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StocksMedium•23 April 2026•

1 min read

China's National Team Trims ETF Holdings to Cool Market Rally

Key Facts

1Central Huijin Investment Ltd, a unit of China’s sovereign wealth fund, cut its ownership in key ETFs to below the 20% disclosure threshold.

2Estimates suggest the national team may have reduced holdings by at least half in flagship products like the Huatai-PineBridge CSI 300 ETF.

Central Huijin Investment Ltd, a unit of China’s sovereign wealth fund, has significantly reduced its ownership in key domestic ETFs to below the 20% disclosure threshold. Estimates suggest that the state-backed 'National Team' may have cut its holdings by at least half in flagship products such as the Huatai-PineBridge CSI 300 ETF. First-quarter filings reveal an even sharper decline in smaller funds, with state ownership in the HuaAn SSE 180 ETF dropping from 92% to below disclosure levels. This move signals a strategic shift by Beijing from providing market support to actively draining speculative liquidity following a rapid rally. By trimming these positions, authorities aim to cool an overheating market and curb excessive speculation in sectors like technology. This withdrawal of state liquidity is expected to dampen investor sentiment and potentially cap further upside for Chinese equities.