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Hedge fund Third Point increases stake in Alibaba

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Hedge fund Third point increased its stake in chinese e-commerce site Alibaba during the fourth quarter, according to regulatory filing late on friday.

[NEW YORK] Hedge fund Third Point increased its stake in Chinese e-commerce site Alibaba during the fourth quarter, according to a regulatory filing late on Friday.

Third Point, run by Daniel Loeb, increased its stake in Alibaba by 38.9 per cent to 10 million shares.

Alibaba's record US$25 billion initial public offering was met with great fanfare last year, attracting big purchases from hedge funds managers eager for exposure to a company frequently referred to as the 'Amazon of China.' Third Point also added a new position in Citigroup by buying 5 million shares.

Third Point is one of the hedge fund industry's most closely watched funds.

US regulators require large investors to disclose their stock holdings every quarter, and the disclosures can offer a window to their strategies for buying and selling stocks. Friday's filings disclosed holdings as of the end of the fourth quarter.

REUTERS