shares;

China Ping An: holding 0.75% of the shares;

Construction Bank H-shares: Increase holdings by 52.19 million shares in January 2025.

4、 Infrastructure and Manufacturing Industry

Zijin Mining: Holding 0.95% of the shares, laying out non-ferrous metal resources.

Mindray Medical: holds 0.89% of the shares and is a leading medical device company.

Longi Green Energy: holds 0.52% of the shares and is a core enterprise in photovoltaic energy.

5、 Holding and joint venture institutions

BlackRock Fund: China's first wholly foreign-owned public fund with a management scale of 12.336 billion yuan, focusing on index enhancement and multi asset strategies.

BlackRock CCB Wealth Management: a joint venture wealth management company with a management scale of approximately 12.3 billion yuan, focusing on fixed income and pension products.

6、 Recent developments and adjustments

Increase holdings of the target:

ZTE Corporation H-shares: The shareholding ratio will increase from 4.83% to 5.11% in February 2025;

Zijin Mining H-shares: increased holdings by 15.54 million shares during the same period.

Reduce holdings of targets:

Ningde Times A-share: Reduce holdings by 1.21 million shares in January 2025;

New Energy H-shares: Reduce holdings by 1.8 million shares during the same period.

7、 Risks and Challenges

Proactively managing losses: The annualized return of its "BlackRock China New Horizon Hybrid C" fund has been -12.94% since its establishment, and its heavy holdings in the new energy and semiconductor sectors have led to a decline in net asset value.

Real estate storm: Shanghai Changfeng office building project defaults on debt due to low rent, assets may be transferred to banks.

Policy game: QDLP business needs to balance data security and capital flow restrictions between China and the United States, which hinders the localization adaptation of Aladdin system.

summarize

BlackRock's investment in China presents a tripartite pattern of "technology+new energy+consumption", with a preference for industry leaders and policy dividend tracks (such as "dual carbon" goals and semiconductor self-reliance). Despite facing challenges such as actively managing losses and real estate storms, it continues to optimize its layout through index funds, joint ventures, and cross-border capital. By 2025, it plans to increase investment in "new quality productivity" areas such as power grid infrastructure and nuclear energy

As of March 2025, BlackRock's total investment in China can be estimated through the following main areas:
Asset management scale:

BlackRock Fund (China's first wholly foreign-owned public fund) has a management scale of 12.336 billion yuan, covering stocks, bonds, and hybrid funds.

BlackRock CCB Wealth Management (a joint venture wealth management company) has a management scale of approximately 12.3 billion yuan, focusing on fixed income and bank wealth management products.

BlackRock China New Horizon Hybrid C (Active Fund) has a scale of 310 million yuan, with heavy holdings in industries such as non-ferrous metals and electronics.

Equity investment:

By holding shares in leading companies such as Tencent, Alibaba, BYD, CATL, and Zijin Mining through the secondary market, we cover fields such as technology, new energy, and consumption.

Key targets for increasing holdings include GCL Technology (holding 5.01% of the shares), Beijing Automotive (holding 5.2% of the shares), and emerging car manufacturers such as Ideal and NIO.

Real estate investment:

In 2018, it acquired the Shanghai Putuo Changfeng Ecological Business District office building project for 1.2 billion yuan. However, due to the market downturn and the risk of loan default, the assets may be transferred to the bank.

Cross border capital operations:

Participate in the 2025 Li Ka shing Port transaction (with a total amount of HKD 137.6 billion/approximately USD 22.8 billion), but the transaction subject is an overseas port, and BlackRock only acts as a financial investor and does not involve ports within China.

Summary: BlackRock's total direct investment in China is mainly reflected in its asset management scale of approximately 24.6 billion yuan (public funds+wealth management companies), combined with local data on real estate and equity investments (such as GCL Technology, Beijing Automotive, etc.). However, due to the fragmented information publicly disclosed, its total scale is difficult to accurately calculate. From the perspective of strategic layout, BlackRock continues to expand its investment in China through capital increase (such as increasing the registered capital of the fund to 1.25 billion yuan) and adding core assets (such as new energy and technology stocks)