Interface News Reporter |
Interface News Editor |
Intern reporter Wang Xinting
In the third quarter of 2023, two top institutions reduced their holdings in JD.com.
ON NOVEMBER 14, THE U.S. SECURITIES AND EXCHANGE COMMISSION (SEC) DISCLOSED TIGER GLOBAL'S HOLDINGS REPORT FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2023 (13F).
According to statistics, the total market value of Tiger Global Fund's holdings in the third quarter reached US$13.6 billion, compared with US$12 billion in the previous quarter, an increase of US$1.6 billion from the previous quarter and an increase of about 13% from the previous quarter. The company added 9 new stocks, increased 16 stocks, reduced 7 stocks and liquidated 2 stocks in the third quarter. Among them, the top 10 holdings accounted for 71.84% of the total market capitalization.
Among the top five heavy stocks, META still ranks first, followed by Microsoft and Apollo, and Take-Two interactive software and Google are ranked fourth and fifth, respectively.
From the perspective of changes in the proportion of holdings, the top five buying targets of Tiger Global Fund include Sea, NVIDIA, Google, Elastic, and Pinduoduo. The main selling targets include Caijie, BOSS Zhipin, ServiceNow, Pagaya Technologies, etc.
In Tiger Global's portfolio, there are 7 Chinese concept stocks in the top 50, namely JD.com, TSMC, Pinduoduo, Alibaba, Kanzun, ATRenew and Dingdong. Among them, JD.com and Kanzhun were reduced by 11.21 million shares and 3.65 million shares respectively, with a reduction ratio of 55.21% and 52.48%, and TSMC was increased by 190,000 shares, with an increase of 10.34%.
It is worth mentioning that among the 9 stocks newly established by Tiger Global Fund, Pinduoduo ranks second, holding about 1.37 million shares and a market value of about $134 million. Alibaba followed with about 1.48 million shares, with a market capitalization of about $128 million. Other than that, everything new and Dingdong grocery shopping remain the same.
For Chinese e-commerce, Tiger Global Fund's new positions in Alibaba and Pinduoduo seem to be optimistic about China's e-commerce industry, but the continuous reduction of positions in JD.com has made its attitude ambiguous.
Tiger Global Fund first opened a position in JD.com in the fourth quarter of 2014, and although JD.com was reduced by 4.95 million shares in the first quarter of 2022, it still ranked first among Tiger Global Fund's heavy stocks. However, starting from the first quarter of 2022, Tiger Global Fund continued to reduce its holdings in JD.com, reducing its holdings by 4.95 million shares in the first quarter, with a reduction ratio of 9.22%, 18.24 million shares in the second quarter, with a reduction ratio of 37.42%, and still continuing to reduce its holdings by 670,000 shares and 8.05 million shares in the third and fourth quarters, with a reduction ratio of 2.18% and 26.95% respectively. Tiger Global Fund increased its holdings in JD.com in the first quarter of this year, increasing its holdings by 2.27 million shares, or 10.39%, and then continued to reduce its holdings in the second and third quarters, reducing its holdings by 3 million shares and 11.21 million shares respectively.
Overall, Tiger Global Fund has significantly reduced its holdings in JD.com from 1Q22, resulting in JD.com now accounting for only 0.71% of its portfolio, ranking 12th.
In addition to Tiger Global Fund, another well-known institution has also significantly reduced its holdings in JD.com.
On November 15, Hillhouse's fund HHLR Advisors announced its U.S. stock holdings data as of the end of the third quarter of 2023. According to the data, as of the end of the third quarter of 2023, HHLR's top 10 heavy stocks were BeiGene, Pinduoduo, Beike, Legend Biotech, Microsoft, DoorDash, SAFTSE, Alibaba, TAKE-TWO interactive software and Amazon. Among the top 10 heavy stocks, the number of concept stocks accounts for half, accounting for more than 70% of the market capitalization. For Chinese concept stocks, HHLR Advisors also has some underweight operations. During the reporting period, HHLR Advisors significantly reduced its holdings in Alibaba ($107 million), Pinduoduo ($80.6 million), Beike ($80 million), JD.com ($63.9 million) and Huazhu Group ($54.5 million).
Among them, Hillhouse HHLR Advisors reduced its holdings of nearly 2,194,400 shares of JD.com in the third quarter, a decrease of 81.35% from the previous quarter, and a market value of more than $14.85 million at the end of the third quarter.
In fact, since the beginning of this year, investors have generally been bearish on JD.com's prospects, and the stock price has been cut in half during the year. In October, at least seven institutions downgraded JD.com's rating or price target. For example, Morgan Stanley downgraded JD.com's ADR rating to equal, and Macquarie downgraded JD.com's Hong Kong stock rating to neutral with a target price of HK$124.