There are currently seven foreign university education funds that have obtained QFII qualifications, namely Yale University, Stanford University, Columbia University, Harvard University, Princeton University, the Board of Trustees of the University of Texas System and Duke University. They have performed well in the A-share market and have repeatedly appeared on the lists of the top ten circulating shareholders of listed companies. They even have the power to change the internal structure of listed companies. According to media reports, in Gree Electric’s director general election in the middle of this year, Zhou Shaoqiang, who was parachuted in by the Zhuhai State-owned Assets Supervision and Administration Commission, was defeated by Feng Jiyong, who was recommended by other shareholders. At that time, the Yale University Education Fund, which was the third largest shareholder of Gree Electric’s tradable shares, was what led to this The absolute main force in the result. In addition to fundraising from alumni and generous donations from certain wealthy individuals, American University Foundation funds mainly rely on investment income in various fields for accumulation. Investment in the stock market has always been one of the important ways for foreign university foundations to obtain returns. It is reported that Harvard University’s education foundation, which ranks first in the United States, currently has a total education fund of more than 30 billion US dollars. In 2006, the Yale University Education Foundation and the Stanford University Education Foundation were successively approved for QFII qualifications in China, becoming the first foreign university funds to enter the A-share market. The most active foreign university education fund in the A-share market is Columbia University. The Yale Endowment is one of the most important university education funds in the world, and its investment returns are as prestigious in the industry as Yale University itself is in academia. According to media reports, the Yale University Education Fund has achieved an average annual return of 14.2% over the past two decades. Such achievements are not only "out of reach" for China's retail investors, but even institutions may have to "bow down". Harvard University, on the other hand, has always kept a low profile and rarely shows up. Some insiders said that the shareholding style of foreign university education funds is closer to the long-term value investment concept that the China Securities Regulatory Commission has always advocated. The number of stocks they choose is not large, but they are relatively stable, tend to be held for a long time, and the fluctuation range is small.

While the market is in a downturn, overseas institutions are increasingly interested in investing in A-shares. According to relevant data, Gree Electric Appliances occupies the largest share of QFII in A-shares. From the perspective of stock price and performance, Gree Electric Appliances can be called a model of value investment. Gree Electric's third quarter report shows that among its top ten shareholders, Qualified Foreign Institutional Investors (QFII) account for half of the country. Five QFII institutions have settled in Gree Electric, followed by Yale University and Morgan Stanley International Holdings in order of stock market value. Ltd., Merrill Lynch International, UBS Group AG, Citigroup Global Markets LLC. Two QFII institutions, Yale University and Merrill Lynch International, invested a total of nearly 1.1 billion yuan and obtained 37.77 million shares and 25.75 million Gree Electric shares respectively through the public additional issuance at the beginning of this year.