"In the gaps of the national team, an 'investment bureau': one person, one share, 400 million in three years"

```

In three years, from 80 million yuan to 400 million yuan, this is the investment return achieved by an individual investor in PICC (People's Insurance Company of China).

And his investment can offer ordinary people plenty of insights.

When financial stocks were considered "clumsy and slow-growing," he was making his move to buy in.

When the list of insurance stockholders was dominated and occupied by national teams, domestic and foreign sovereign funds, and large index ETFs, his presence stood out especially prominently.

He persisted as PICC began to rebound from its bottom and as many others exited at break-even.

Thus, a staggering result emerged: Kong Fengquan—a previously unknown name—earned 400 million yuan from an insurance stock that no one had favored over just a few years.

And this is not the final outcome—because he is still holding, and PICC still has a chance to rise further.

Is this a low-profile experiment by a major player? Or a patient game of strategy hidden behind blue-chip stocks?

A Rare Individual Shareholder

In the autumn of 2022, an individual shareholder named Kong Fengquan appeared for the first time on PICC's major shareholders list, and at that time, his holdings were valued at “just” several tens of millions of yuan.

It had been less than a year since the last bull market ended. We don’t know where his tens of millions in assets came from, but it’s clear that he had not previously appeared among the top ten shareholders of any listed company.

In the following years, this "Kong Fengquan" quietly and continually increased his holdings, accumulating a thicker and thicker position, maintaining the same actions even before the insurance sector “exploded.”

The action of buying—holding—buying more—persistently holding is not difficult, but maintaining unwavering conviction is not easy.

Finally, as time moved to the end of June this year, Kong Fengquan’s holdings in PICC had reached 50.957 million shares. A simple calculation showed that this individual shareholder’s A-share holdings ballooned to 440 million yuan, making him the sixth largest unrestricted A-share shareholder of the company.

Continuous Accumulation, Never "Selling"

Wallstreetcn·Capital Affairs found from a review of filings that Kong Fengquan first appeared in the major shareholders list at the end of the third quarter of 2022.

Moreover, as soon as he got started, he used margin leverage.

(As shown above) At the end of that reporting period, shareholder Kong Fengquan held 15.356 million A-shares of PICC through a margin securities account, and at that time, he ranked among the top ten shareholders along with the Middle East Sovereign Fund Abu Dhabi Investment Authority, insurance index funds, and active equity strategy funds.

By a year later, at the end of the third quarter in 2023, Kong Fengquan had increased his holdings to 50.957 million shares. At this point, PICC’s list of shareholders changed—with long-term holders such as the Ministry of Finance, Hong Kong Central Clearing, and the National Social Security Fund Council remaining, along with the addition of CSI 300 index funds, quant funds, and another individual shareholder.

Since then, Kong Fengquan has maintained his above-mentioned holdings in PICC.

Reviewing this insurer’s stock price—from the end of September 2022 to the end of June 2025—PICC’s price increased by more than 90% over this period.

The Shadow of Leverage

From the first time Kong Fengquan appeared in PICC’s major shareholders list, he was holding shares through a margin securities account.

This information is disclosed in the section “The situation of the top 10 shareholders and top 10 unrestricted shareholders participating in margin trading and securities lending transactions” in PICC’s periodic reports.

It’s reported that if an investor "holds shares through a margin securities account," it means that these shares are not just sitting in a regular account, but come with leveraged margin trading attributes.

Professionally speaking, the core function of a margin account is the ability to “borrow money to buy stocks, borrow stocks to sell;” so even if not every share is purchased on margin, it means that the shareholder’s holdings at least have the possibility of leverage.

To put it vividly, it’s like using a credit card for daily shopping. Buying a phone and paying cash is like a regular account; using a credit card means you get the same thing in hand, but there is a hidden debt—money is spent quickly, and risk is amplified accordingly.

Kong Fengquan’s disclosure of holdings through a margin account has continued to appear in PICC’s 2025 Q1 disclosure.

However, in the 2025 half-year report, PICC’s shareholder list no longer contains the margin trading information for the top ten shareholders.

There are two possibilities behind this:

First, Kong Fengquan has partially unwound his margin holdings and transferred his positions back to a regular account, thus no longer appearing in the “margin account” category;

Second, the balance of margin financing at his brokerage has declined, and no longer meets the threshold for separate disclosure.

Regardless of the scenario, it means this individual shareholder has adjusted his portfolio accordingly and confirms that his net worth has indeed reached 400 million yuan.

In other words, after several quarters of holding on margin, he may have chosen to return to a more prudent approach to position management. Given that PICC’s stock price has kept hitting new highs this year, is this major investor shifting from an “offensive, accelerated strategy” to a “trend-following, long-term holding” stance?

Who is Kong Fengquan?

Looking at the latest top ten circulating shareholders lists of industry peers like China Life, CPIC, and New China Life Insurance, all are filled with institutional capital, and no individuals are present.

Yet in PICC, Kong Fengquan, an individual investor, appears prominently on the list.

Large-cap blue-chip financial stocks are massive and highly concentrated, with their shareholder rosters traditionally occupied by all types of large domestic institutions, overseas sovereign funds, and public index funds.

In recent years, PICC’s financial performance has shown a general trajectory of "trough—recovery—rebound."

In 2022, under a pressured market and interest rate environment, net profits fell sharply; but starting in 2023, profitability recovered quickly, rising further to 42.8 billion yuan in 2024—a year-on-year increase of over 40%. In the first half of 2025, net profit reached 26.5 billion yuan. Meanwhile, the company has maintained stable dividends since 2023.

In addition, PICC is not a trending stock chased by the market, but a relatively stable blue-chip company. With little short-term trading hype, it is especially rare that an individual shareholder could still concentrate funds and continue to increase holdings.

It is extremely rare for an external individual investor to break into the top ten shareholders list, let alone remain for several quarters.

An individual shareholder—a so-called "big player"—being able to carve out a slice of the blue-chip financial stock space demonstrates at least two things:

First, financial strength. PICC’s stock price has long fluctuated at low levels, and to accumulate enough shares to break into the top ten in holdings requires a considerable amount of capital even at the outset. This individual shareholder not only could afford it but continued to add over several quarters.

Second, investment stamina. Insurance stocks are never the market’s hottest sector and lack short-term trading stories, but their long-term value lies in stable cash flow and attractive dividend yields. For an investor to step in while the industry was under pressure in 2022 and keep accumulating shares in subsequent quarters shows he was not betting on short-term fluctuations, but on investment vision and patience.

Risk Warning and DisclaimerThe market has risks; investing requires caution. This article does not constitute individual investment advice, nor does it take into account any individual's specific investment objectives, financial situation, or needs. Users should consider whether any views, opinions, or conclusions in this article suit their particular circumstances. Invest accordingly at your own risk. ```