Ge­orge Soros sells off most of his Alibaba stocks

The China Post - - BUSI­NESS -

Amer­i­can bil­lion­aire Ge­orge Soros’s fund has sold most of its stake in the Chi­nese e-com­merce gi­ant Alibaba, ac­cord­ing to reg­u­la­tory fil­ings Fri­day.

In its quar­terly state­ment to the U.S. Se­cu­ri­ties and Ex­change Com­mis­sion, Soros Funds Man­age­ment said that as of June 30, it had sold all but nearly 60,000 Alibaba shares, val­ued at US$4.88 mil­lion.

At the end of March, the fund still had 4.4 mil­lion shares val­ued at nearly US$370 mil­lion.

Sim­i­larly, the Tiger Global Man­age­ment in­vest­ment fund re­duced its stake in the Chi­nese group from 6.7 mil­lion shares at the end of March to just 93,494 shares three months later, fil­ings show.

Alibaba reached his­toric highs in Novem­ber, two months after its ini­tial pub­lic of­fer­ing on Wall Street but it has since lost 37 per­cent of its value.

The group’s lat­est quar­terly re­sults, pub­lished this week, showed a more pro­nounced slow­down than ex­pected in sales growth, dis­ap­point­ing Wall Street.

The two largest share­hold­ers of Alibaba are still Ja­pan’s SoftBank (31.75 per­cent at the end of 2014) and Ya­hoo (15.27 per­cent).

Founded by Jack Ma in 1999, Alibaba is China’s big­gest e-com­merce com­pany but is seek­ing to ex­pand beyond its tra­di­tional busi­ness.

The Chi­nese com­pany and Ama­zon are con­sid­ered com­peti­tors in some ar­eas, but un­like the U.S. firm which makes its own e-book reader, Alibaba has no prod­ucts of its own and sim­ply pro­vides a trad­ing plat­form.


Hun­gar­ian-born U.S. chair­man of Soros Fund Man­age­ment, Ge­orge Soros, ar­rives to at­tend a ses­sion of the sixth an­nual con­fer­ence of the In­sti­tute for new eco­nomic think­ing (INET) at the OECD head­quar­ters in Paris on April 9.

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