China’s biggest money manager, with $14.4 billion of assets, bought more shares in Alibaba Group Holding and Tencent Holdings last quarter, as investors profited from one of the sharpest rallies in technology stocks in Hong Kong, reports the South China Morning Post.
Zhang Kun of E Fund Management based in the southern city of Guangzhou, added 500,000 shares of WeChat operator Tencent in his flagship RMB 62.8 billion ($9.3 billion) Blue Chip Selected Mixed Fund, according to his latest report to clients.
He also raised his stake in Alibaba to 11.1 million shares in his RMB 19.9 billion E Fund Quality Selection Fund, lifting the e-commerce group into its top 10 holdings for the first time this year.
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