Big investors took a selective approach to China-based technology stocks in the second quarter, recent regulatory filings suggest.
Technology stocks continued their upward trend during the second quarter, including a slew of 2022's China-based tech losers. Earlier this year, the country fully reopened borders to foreign tourists for the first time since the eruption of the Covid-19 pandemic, but gross domestic product data showed a slower-than-expected recovery. More recent data has also painted a picture of a wobbling economy , with recent industrial production data in China rising 3.
mountain Alibaba shares year to date The big investor also amped up his bet on Alibaba , a popular name among a handful of major hedge funds. Other hedge funds raising bets on the company included Third Point's Dan Loeb, while Viking Global's Ole Andreas Halvorsen opened a minor stake worth $77.7 million. Baidu also garnered the attention of big investors, with both Coatue Management's Philippe Laffont and Appaloosa taking fresh gambles on the stock.
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