Reorient Group (0376.HKG), a brokerage majority owned by Alibaba Group (BABA.NYSE) founder Jack Ma, reported first-half losses had grown 28% year-over-year to HK$55.5 million (US$7.16 million) as the mainland stock market selloff cut the value of the company’s portfolio by more than 40%, South China Morning Post reported. The share price of the company rose 150% after Ma’s investment was announced and the firm’s shares resumed trading on June 1, but it has since underperformed the Hang Seng Index. Chairman Johnson Ko Chun-shun is positive about the firm’s outlook once Ma and other investors’ share subscription is completed, which will inject a combined HK$3.9 billion into the company.
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