Latest portfolio adjustment by Zhang Jianping's family, the super retail investor! Reduced positions in Cambricon, invested 3.4 billion in Northern Rare Earth, multiple heavily-weighted stocks revealed

Source: The Times Weekly Report; Authors: Song Yiting, Han Xun

The latest portfolio movements of the 'super retail investor' Zhang Jianping and his family (Zhang Jianping and his wife Fang Wenyan) have been revealed.

As a highly influential representative of speculative capital in the A-share market, Zhang Jianping’s family shifted their core holdings from technology stocks to resource stocks in the first quarter of this year.

Reporters from The Times Weekly found that in the first quarter, Zhang Jianping increased his position in Dongcai Technology (601208.SH), newly entered four stocks including Northern Rare Earth (600111.SH), Western Materials (002149.SZ), Meinian Health (002044.SZ), and Sichuan Gold (001337.SZ), with a combined portfolio value of approximately 5.4 billion USD. He exited the top ten shareholders of Cambricon (688256.SH), which he had held for four consecutive quarters.

Fang Wenyan, in the first quarter of this year, newly invested in Sichuan Gold, JAC Motors (600418.SH), and other targets, with a combined portfolio value of approximately 2.8 billion USD, and exited the list of top ten floating shareholders of Envicool (002837.SZ).

Zhang Jianping is known for his aggressive trading style and substantial financial strength, earning him the nickname 'Chairman Zhang' in the capital markets, and his investment moves are closely watched by the market.

Image source: Tuchong

Sweeping up 3.4 billion USD worth of Northern Rare Earth shares, significantly increasing position in Dongcai Technology

Northern Rare Earth was the stock in which Zhang Jianping invested the most money in the first quarter of this year.

According to Northern Rare Earth’s Q1 report, as of the end of the first quarter, Zhang Jianping held 72.2544 million shares, accounting for 2% of the company’s total share capital. Based on the closing price of Northern Rare Earth on March 31 at 47.68 USD per share, Zhang Jianping’s holding amounted to 3.445 billion USD, indicating a clear heavy-weight position.

In the first quarter of this year, the share price of Northern Rare Earth exhibited a volatile trend marked by an initial surge followed by a pullback. From early January to early March, it experienced substantial trading volume with upward fluctuations, followed by a sustained correction. Entering April, Northern Rare Earth's stock price rose by 11.24%. In the first quarter of this year, Northern Rare Earth reported a net profit attributable to shareholders of 918 million yuan, representing a significant increase of 113.12% year-over-year.

Zhang Jianping also significantly increased his position in East Materials Technology.

Financial reports show that by the end of 2025, Zhang Jianping held 13,006,900 shares of East Materials Technology, and added another 12,856,800 shares in the first quarter of 2026. By the end of the first quarter, his total holdings reached 25,863,700 shares, with a market value of 759 million yuan.

In terms of performance, East Materials Technology also saw substantial growth. The company's net profit attributable to shareholders in 2025 increased by 57.68% year-over-year, and the net profit attributable to shareholders in the first quarter of this year surged by 103.35% year-over-year. In terms of share price performance, East Materials Technology has seen rapid growth since the second half of 2025, with a cumulative increase of 314.37% so far.

In the first quarter of this year, Zhang Jianping newly entered as the fourth-largest shareholder of Western Materials, holding 9,849,400 shares, representing a stake of 2.02%. Based on the closing price at the end of March, his stock holdings are valued at approximately 508 million yuan. Although Western Materials' net profit in the first quarter of this year plummeted, its stock price has risen nearly 40% within the year.

Zhang Jianping’s other two heavily weighted stocks were jointly increased with his wife, Fang Wenyan.

In the first quarter of this year, Zhang Jianping and Fang Wenyan newly entered the top ten shareholders of Sichuan Gold. Zhang Jianping holds 6,425,700 shares, accounting for 1.53% of the total share capital, making him the eighth largest shareholder; Fang Wenyan holds 8,550,900 shares, accounting for 2.04% of the total share capital, making her the fifth largest shareholder. Based on the closing price at the end of March, their combined stock holdings are valued at about 751 million yuan.

