Global Investment Giants Baillie Gifford Disclose Chinese Equity Holdings

Global investment giant institution - Baillie Gifford recently disclosed its holdings in Chinese stocks.

Baillie Gifford is one of the world's renowned long-term investment institutions, with an asset management scale of about 2.04 trillion yuan, and the investment scale in Chinese companies is 180.7 billion yuan.

As of the end of January 2026, the top ten holdings in Baillie Gifford's China asset portfolio include Tencent, ByteDance, Alibaba, Ping An, CATL, Zijin Mining, Kweichow Moutai, China Merchants Bank, China Construction Bank, and Weichai Power.

From the latest adjustments, new positions include MiniMax, Anta Sports, Yado, Huazhu Group, Didi, Wanhua Chemical, Yangtze River Power, as well as resource targets such as Tianqi Lithium, Ganfeng Lithium, and Zijin Mining International.

Targets sold/liquidated include Li Ning, Pechoin, Beike, Robam, Shanxi Fenjiu, and Yonyou Network.

In addition to fully liquidating positions, selective adjustments have also been made. For example, with the intensification of competition in the takeout and instant retail sectors, Baillie Gifford has significantly reduced its holdings in Meituan.

Looking at the distribution of invested industries, there is a clear inclination towards combinations of consumer, technology, advanced manufacturing, and financial systems. But more crucially, it's not about what they bought, but how they understand these companies.

In its annual report, Baillie Gifford shared its views on the Chinese market. The international giant also commented on the fundamentals of specific companies such as CATL, Kweichow Moutai, Zijin Mining, Tencent, Alibaba, etc:

1. CATL

As the largest electric vehicle and power market globally, China's "national team leader" CATL, highly aligns with the country's dual-carbon goals and the strategic direction of independent control in the hard technology sector. In addition to the domestic market, the company has laid out production bases in Europe and is also expanding into other emerging markets, which will further support its future growth. We are optimistic about CATL's market leadership position and the scale and sustainability of the growth opportunities it faces; we believe, through deep cooperation with multiple automobile companies transitioning to electrification (all of which rely on CATL's CTP (cell-to-pack) battery technology), its market advantages are sustainable.

2. Kweichow Moutai

Kweichow Moutai is one of the most important and iconic brands in China. The company mainly operates in high-end liquor, with its products carrying profound historical heritage and national recognition within Chinese culture. The unique brewing environment and craftsmanship form the core competitive advantage of Moutai. Coupled with the scarcity of supply and limited competition in the high-end liquor race, Moutai is able to maintain brand premium and has a highly loyal customer base, with extremely strong profitability. We are optimistic about Moutai's brand strength and historical depth, believing that its revenue growth is sustainable, and its core competitive advantages will continue in the long term.

3. Zijin Mining

Zijin Mining is a domestic mining company that has actively engaged in overseas mergers and acquisitions in recent years. Its business now covers 12 countries and has a number of high-growth potential high-quality assets. Historically, the company was centered around gold business but is gradually transitioning to copper business: benefiting from its layout in the world-class low-cost Kamoa-Kakula copper mine project in the Democratic Republic of Congo, copper production is expected to double in the next few years. Amid the carbon-neutrality transition, the demand for copper is expected to remain high, while the supply side may face capacity constraints, so we believe Zijin Mining will play a key role in green infrastructure construction. We believe that the market has not fully reflected the upside potential of commodity prices and Zijin Mining's growth potential; at the same time, considering the company's continuous improvement in transparency and disclosure quality, we believe its current ESG valuation discount is unreasonable.

4. Tencent

Tencent is a