CICC's equity structure is renewed: Tencent and Alibaba exit, while E Fund, BlackRock, and others enter; this year, over 100 new "1 billion yuan funds" have been launched | Early insights into securities firm funds

｜April 7, 2026, Tuesday｜

NO.1** CICC’s equity structure gets a makeover: Tencent and Alibaba exit, while E Fund, BlackRock, and others step in**

After the official release of CICC’s 2025 annual report, the long-awaited “mode conversion” in its equity structure—an all-out game of attack and defense—has finally settled. In the past year, Tencent and Alibaba, which had previously entered the scene in a high-profile manner as strategic investors, have continued to reduce their holdings of CICC’s H shares. Alibaba has already faded out of the top ten shareholders’ list. And as the tech giants step away, a new group of institutional investors—led by E Fund, the global asset manager BlackRock, and the Brunei Investment Agency sovereign wealth fund—are quietly taking over the baton.

Commentary: CICC’s equity structure has been refreshed: the exit of tech giants and the entry of asset-management institutions reflect a shift in shareholder logic from strategic alignment to financial investment. As top-tier brokerages’ equity is picked up by domestic and overseas institutions, it shows that their allocation value is recognized by long-term capital, which helps optimize the governance structure. The brokerage sector may also get a lift; the market’s confidence in sector leaders is likely to recover, highlighting that openness and institutionalization in the capital markets are deepening.

NO.2** Guoyuan Securities: Approved to participate in Kechuang Board market-making and securities lending business; credit line set at RMB 2.3 billion**

Recently, Guoyuan Securities issued an announcement stating that the company received a reply from China Securities Finance Co., Ltd., namely “the Reply on the Application to Participate in the Securities Lending Business for Market Making on the STAR Market.” The reply clarifies that, starting from April 7, 2026, the company may participate in the securities lending business for market making on the Kechuang Board. The business credit line is RMB 2.3 billion, and the margin ratio tiers for the securities lending business for market making are 10%.

Commentary: Guoyuan Securities has been approved to carry out the securities lending business for market making on the Kechuang Board and has obtained a credit line of RMB 2.3 billion, which significantly improves its capital-operation capacity. This move is expected to enhance the company’s market-making trading ability, improve the income structure of its proprietary business, and increase market attention to its profit expectations. For the Kechuang Board, the expansion of the market maker cohort and the strengthening of funding strength will effectively raise the sector’s liquidity level and dampen market volatility. This is also a snapshot of regulators continuously improving trading mechanisms and boosting capital-market activity; over the medium and long term, it is a positive for the brokerage sector’s valuation anchor.

NO.3** So far this year, the issuance of “RMB 1 billion funds” has surpassed 100 for the first time**

Funds are speeding into the market via public funds. On the one hand, the number of new fund accounts has surged year over year—1.18M new accounts? In Q1, 1.18 million new accounts were opened, up more than 27% year over year. On the other hand, new fund launches frequently feature blockbuster products. As of this year, more than 100 funds have been issued with issuance scale exceeding RMB 1 billion. Judging from the issuance of new funds, it shows a “many blooms” pattern: equity funds, FOF products, and “fixed-income +” funds have all produced blockbuster offerings. At the same time, the product lineup continues to be updated frequently. Currently, more than 120 funds are either in the process of being issued or are about to be issued.

Commentary: The number of newly issued “RMB 1 billion funds” has surpassed 100 this year, reflecting that incremental capital is accelerating its return to the equity market. The frequent appearance of blockbuster funds, along with the sharp increase in new account openings, indicates that investors’ risk appetite has been significantly restored, injecting long-term “fresh water” into the market. The “many blooms” pattern in both equity funds and “fixed-income +” products will effectively boost valuation expectations for brokerage firms’ wealth-management business. As the intensive “new product launch” trend continues, it not only consolidates the market’s liquidity base, but also signals that the subsequent rally has sustained momentum to push for gains.

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