Alibaba, once a hedge fund darling, dumped by Point72, Hillhouse

Logo at the Alibaba Group Holding Ltd. headquarters in Hangzhou, China, on Jan. 20, 2021. Foto: Bloomberg/Qilai Shen

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 Alibaba's 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, Inc....

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