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Komfie Manalo, Opalesque Asia:

Hedge funds have reduced their positions in Chinese tech companies that are listed in the U.S., including Alibaba and Baidu, in the second quarter of this year, reported CNBC.com, while China’s market recorded a free fall in June.

Shares of Alibaba and Baidu have started to drop since the beginning of the second quarter.

Tiger Global sold nearly its entire stakes in Chinese online shopping web site Alibaba, totaling 6.6 million shares, while Coatue Management sold 74% of its stake (2.2 million shares) in China’s Internet search company Baidu. Viking Global Investors also sold 1.1 million shares in Baidu and 902,981 shares of Alibaba during the same period. George Soro’s family office unloaded 4.38 million shares of Alibaba, some Baidu shares, while acquiring 2.47 million shares of social media network Facebook. Senator Investment Group sold its shares in Baidu, averting a later 17.5% stock price decline.

That move helped the hedge funds avoid a broad equity market pullback in July and a devaluation of the renminbi in August that burned many investors, Reuters reported. The funds may have also been taking profits. The Shanghai Co......................

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