Charlie Munger's Daily Journal nearly doubles stake in China's Alibaba
Reuters
Published Jan 04, 2022 04:41PM ET
(Reuters) - Daily Journal Corp, the publishing and technology company in which Warren Buffett's longtime business partner Charlie Munger is chairman, said it has nearly doubled its stake in Chinese e-commerce giant Alibaba (NYSE:BABA) Group Holding.
The U.S. company raised its holding by 99.3% to 602,060 sponsored American Depository Shares as of Dec. 31, Daily Journal said in a regulatory filing on Tuesday, making the stake worth about $72 million as of Jan. 4.
Munger, 98, has long been bullish on China. The vice chairman of Berkshire Hathaway (NYSE:BRKa) had previously praised the country's crackdown on Jack Ma's Ant Group, the fintech giant whose record $37 billion IPO was derailed by regulators in November 2020.
China's technology giants have come under heavy regulatory pressures and are grappling with major fines, with Alibaba paying $2.75 billion for anti-monopoly violations.
Amid an onslaught of competition in the e-commerce space, a slowing economy and a regulatory crackdown, Alibaba's U.S.-listed shares had in 2021 lost more than 48% of their value.
On Tuesday, the shares pared losses and closed down 0.7% at $119.56.
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Written By: Reuters
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