The couple Zhang Jianping and Fang Wenyan also made significant purchases of Meinian Health in the first quarter of this year. Zhang Jianping holds 66,257,400 shares, accounting for 1.69% of the total share capital, newly entering as the tenth largest shareholder; Fang Wenyan holds 127 million shares, accounting for 3.24% of the total share capital, newly entering as the third largest shareholder. Based on the closing price at the end of March, their combined stock holdings are valued at approximately 1.086 billion yuan.

The Zhang Jianping family also heavily invested in listed companies through private placements. On February 10 this year, JAC Motors disclosed a private placement issuance report, in which Fang Wenyan invested 1 billion yuan to subscribe for 20,048,100 shares, while Hangzhou Zhichun Investment, in which Zhang Jianping holds shares, also spent nearly 600 million yuan to participate. The private placement issuance report showed that the issuance price was 49.88 yuan per share.

JAC Motors' Q1 report shows that Fang Wenyan newly entered the list of the top ten shareholders of JAC Motors. As of the end of Q1, she held 35,885,200 shares, making her the sixth largest shareholder. Based on the closing price at the end of March, her stock holdings are valued at approximately 1.658 billion yuan.

Based on the significant purchases made by Zhang Jianping and his wife in the first quarter of this year, they have a preference for pro-cyclical and resource stocks. Despite their aggressive buying, none of these positions reached the disclosure threshold.

Zhang Xiaorong, the director of the Deep Technology Research Institute, told reporters from the Times Weekly that once Zhang Jianping and his concert parties hold more than 5% of a company's shares, any buying or selling must be disclosed. When trying to reduce holdings, they also face many restrictions and can easily attract retail investors looking to short the stock. Therefore, keeping the holding ratio below 4.99% is a common practice among large funds.

Reduce holdings in the 'stock king,' precise sell-off of Envision Energy

While aggressively increasing stakes in several listed companies during the first quarter, Zhang Jianping and his wife reduced their AI-related assets.

What has drawn significant market attention is that Zhang Jianping exited the top ten shareholder list of Cambricon Technologies in the first quarter of this year.

Zhang Jianping first appeared on Cambricon Technologies' top ten shareholder list in the 2024 annual report. By the end of 2024, Zhang Jianping held 5.3387 million shares of Cambricon Technologies. Based on the share price at the end of 2024, the market value was 3.513 billion yuan. This indicates that Zhang Jianping had already taken a heavy position in Cambricon Technologies in the fourth quarter of 2024.

When Zhang Jianping invested in Cambricon Technologies, the company was still in a state of severe losses, which could be considered a precise move. According to Cambricon Technologies' third-quarter report of 2024, the company incurred a net loss of 724 million yuan in the first three quarters. In 2025, Zhang Jianping increased his stake in Cambricon Technologies multiple times. By the end of 2025, his total shareholding rose to 6.8149 million shares, accounting for 1.62% of the total shares. Based on the share price at the end of 2025, the market value was 9.238 billion yuan.

In 2025, Cambricon Technologies' share price continued to rise, and Zhang Jianping's holdings generated substantial paper profits. According to statistics from the Choice Financial Terminal, the weighted average trading price of Cambricon Technologies in the first quarter of 2026 was 1,199.46 yuan per share, an increase of 152% compared to 475.97 yuan per share in the fourth quarter of 2024. Based on these calculations, Zhang Jianping’s initial stake of 5.3387 million shares brought him over 5.3 billion yuan in unrealized gains.

In the first quarter of this year, Zhang Jianping significantly reduced his stake in Cambricon Technologies. As of March 31, 2026, the tenth-largest shareholder, Zhang Wei, held 2.0256 million shares of Cambricon Technologies. Based on this, Zhang Jianping reduced his stake in Cambricon Technologies by at least approximately 4.789 million shares in the first quarter of this year. If calculated based on the low point of 968 yuan per share in the first quarter, the amount Zhang Jianping reduced his stake by exceeded 4.6 billion yuan.

