Following poor performance on the stock market last week fund owned by the billionaire George Soros has sold most of its shares in the Chinese
online retail firm Alibaba.
Soros Funds Management now holds just 60,000 shares worth $4.88m, according to a regulatory filing.That is down from $370m worth of shares at
the end of March.
Alibaba listed in New York last September. Its shares hit record highs in November but since then have fallen by 37%.Last week, the company disappointed analysts on Wall Street with its latest quarterly results,reporting its slowest quarterly revenue growth
in three years, up 28% to $3.2bn.Soros’s firm also sold shares in the Chinese
online search engine Baidu, but bought shares in Time Warner and Facebook.
Compiled, edited and posted by: @djshyluckjimmy