But now big-name investors who’ve made billions from these shares are taking money off the table, underscoring growing angst over the prospects for China’s biggest companies as President Xi Jinping tightens the government’s grip on the private sector and the economy falters under persistent Covid lockdowns.
That comes a month after Japan’s SoftBank Group Corp. said it unloaded an enormous slug of Alibaba, the e-commerce pioneer that had long been China’s most valuable company. SoftBank, under pressure from botched startup bets, raised more than $17 billion through the sale of forward contracts on the stock. Warren Buffett’s Berkshire Hathaway Inc. is trimming its stake in electric-vehicle maker BYD.
“There’s a big question mark over the growth model of Chinese tech giants like Tencent and Alibaba,” said Ke Yan, analyst with Singapore-based DZT Research. “The government crackdown brought significant uncertainty.”
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