It is worth noting that after Zhang Jianping reduced his stake in Cambricon Technologies, the company's share price entered a 'surge' mode in April, with a cumulative increase of 72.94% for the month. On April 30, Cambricon Technologies hit the daily limit, closing at 1,699.96 yuan per share, reclaiming its position as the 'stock king' of the A-share market.

According to Cambricon's Q1 report, the company's revenue in the first quarter of this year increased by 159.56% year-on-year to 2.885 billion yuan; net profit attributable to shareholders increased by 185.04% year-on-year to 1.013 billion yuan.

Regarding Zhang Jianping's cutting of Cambricon's position, Lu Hong, founder of M&A Expert, analyzed to reporters from Time Weekly that Brother Zhang reduced his position during Cambricon’s continuous decline in Q1, locking in several billionin floating profitsas a rational risk control measure.

Notably, Fang Wenyan also reduced her position in the liquid cooling leader, Envicool, in the first quarter of this year.

According to Envicool’s 2025 annual report, as of the end of 2025, Fang Wenyan held a total of 6.1479 million shares of the company, ranking as the eighth largest circulating shareholder. As of the end of Q1 this year, Fang Wenyan had exited the list of Envicool's top ten circulating shareholders. The number of shares held by Envicool's tenth largest circulating shareholder was 5.0098 million, which means that Fang Wenyan reduced her holdings by at least 1.1381 million shares of Envicool.

Fang Wenyan’s reduction of Envicool stocks this time could be described as 'precise.' According to Envicool’s Q1 report, the company's net profit attributable to shareholders declined by 81.97% year-on-year to 8.6576 million yuan in the first quarter. After the release of the Q1 report, the company's stock price plummeted on the next day and cumulatively fell by 23.32% over the following six trading days.

The transformation of veteran speculative capital

Zhang Jianping's story in the A-share market is quite mysterious.

Born in 1967 in Lin’an, Zhejiang, Zhang Jianping entered the stock market with 50,000 yuan in the 1990s, once creating the myth of 'increasing personal wealth 150 times in five years,' and later grew into a top speculative capital figure with substantial funds, being hailed as the 'No. 1 retail investor' with disclosed holdings amounting to billions of yuan. He is very low-profile, and there are no public statements available online.

Based on past operations, the Zhang Jianping family is known for identifying growth stocks, initially focusing on short-term quick trades. As the regulatory environment in the capital markets evolved and the Zhang Jianping family's capital base grew, their investment style gradually shifted to aligning with industry trends, significantly extending their holding periods. They have experimented with investing substantial funds in private placements, creating numerous investment legends over the years, such as reaping significant gains in Cambricon and JAC Motors, though they also suffered heavy losses in Leshi Network. Zhang Jianping was penalized by the CSRC for trading securities using others' accounts.

In fact, in recent years, with the rise of quantitative funds, many well-known speculative capitals have chosen to transform. In March this year, a renowned speculative capital named 'Liu Sha He' published 'The Surrender Document of Human Traders to Quantitative Trading' on social media, which spread widely within financial circles, reigniting discussions about 'the end of the speculative era.'

A former ultra-short-term trader who was hired as an operator by a brokerage firm recently told reporters from the Times Weekly: 'I can't make sense of the current market dynamics; there are no entry points for short-term trades, and the top performers list is dominated by quant funds.' He also mentioned: 'I've already bought some large-cap tech stocks in the STAR Market, and if they continue to perform well, I've decided to hold them long-term. Simply holding them might yield better returns than the painstaking effort of constantly monitoring and trading.'

Lu Hong believes: 'Ultra-short-term speculative capital in the A-share market is being forced to transform, driven by three core factors: first, the continuous increase in the proportion of quantitative trading is squeezing the survival space of traditional tactics like board-snatching and relaying; second, regulatory guidance towards long-term capital and crackdowns on short-term manipulation are narrowing grey trading areas; third, a fundamentals-driven bull market is attracting capital towards value-based logic. Leading speculative capital represented by Zhang Mengzhu has started experimenting with medium- to long-term value investing and dividing their strategies between long and short positions. Overall, the A-share market is evolving from pure sentiment speculation towards fundamental value investing, and those clinging to outdated models will gradually be phased out.'

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