Six years of profit or exceeding 10 billion, Deng Xiaofeng leads the private equity exit from Zijin Mining's "Top Ten"

【Lead】Top private investment manager Deng Xiaofeng’s most important changes in holdings: exits the list of Zijin Mining’s top 10 tradable shareholders

China Fund News reporter Liu Ming, trainee reporter Qin Ningwei

The moves of domestic well-known private investment manager Deng Xiaofeng have drawn considerable attention. Among the shareholder information disclosed by Zijin Mining recently, the products managed by Deng Xiaofeng have exited the list of Zijin Mining’s top 10 tradable shareholders.

Zijin Mining is, in publicly available information, the most important holding position of products under Deng Xiaofeng, and its stock price has surged again since the fourth quarter last year. The products managed by Deng Xiaofeng started entering Zijin Mining’s top 10 tradable shareholders in 2019, and the holding has lasted 6 years.

Recently, Zijin Mining, a non-ferrous metals leader with a market value of more than 800 billion yuan, released its 2025 annual report and a report on its share buyback activities, disclosing the top 10 tradable shareholders at the end of 2025 and on March 20 of this year. Whether at the end of 2025 or on March 20 this year, the list of the top 10 tradable shareholders already has no sign of Gao Yi Asset—products managed by well-known investor Deng Xiaofeng.

At the end of the third quarter of 2025, Gao Yi Xiaofeng No. 2 under Deng Xiaofeng held 180 million shares of Zijin Mining, which is the last publicly verifiable holding data within the top 10 tradable shareholders. Based on this, since the fourth quarter of 2025, the product has reduced its holdings by no less than 55 million shares. The annual report shows that Zijin Mining’s performance has been very impressive, but over these years its stock price has been even more “astonishing.”

It remains unknown whether Deng Xiaofeng has completely “cleared out” or still remains outside the top 10 tradable shareholders after trimming his position. However, what can be seen is that from the time of holding at the end of the third quarter of 2019 to the latest “exit” from the top 10 tradable shareholders, Zijin Mining’s stock price has risen very significantly, and the products under Deng Xiaofeng have generated substantial profits. At the end of 2022, three of Deng Xiaofeng’s products appeared among Zijin Mining’s top 10 tradable shareholders, holding 918 million shares. Over these years, along with the rise in the stock price, they have been gradually reducing their holdings.

Market data software shows that from the fourth quarter of 2019 to today, Zijin Mining’s stock price, adjusted for dividends and splits, has risen by as much as 1,700%. Among them, in 2025 the stock was pulled up sharply, with that year’s adjusted increase reaching as high as 136%.

Looking back at the holding situation, the products managed by Deng Xiaofeng first appeared among Zijin Mining’s top 10 tradable shareholders at the end of the third quarter of 2019. Gao Yi Xiaofeng No. 2 and the Ruijin 43 Gao Yi Xiaofeng Trust Plan are two products, with combined holdings of 309 million shares. In the fourth quarter of that year, Gao Yi Asset also participated in Zijin Mining’s private placement and allocation, with an allocation price of 3.41 yuan per share. By the end of 2019, Deng Xiaofeng’s two products combined held more than 530 million shares. In the second half of 2019, Zijin Mining’s stock price ranged from 3.16 yuan to 4.64 yuan, and Deng Xiaofeng’s holding cost lay within this range.

After that, Deng Xiaofeng’s holdings fluctuated, but overall before the end of 2022 he maintained a net-buying trend. By the end of 2022, his holdings among Zijin Mining’s top 10 tradable shareholders reached 918 million shares. At that time, Zijin Mining’s stock price was 10 yuan per share, and the market value of the shares held was 9.18 billion yuan. Then he began the overall path of reducing holdings, especially reducing more after 2024. At the end of 2023, Deng Xiaofeng still had two products among Zijin Mining’s top 10, holding 699 million shares. At that time, Zijin Mining’s stock price was 12.46 yuan per share, up 24.6% from a year earlier (excluding dividends).

In the first quarter of 2024, Zijin Mining had a big rally, with the stock price rising by 35%. Deng Xiaofeng’s two products reduced holdings by 78.06 million shares, and then in 2024 and 2025 they continued the trend of reducing holdings. By the end of 2025, Zijin Mining’s stock price had risen to 34.47 yuan per share, and earlier this January it once broke above 44 yuan per share. As of March 27, the latest stock price was 32.47 yuan per share.

Based on approximate share counts and stock prices, the profit of the publicly disclosed private holdings of Zijin Mining under Deng Xiaofeng over these 6 years may exceed 10 billion yuan.

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Responsible editor: Zhang Hengxing