During yesterday's Alibaba.com quarterly shareholders' meeting, CEO David Wei reportedly announced that billionaire George Soros invested in the Hong Kong-listed company in the third quarter of 2009.
The investment followed a visit with Jack Ma at Ali-HQ last summer in Hangzhou. Wei also said that Soros is now one of the largest individual shareholders of Alibaba.com.
After Bloomberg posted the story at mid-day today, Alibaba shares shot-up 15%, before settling back down at HK$15.82, a 5.33% increase. Not bad, as the Hang Seng Index was down 1.4% on the day. I am not sure if Soros is still considered a "value investor," but Alibaba.com has a sky-high PE of 74. Maybe George should stop by Hong Kong and visit Global Sources which looks like a steal with a PE of 21.
Friday, May 14, 2010
Ali-Hedge Fund
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