Global fund managers held a combined 10.1 billion shares in mainland-listed companies by the end of June, up from 7.5 billion in the first quarter, according to Wind Information.The value of foreign holdings surged 87 per cent to 272.8 billion yuan (US$40.6 billion), taking into account the gains in stock prices, according to the data provider, which based the figures on interim reports from nearly 4,000 listed companies.The data only covered overseas investors taking part in the qualified foreign institutional investor (QFII) programme, which requires regulatory approval of licences and quotas.The scheme is separate from the cross-border Stock Connect, through which foreign traders can access China’s onshore stocks via the Hong Kong exchange without the need for government approvals.QFII holdings carry weight in the investment community, particularly China’s individual investors, who often view overseas traders as “smart money” and follow their disclosed positions.QFII exposure has become the only way for local investors to track foreign recalibration since the Shanghai and Shenzhen bourses suspended disclosure of Stock Connect flows in 2024.