To pass the time on this holiday, I cross-referenced these HK owners from December 2015 and then 2025. Of course, the number of shares has changed during this period, and the same may have happened to organization names, etc.
It is indeed the case that Finnish funds and employment pension insurers have sold their shares (including the Swedes and HK itself), but they have been replaced by risk investors, and the old “loyalists” have increased their holdings (LSO, the Pharmacists’ Pension Fund, and MTK). Furthermore, the top 10 accumulators have bought 11.9 million additional shares, so nothing has been lost in this transition.
The funds will still have time to get on board when the share price is slightly over 3 EUR.