(Yicai Global) Feb. 21 -- Institutional investors bought the dip when Alibaba Group Holding’s New York-listed stock sank to their lowest in seven years at the end of October. The stock has gained almost 60 percent since that point.

Point 72 Hong Kong, a hedge fund of US investor Steven Cohen, raised its stake in the Chinese e-commerce giant by 51 percent to 706,300 shares in the fourth quarter of last year, according to the firm’s annual report recently filed with the US Securities and Exchange Commission. Alibaba became Point 72’s largest investment, accounting for 20 percent of its portfolio.

Shares of Hangzhou-based Alibaba [NYSE: BABA] plunged to a seven-year low of USD63.15 on Oct. 24. Since then, the stock has climbed 58 percent to USD100.01.

At 9.5 percent of its portfolio, Alibaba became the fourth-biggest holding of Scion Asset Management after the private equity firm bought 50,000 shares in the last quarter of 2022. Scion is led by legendary fund manager Michael Burry, who appears in The Big Short, a book and movie about the lead up to the 2008 financial crisis.

Hillhouse Capital Advisors increased its stake in Alibaba by 884,700 shares to 3.1 million shares in the same period. The Chinese firm is now HHLR Advisors’ fourth-biggest holding, taking up 5.8 percent of its portfolio.

HHLR Advisors, a secondary market-focused investment management firm under Chinese private equity giant Hillhouse Capital, also raised its holding in 10 other US-listed Chinese stocks, including group-buying platform Pinduoduo, real estate agency KE Holdings, and online recruitment platform Kanzhun.

Editors: Dou Shicong, Futura Costaglione