BEIJING - Qualified Foreign Institutional Investors (QFII) gained an annualized return of 22.11 percent between 2005 and 2018 by investing in the Chinese A-share market, according to a Cinda Securities report.

Normally, QFII take a value investing strategy, according to analysts. QFII do not always swim with the tide in selecting shares and tend to be patient shareholders that bide their time before making a profit by selling off.

Stable stocks or shares with high dividend yield ratios are favored by the QFII.

QFII have flocked to the A-share market to buy shares of white-spirits maker Kweichow Moutai Group, Wuliangye Group, Sichuan Swellfun Co Ltd, Gree Electric Appliances and Hengrui Pharma.

For example, Oppenheimer Funds might have earned billions of yuan by buying and selling Kweichow Moutai shares worth about 1 billion yuan ($148 million) in 2014 and 2018, according to an analysis by the Shanghai Securities News.

Introduced in 2003, the QFII program is the earliest and most important arrangement for the opening up of China's capital market. The scheme allows overseas institutional investors to move money into the country's capital account to encourage controlled flows.

As a new step to open up the capital market, China's forex regulator announced Monday that the total quota of the QFII program had doubled to 300 billion dollars.