Cathie Wood’s Ark Investment Management has resumed selling its shares of JD.com Inc (NASDAQ:JD) for the first time since July 2022.
On Thursday, the Ark Fintech Innovation ETF (NYSE:ARKF) sold 6,645 American Depository Receipts of JD.com, reports Bloomberg. Wood’s firm now holds 150,318 shares of JD.com.
JD.com’s ADRs have risen about 80% since their lows in October 2022, compared to an over 100% increase in sector bellwether Tencent Holdings Ltd.’s (OTC:TCEHY) U.S. listing.
Wood bought the e-commerce operator in 2021. However, following Beijing’s regulatory squeeze, she started selling shares and moved them out of the ARK Autonomous Technology & Robotics ETF (BATS:ARKQ).
Wood is now more focused on buying growth stocks in Tesla and crypto exchange Coinbase.
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In 2022, Ark Invest sold 183,659 shares of JD.com, estimated to be worth $12.55 million. Earlier, Wood said she is keeping an “open mind” on Chinese stocks, as she believes there are still some very interesting companies in the innovation space.
Following Chinese regulatory easing, technology stocks are seeing a historic rebound. China has approved $1.5 billion in funding for billionaire Jack Ma‘s Ant Group Co.
Didi Global Inc (OTC:DIDIY) has also seen ease in business after its leading apps have returned to China’s biggest mobile stores.
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