Hong Kong, 22 May 2026 – China’s state-backed market stabilisation funds are expected to sharply reduce their stakes in some exchange-traded funds in the first half of 2026, signalling a possible shift from broad market support toward more selective and strategic allocation.
The so-called “national team” of state-linked investors may cut ETF holdings by as much as 90% in the first half, according to market estimates cited in recent reports. The scale of the reduction is expected to become clearer when first-half fund filings are released in the third quarter, revealing the identities and holdings of top ETF investors.
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