Alibaba stocks sold

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

In its quarterly statement to US 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 $4.88 million.

At the end of March, the fund still had 4.4 million shares valued at nearly $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. Alibaba reached historic highs in November, two months after its IPO on Wall Street but has since lost 37 per cent of its value.