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Alibaba, Once a Hedge Fund Darling, Dumped By Point72, Hillhouse

Alibaba, Once a Hedge Fund Darling, Dumped By Point72, Hillhouse
Ye Xie and Coco Liu, Bloomberg News
Alibaba.com Ltd. bags are distributed at the 2012 International Consumer Electronics Show (CES) in Las Vegas, Nevada, U.S., on Friday, Jan. 13, 2012.
, via Bloomberg
(Bloomberg) -- Alibaba Group Holding Ltd, once the most valuable company in China, is turning from a global hedge fund favorite to something less than desirable.Investors from hedge fund titans such as Point72 Asset Management and Moore Capital Management to Canadian and U.S. pension funds dumped 101 million of Alibabaâs American depositary receipts in the fourth quarter, cutting the market value of their holdings by $89 billion, according to filing data. It was the biggest investment reduction among U.S. traded companies, more than three times the second-most sold stock, Salesforce.com Inc..

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