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apple developer( hedge funds took stakes in Didi before probe announcement - U.S. filings


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(Corrects company ticker symbol for Didi in first paragraph)

By Deepak Devalapur and Sittrarasu S

(Reuters) -Well-known hedge funds made big bets on Didi Global Inc, which went public in June just before Chinese regulators announced a probe of the ride-hailing company and its share price plummeted, new filings showed.

Singapore's state fund Temasek bought 33 million American Depository Receipts (ADRs) in Didi, while T. Rowe Associates bought 10.2 million ADRs in the Chinese company, the filings through June 30 showed on Friday.

Tiger Global Management LLC and U.S.-based Adage Capital Partners also disclosed sizeable stakes in Didi. Billionaire George Soros' fund bought 2.72 million of Didi ADRs.

The filings provide more insight into some of the global investors who were potentially exposed to the company's sudden loss in value.

Didi raised $4.4 billion in its U.S. initial public offering on June 30, selling 316.8 million ADRs. On July 2, China's cyberspace regulator said it was probing the company, sending Didi's stock tumbling. Its shares are down more than 40% from its debut. [L4N2P5282]

During the quarter, Temasek also upped its stake in TAL Education Group and took a stake in New Oriental Education and Technology Group of 1.7 million ADRs, two other U.S.-listed Chinese companies hit by Beijing's regulatory crackdown.

The "13F" filings that hedge funds are required to file quarterly with the Securities and Exchange Commission do not disclose the date purchases were made. They give a snapshot of fund managers' stock holdings as of June 30.

That makes it unclear exactly when investors bought shares in Didi and whether they made or lost money.

Some investors appeared to sour on other China stocks, shedding their holdings in Chinese tech giants during the quarter.

U.S.-based Appaloosa LP cut by more than half its 1.1 million ADS stake in China's Alibaba, Monday's filings showed. Soros Fund Management dissolved its stakes in Baidu Inc and Tencent Music Entertainment, according to the Friday filing. REUTERS



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