Hedge fund Coatue Management significantly cuts its holdings in Alibaba, selling off Chinese concept stocks such as JD.com and Futu.

13F filings show that Coatue Management LLC, a hedge fund, reduced its holdings in Alibaba by nearly 80% in the second quarter, while also liquidating its positions in five Chinese concept stocks, including Beike, Ctrip, and JD.com. The fund also initiated new positions in Joy and Yum China.