Over 600 Funds Hold Significant Shares! BYD’s Share Price Exceeds 400 Yuan Mark for the First Time, Many Funds Reap Substantial Benefits
On March 20, BYD (002594.SZ) opened 0.74% higher, with its share price crossing the 400 yuan per share mark for the first time. During trading, the stock peaked at 403.4 yuan per share, ultimately closing at 399.99 yuan per share, just shy of maintaining the 400 yuan threshold. Based on its A-share price, BYD’s total market capitalization has surpassed 1.2 trillion yuan, ranking first in the Shenzhen market and ninth in the A-share market.
As of the end of Q4 2024, there were 105 companies with 618 funds holding significant shares in BYD, with several funds enjoying considerable gains this year.
01 Accelerating Internationalization and Smart Technology
Recent developments have indicated that BYD is continuously making significant moves. On March 18, BYD announced its employee stock ownership plan (draft) for 2025. The plan involves issuing a total of up to 4.1 billion shares, with a fund allocation not exceeding 4.1 billion yuan. The total number of employees participating in the plan will not exceed 25,000. The performance assessment for this initiative will cover the three fiscal years from 2025 to 2027, with a target for revenue growth of at least 10% year-on-year during these years. Industry insiders believe this sends a clear message to the market that BYD aims to maintain rapid growth and enhance its competitive position.
On the evening of March 17, BYD held its third technology release event of the year, officially launching its Super e-platform. This includes the introduction of fast-charging batteries, a 30,000 RPM motor, and a new generation of automotive-grade silicon carbide power chips, showcasing comprehensive upgrades in battery, motor, and electronic control technologies.
Earlier in March, BYD allocated 129.8 million new H-shares at a price of 335.2 Hong Kong dollars per share, totaling approximately 5.6 billion USD. According to Founder Securities, this allocation represents the largest equity refinancing project in the global automotive industry over the past decade, successfully attracting participation from top long-term Chinese investors, sovereign funds, and strategic investors from the Middle East. The oversubscription of orders highlights global investors’ confidence in BYD’s future growth.
Since the beginning of 2025, BYD’s A-share price has increased by 40%. Over the past five years, the cumulative increase in BYD’s share price has approached 670%.
02 618 Funds Held Significant Shares by Year-End
In recent years, BYD has consistently attracted heavy investments from public funds and other institutions. As of the end of Q3 2024, among the top ten circulating shareholders, Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF held 17.68 million shares and 11.58 million shares, respectively, placing them in the top ten. Huijin Investment holds 11.98 million shares.
According to the fund’s quarterly reports, as of the end of Q4 2024, a total of 105 companies had 618 funds holding significant shares in BYD, with a combined total of 76.15 million shares, representing 6.55% of the circulating shares.
The greater the proportion of a stock’s market value held by a fund relative to its net asset value, the more significant the impact of that stock’s price fluctuations on the fund’s net asset value. Among the funds holding BYD shares, several index funds have a holding proportion exceeding 15% of their net asset value. Notably, funds tracking the Guozheng New Energy Vehicle Battery Index, such as Xingyin Guozheng New Energy Vehicle Battery ETF, GF Guozheng New Energy Vehicle Battery ETF, ICBC Guozheng New Energy Vehicle Battery ETF, and others, have seen net value increases of over 13% as of March 19 this year.
In addition to index funds, among actively managed stock funds, 119 funds hold BYD shares with a proportion exceeding 5% of their net asset value. Some of these include Jiahe Jincheng Value Selection A, Jiahe Jinming A, and others, with holdings exceeding 9%. From the beginning of this year to March 19, these funds reported returns of 6.70%, 17.19%, 9.67%, and so on.
