Daily Journal Corporation, a US publishing and technology company, has nearly doubled its stake in Chinese e-commerce giant Alibaba Group Holding.
The company raised its holding by 99.3% to 602,060 sponsored American Depository Shares as of December 31, according to a regulatory filing on Tuesday, making the stake worth about $72 million as of January 4.
Daily Journal’s chair is Charlie Munger, Warren Buffett’s longtime business partner. Munger, 98, has long been bullish on China.
The vice-chairman of Berkshire Hathaway had previously praised the country’s crackdown on Jack Ma’s Ant Group, the fintech giant whose record $37 billion IPO was derailed by regulators in November 2020.
China’s technology giants have come under heavy regulatory pressures and are grappling with major fines, with Alibaba paying $2.75 billion for anti-monopoly violations.
Amid an onslaught of competition in the e-commerce space, a slowing economy and a regulatory crackdown, Alibaba’s US-listed shares had in 2021 lost more than 48% of their value.
On Tuesday, the shares pared losses and closed down 0.7% at $119.56.
- Reuters with additional editing by George Russell