Greenwoods Asset Management Initiates Positions in NVIDIA and Alibaba in Q3, Increases TSMC Holdings Over Tenfold
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Greenwoods Asset Management re-entered Nvidia, opened new positions in Alibaba and Meta, and boosted its TSMC stake by over ten times in Q3 — shifting its roughly $2.95 billion US equity book away from consumer-facing Chinese ADRs and toward the AI chip supply chain.
Why did Greenwoods buy Nvidia back after just clearing it?
Greenwoods sold its entire Nvidia position in Q2, then bought back 118,000 shares — worth roughly $27 million — in Q3.
This means → the firm didn't exit on a bearish call; it ran a sell-and-re-enter cycle, resetting its cost basis.
It also opened fresh stakes in Alibaba (~47,300 shares) and Meta (~304,000 shares), adding to large-cap tech across the board.
What does a tenfold jump in TSMC signal?
TSMC holdings rose by roughly 892,200 shares, more than ten times the Q2 position — one of the biggest single-name adds among Greater China names this quarter.
This means → Greenwoods isn't just betting on chip design (Nvidia); it's doubling down on chip manufacturing (TSMC), building exposure across both ends of the AI chip chain.
In plain terms = buying the architect *and* the factory.
Why add hotel stocks at the same time?
Atour gained ~669,100 shares; H World Group gained ~317,800 shares — both added in the same quarter.
This reflects a continued bet on China's travel-spending recovery, with hotels as the most direct proxy.
Who got cut — and why does it matter?
Qifu Technology (formerly 360 Finance) was fully exited — roughly 3.03 million shares sold. Trip.com was also cleared, with ~12,000 shares sold.
Full Truck Alliance was trimmed by ~405,500 shares.
This means → Greenwoods is narrowing its Chinese ADR exposure — keeping the mega-platform (Alibaba), dropping fintech and online travel.
How much can a 13F actually tell us?
A 13F filing discloses only US-listed long equity positions that meet the reporting threshold — no cash, no shorts, no onshore Chinese holdings.
In plain terms = this is one corner of the chessboard; we see the US longs but not the hedges or the A-share book.
Key items to watch next quarter: whether the Chinese ADR trim continues, and whether the Nvidia and TSMC positions hold.
市场有风险，内容仅供研究参考，不构成投资建议。