China’s ‘National Team’ Cut ETF Stakes Below 20% Disclosure Mark

China’s “national team” has stepped back from its dominant role in the country’s biggest stock ETFs, pointing to efforts to rein in an overheated rally earlier this year.

Central Huijin Investment Ltd — a unit of China’s sovereign wealth fund that leads a group of state-backed investors used to stabilize markets — cut its ownership in several key exchange‑traded funds to below the 20% disclosure threshold, according to first‑quarter filings. Its current stake is unclear.