American billionaire George Soros's fund has sold most of its stake in the Chinese e-commerce giant Alibaba, SIA reports.
In its quarterly statement to the 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 US$4.88 million (S$6.86 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.