This coolness toward the sector was displayed last week when search engine giant Baidu and e-commerce titan Alibaba Group Holdings delivered the first earnings briefings since China reopened its economy following the removal of zero-COVID curbs.
China’s reopening in December after three years of COVID-19 lockdowns spurred a surge in the stock market, and analysts say hedge funds were the biggest drivers of that rally, which began at the end of October. The internet sector index nearly doubled between late-October and January but has since fallen 20%. The Hang Seng Tech Index has also erased a third of its October-January gains.
Global hedge funds such as Bridgewater Associates, Tiger Asset Management and Coatue Management are big holders of China internet stocks, which makes the sector more vulnerable to the global economic cycle and geopolitical tensions.
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