The "Investment Bureau" in the gaps of the national team: one person, one share, four hundred million in three years

In three years, the value increased from 80 million yuan to 400 million yuan, which is the investment return achieved by an individual investor in PICC Group.

His investment can also provide a lot of inspiration for ordinary people.

When financial stocks were considered "big and clumsy," and the rise was too slow, he stepped in to buy.

When the shareholder list of insurance stocks was filled with national teams, domestic and foreign sovereign funds, and large index ETFs, his presence seemed particularly striking.

He started buying PICC Group from the bottom, persisting while many others exited at breakeven.

As a result, an astonishing outcome emerged: Kong Fengquan, a name that had never appeared before, made 400 million yuan from an insurance stock that was not favored by many in just a few years.

Moreover, this is not the final result—because he is still holding, and there are still opportunities for PICC Group to rise.

Is this a low-key experiment by a large investor? Or a patient game hidden behind blue-chip stocks?

Rare Individual Shareholder

In the autumn of 2022, an individual shareholder named Kong Fengquan first entered the list of major shareholders of PICC Group, at that time his holding value was "only" several tens of millions of yuan.

At this point, less than a year had passed since the last bull market ended. We do not know where his tens of millions of wealth came from, but we can see that he had never appeared in the top ten shareholders of any listed company before.

In the following years, this "Kong Fengquan" quietly continued to increase his holdings, accumulating more and more chips, and maintained the same actions before the "explosion" of the insurance sector.

This investment action of buying—holding—continuing to buy—persisting in holding is not difficult, but it is not easy to remain steadfast.

Eventually, by the end of June this year, Kong Fengquan's shares in PICC Group had reached 50.957 million shares. A simple calculation shows that the market value of the A-shares held by this individual shareholder has inflated to 440 million yuan, making him the sixth largest unrestricted shareholder of the company.

Continuous Accumulation, Never "Sell"

Wall Street News · Zhitang sorted out the announcements and found that Kong Fengquan first appeared in the major shareholder list at the end of the third quarter of 2022.

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

(As shown in the above image) At the end of the reporting period, shareholder Kong Fengquan held 15.356 million A-shares of PICC Group through a margin securities account, at that time he was also among the top ten shareholders along with the Abu Dhabi Investment Authority, insurance industry index funds, and actively managed equity strategy funds.

By the end of the third quarter of 2023, a year later, Kong Fengquan increased his holdings to 50.957 million shares. At this time, the shareholder list of PICC Group changed, with the long-term presence of the Ministry of Finance, Hong Kong Central Clearing, Social Security Fund Council, and other shareholders, as well as the emergence of CSI 300 index funds, quantitative funds, and another individual shareholder Since the aforementioned point in time, Kong Fengquan has maintained the aforementioned shareholding in PICC Group.

Reviewing the stock price of this insurance company, from the end of September 2022 to the end of June 2025, the cumulative increase in PICC Group's stock price exceeded 90% during this period.

Leverage Phantom

From the moment Kong Fengquan first appeared on the list of major shareholders of PICC Group, he has been holding shares through a margin securities account.

This information is disclosed in the section "Participation of the Top 10 Shareholders and Top 10 Unrestricted Shareholders in Margin Financing and Securities Lending Business" of PICC Group's periodic report.

It is reported that investors holding shares "through a margin securities account" means that these shares are not simply placed in a regular account, but carry the leverage attribute of margin financing.

From a professional perspective, the core function of a margin account is to "borrow money to buy stocks and borrow stocks to sell," so even if not every share is purchased with margin financing, it means that the shareholder's holdings at least have the potential for leverage.

Figuratively speaking, this is like shopping with a credit card in daily life: buying a mobile phone with cash is like using a regular account; whereas paying with a credit card seems to acquire the same item, but actually incurs a debt behind it—spending quickly also amplifies the risk.

The disclosure of Kong Fengquan's shareholding through a margin account has continued until the disclosure of PICC Group's Q1 2025 report.

However, in the Q2 2025 report, the shareholder list of PICC Group no longer shows the margin financing information of the top ten shareholders.

Hidden behind this are two possibilities:

First, Kong Fengquan's previous leveraged holdings have been partially settled, and the positions have been transferred back to a regular account, thus no longer appearing in the "margin account" section;

Another possibility is that Kong Fengquan's financing balance at the brokerage has decreased and has not reached the standard for separate disclosure.

Regardless of which situation it is, it indicates that this individual shareholder's holding method has undergone an adjustment, also proving that his net worth has indeed reached 400 million.

In other words, after experiencing several quarters of leveraged holdings, he may have chosen to return to a more stable position management. This change, in the context of PICC Group's stock price continuously hitting new highs this year, raises the question of whether this major shareholder is shifting from an aggressive stance of "borrowing strength to accelerate" to a long-term holding strategy of "going with the trend."

Who is Kong Fengquan?

Looking at the major peers such as China Life, China Pacific Insurance, and New China Life Insurance, the latest disclosed list of the top ten circulating shareholders is entirely composed of institutional funds, with no individual investors in sight.

Only in PICC Group does an individual investor like Kong Fengquan stand out prominently.

Large financial blue-chip stocks have a massive scale and highly concentrated equity, and the shareholder list has traditionally been occupied by various domestic large institutional investors, overseas sovereign funds, and public index funds.

In recent years, PICC Group's financial performance has generally shown a trajectory of "trough—recovery—rebound."

In 2022, under pressure from the market and interest rate environment, net profit significantly declined; however, starting in 2023, profitability quickly recovered, climbing further to 42.8 billion yuan in 2024, a year-on-year increase of over 40%. In the first half of 2025, the growth momentum continued, with net profit reaching 26.5 billion yuan. Meanwhile, the company has maintained stable dividends since 2023.

Moreover, PICC Group is not a hot topic stock pursued by the market, but rather a relatively stable blue-chip company. In the absence of short-term speculative enthusiasm, individual shareholders can still concentrate their funds and continue to increase their holdings, which is itself quite rare.

External individual investors rarely make it into the top ten shareholders, let alone stay there for several quarters.

An individual shareholder—commonly referred to as a "big player"—being able to carve out a place among blue-chip financial stocks at least signifies two points:

First, financial strength. PICC Group's stock price has fluctuated in a low range for many years, and to accumulate enough shares to break into the top ten requires a considerable amount of capital. This individual shareholder not only can afford to buy but also can continuously increase their holdings over several quarters.

Second, investment endurance. Insurance stocks have never been a hot topic in the market, lacking short-term speculative stories, but their long-term value lies in stable cash flow and considerable dividend rates. An investor daring to enter during the industry's pressure in 2022 and continuously increase their holdings in the following quarters demonstrates that their bet is not on short-term fluctuations, but rather reflects investment insight and endurance