China A-share tech sector's recent pullback has attracted scrutiny. Liang Hong,
founder of large private fund Hainan Xiwa, wrote in a weekly investor note that
he learned certain large insurance asset managers bought tech at July highs and
then sharply cut positions in late September to stop losses—actions from
long-term capital that he says exacerbated the decline. The report and related
discussion circulated quickly in institutional circles. A TOP EXECUTIVE at a
leading insurance asset manager said policy support—including an annual target
to channel 30% of new premiums into markets and a lower equity investment risk
factor—has enabled the firm to steadily raise its strategic equity allocation
and continue supplying long-term, stable capital to the market. An anonymous
brokerage analyst said insurance outsourced allocations (to public fund
managers) were trimmed at end‑Q3 but had limited impact on the broader market.
