KIC leaves Alibaba for Baidu shares in the US
The Korean sovereign wealth fund has divested all $221.5 million worth of its Alibaba equity investments in the US and increased its Baidu holdings by 450% by the end of June.
At the end of June, Korea Investment Corporation (KIC), the country’s sole sovereign wealth fund, cleared all $221.5 million worth of its US holdings in Chinese internet giant Alibaba while pouring new investments into competitor Baidu.
The fund raised positions in Baidu by over 450% to 1.1 million shares, worth $228.7 million, according to KIC’s quarterly filing to the US Security and Exchange Commission (SEC) on Aug 12.
At around the same time, KIC also added holdings in Tence…
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