Byd’s share price performance was weak in the second quarter, making it the stock with the largest reduction in holdings by active equity funds in the second quarter. Data shows that as of the end of the second quarter, the number of active equity funds heavily holding BYD was 219, a decrease of 65.78% compared with the end of the first quarter. The number of shares heavily held by the fund was 20.5686 million, a decrease of 66.95% compared with the previous period.

In the second quarter, the fierce battle among e-commerce giants in the food delivery industry was in full swing, raising market concerns about a short-term decline in their net profits. Alibaba’s share price dropped by 12.78% in the second quarter. Active equity funds reduced their holdings in Alibaba’s market value by more than 13 billion Hong Kong dollars, second only to BYD in terms of the reduction. However, as the recent momentum of the “food delivery war” has weakened, Alibaba’s stock price has resumed its upward trend. As of July 21st, its stock price has risen by 7.38% since the beginning of July.

The liquor sector has also become a “hotspot” for active equity funds to reduce their holdings. The leading liquor companies such as Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Gujing Gongjiu and Yanghe Co., Ltd. all ranked among the top 50 in terms of share reduction by active equity funds in the second quarter.