Invisible Giants in A-shares: Ge Weidong's High-stakes Bet on Semiconductors Behind His Holdings
In the second quarter of this year, while the A-share market was fluctuating, the stocks held by a super bullish retail investor skyrocketed against the trend. As of May 25, the core holdings of Ge Weidong and his family, such as GigaDevice Semiconductor (603986.SH), Muxi Co., Ltd. (688802.SH), and Megmeet Electric Co., Ltd. (002851.SZ), had a floating profit of over 10 billion yuan in less than two months, shocking the market.
From suffering a margin call in the futures market to making billions of yuan from cotton futures in 2010 and becoming a legend, and now holding A-share positions with a market value of over 20 billion yuan, focusing on the semiconductor and high-end manufacturing sectors, Ge Weidong has completed a counterattack from a state-owned enterprise employee to a futures tycoon and then to an invisible giant in the A-share hard technology field in 26 years.
Making Semiconductors the Core of Investment
There was a time when Ge Weidong's investment targets in the A-share market were mainly in the consumer sector.
Wind information shows that Ge Weidong and his family members were among the top ten tradable shareholders of Lafang Co., Ltd. (603630.SH), Kuaiji Mountain Co., Ltd. (601579.SH), and GuaiBao Pet Co., Ltd. (301498.SZ). These three companies are the leading enterprises in the washing and care, yellow rice wine, and pet food industries respectively, representing the traditional consumer field.
The change in Ge Weidong's investment concept may have started eight years ago. In the second quarter of 2018, Ge Weidong made his first position in GigaDevice Semiconductor. It was not until the first quarter of this year that he reduced his holdings by 765,100 shares. Currently, Ge Weidong holds 16.2616 million shares of GigaDevice Semiconductor, and his wife, Wang Ping, holds 7.5732 million shares. Both of them are among the top ten tradable shareholders of GigaDevice Semiconductor.
As of the close on May 25, GigaDevice Semiconductor rose by more than 100% in the second quarter of this year. The market value of Ge Weidong and Wang Ping's holdings was about 12.3 billion yuan, with a floating profit of more than 6 billion yuan in the second quarter. If GigaDevice Semiconductor is the "ballast stone" for Ge Weidong's semiconductor investment, his heavy position in Muxi Co., Ltd. further confirms the investment logic of "realizing the industrial cycle."
As a scarce domestic general GPU target, Muxi Co., Ltd. is Ge Weidong's top heavy position stock. Equity information shows that Ge Weidong holds 14.3382 million shares in Muxi Co., Ltd., and his Chaos Investment holds 12.5997 million shares. As of the close on May 25, the market value of Ge Weidong and Chaos Investment's holdings exceeded 20 billion yuan.
It is worth mentioning that Ge Weidong made a heavy position in Muxi Co., Ltd. through capital increase before its listing and has locked in his position throughout. Since 2026, Muxi Co., Ltd. has risen by nearly 30%. Currently, the semiconductor is the top sector that the Ge Weidong family is betting on. Muxi Co., Ltd. and GigaDevice Semiconductor are the two major heavy positions, accounting for more than 70% of their total A-share holdings.
Data shows that Ge Weidong, Wang Ping, and related persons Ge Guilan, Ge Guilian, and Chaos Investment form the investment fleet of the Ge Weidong family.
In addition to the two core targets, GigaDevice Semiconductor and Muxi Co., Ltd., Wang Ping and Ge Guilian hold more than 9% of the shares in Megmeet Electric Co., Ltd., and the company has risen by more than 40% since the beginning of this year. In addition, Wang Ping and Ge Guilian also jointly hold shares in Jianghuai Automobile Co., Ltd. (600418.SH) and BLT Co., Ltd. (688333.SH). The former is involved in the new energy vehicle industry, and the latter is the leading enterprise in metal 3D printing.
As of the end of the first quarter of this year, the Ge Weidong family and Chaos Investment had appeared on the list of the top ten tradable shareholders of many A-share listed companies. The current total market value of their holdings exceeds 40 billion yuan. Ge Weidong has basically withdrawn from the consumer sector, and finally formed a layout of "main attack on semiconductors, flanking support from high-end manufacturing, and sporadic consumption embellishment."
The Investment Rules of an Industry Hunter
Overall, Ge Weidong's A-share holdings have the characteristics of "three highs": high concentration (core targets account for more than 70%), high track matching degree (hard technology accounts for more than 90%), and high long-term holding rate (core targets have been held for more than 3 years).
Ge Weidong's investment system can be summarized as "first select a super track, then select an absolute leader, make a reverse layout at the bottom, and hold a heavy position for a long time." The core is to make money from the industrial trend rather than market fluctuations. Its logic stems from the risk tempering in the futures market and the profound understanding of the industrial cycle, and the core principle runs through the whole process.
First, track selection: Only focus on the "super cycle" with the triple resonance of policy, technology, and demand. Judging from the holdings, Ge Weidong avoids theme stocks and concept stocks without long-term logic and only focuses on the "super cycle" tracks with continuous prosperity for 3 - 5 years, supported by policies, technological breakthroughs, and explosive demand.
