Cathie Wood Can't Get Enough Of These 3 Chinese Alibaba Rivals

Cathie Wood-led Ark Investment Management has recently been heavily buying into three Chinese stocks that are rival to Alibaba Group Holding (BABA) in the e-commerce and online groceries space.

gray and red shopping carts

Unsplash

The Jack Ma-led Alibaba has seen its shares slump 21.4% since October last year over troubles with the Chinese government, including the scuttling of the planned initial public offering of fintech subsidiary Ant Group. Alibaba was fined $2.8 billion by China in April as what many perceived to be the end of regulatory troubles for the e-commerce giant.

Wood's firm continues to hold about 636,894 shares in Alibaba, worth around $147.1 million as of Friday, but it has, in recent months, piled up significantly on stocks of rivals, some of which now account for a better part of its holdings than Alibaba.

Pinduoduo Inc (PDD):

Ark started picking up shares of the Chinese e-commerce giant Pinduoduo in March and has so far picked a total of 1,452,181 shares, worth about $194.5 million, as per Friday's closing.

The Ark Fintech Innovation ETF (ARKF) and the Ark Next Generation Internet ETF (ARKW) currently hold the PDD shares.

The Shanghai-based company is known to be China's largest agriculture-based platform and had last year launched Duo Duo Grocery, a next-day grocery pickup service. Farmers list their fruits and vegetables for direct sale to consumers.

Shares of Pinduoduo closed 2.59% lower at $133.93 on Friday.

JD.com Inc (JD):

The investment firm holds about 6,064,238 shares, worth about $469.1 million, of the Chinese e-commerce company via four of its funds. These are ARKF, ARKW, the Autonomous Technology & Robotics ETF (ARKQ) and the Space Exploration & Innovation ETF (ARKX).We sift through this volatile market for consistent trades so you don't have to. Get Benzinga Options: Starter Edition to follow Benzinga's high-conviction options trades. JD.com is an e-commerce company headquartered in Beijing that runs one of the two massive B2C online retailers in China and is a major competitor to Alibaba-run Tmall. JD stock closed 0.6% lower at $77.36 on Friday.

1 2
View single page >> |

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.