The current core tracks are domestic substitution of semiconductors and AI computing power. Looking at the three core targets selected by Ge Weidong, Muxi Co., Ltd. is a scarce domestic GPU target with a team from international chip giants and independent and controllable technology; GigaDevice Semiconductor has the second-highest market share in the global NOR Flash market and is the absolute leader in domestic storage chips; Megmeet Electric Co., Ltd. is the core supplier of AI server power supply solutions and is bound to leading technology companies. The relevant enterprises all have irreplaceability in terms of technology, market, or industrial chain status.
Second, the timing of buying and selling: Make a reverse layout, hold a heavy position at the bottom of the cycle, and realize profits at the peak of prosperity. Ge Weidong laid out GigaDevice Semiconductor in 2018, just when the NOR Flash industry was at a low ebb and the stock price plummeted; he held a heavy position in Muxi Co., Ltd. in 2025 and firmly locked in his position when the market questioned that it was "unprofitable and had a large bubble." In essence, he was taking chips at the bottom of the industrial cycle.
After selecting stocks, use the industrial cycle as a guide and not be disturbed by short-term fluctuations. For the leaders in the core tracks, hold them from the perspective of a 3 - 5-year industrial cycle and ignore short-term stock price fluctuations. Holding GigaDevice Semiconductor for 8 years and holding a heavy position in Muxi Co., Ltd. before its listing are both typical examples of "long-term waiting and value realization."
In addition, Ge Weidong's investment also contains a transformation logic: from futures to A-shares, from leveraged speculation to industrial investment. Ge Weidong's investment logic is an upgrade from "trend trading" in the futures market to "industrial investment" in the A-share market.
The Investment Legend of Rising from Desperation
Ge Weidong's life is a true portrayal of "grassroots counterattack, rebirth from desperation, and long-termism." He was born into an ordinary rural family in Guizhou, became a state-owned enterprise employee, suffered a margin call in the futures market, restarted from scratch, and finally became a legend. After transitioning to the A-share market, he accurately laid out the hard technology field and became a bullish retail investor with billions of assets.
In 1970, Ge Weidong was born in a rural area in Guizhou. In 1988, he was admitted to the Department of Economics at Sichuan University, becoming the first college student in his village. After graduating from university in 1992, Ge Weidong joined the Guizhou Cereals, Oils & Foodstuffs Import and Export Corporation, responsible for the trade of bulk commodities such as soybeans and rapeseeds. This experience allowed him to deeply understand the laws of supply and demand, price fluctuations, and industrial logic, laying a cognitive foundation for his subsequent futures trading.
In 1999, Ge Weidong resigned from the state-owned enterprise and went to Shanghai to start his professional investment career. In 2000, Ge Weidong mortgaged his house and raised 100,000 yuan in principal to enter the futures market full-time. In the early stage, he operated aggressively and held heavy positions in games. He suffered margin calls twice in a row, and his funds were completely cleared, with years of savings gone.
In the darkest moment, he did not leave the market but closed himself up for three months to review. He completely overthrew the speculative thinking and established four core principles: respect the market, follow the trend, strictly control the position, and resolutely stop losses. Subsequently, Ge Weidong focused on agricultural product futures and trade such as soybeans and barley, operated steadily, and followed the trend, gradually gaining a foothold in the futures market.
In 2005, Ge Weidong founded Chaos Investment, focusing on commodity futures and securities investment. What really made him a legend was his speculation in cotton futures in 2010. That year, domestic cotton production decreased due to natural disasters, and there was a huge supply-demand gap. Ge Weidong went long in large quantities at a low price of 10,000 yuan per ton and accurately closed his position after the cotton price rose to 30,000 yuan per ton. In 2011, Ge Weidong shorted cotton again, making billions of yuan in two battles and establishing his position as a "tycoon" in the domestic futures market.
After 2015, Ge Weidong gradually faded out of the futures market and fully transitioned to the A-share market, moving from the consumer sector to the hard technology sector and starting a new stage of "industrial investment."
Some people believe that Ge Weidong's A-share holdings are essentially an extreme bet by a top investor on the trend of China's hard technology industry - holding heavy positions in semiconductors and high-end manufacturing is not short-term speculation but a long-term layout based on a 3 - 5-year industrial cycle.
From starting with 100,000 yuan in principal, suffering a margin call and starting over, to becoming a legend in the futures market and building a multi-billion yuan A-share portfolio, Ge Weidong's legend is not based on luck but on a profound understanding of the industrial cycle, the courage to hold heavy positions in reverse, the patience to hold for a long time, and the risk control ability to respect the market.
For investors, Ge Weidong's holdings are a wind vane: hard technology, domestic substitution, and AI computing power are still the core main lines in the future; however, they also need to be vigilant against risks such as high concentration, high valuation, and the track falling short of expectations; rationally view the holdings of big shots and do not blindly follow the trend. Do you agree with Ge Weidong's investment concept? Welcome to leave a message, comment, and forward.
This article is from the WeChat official account "Investor Network - Thinking Finance", written by Zhang Wei and published by 36Kr with authorization.