Ark Investment sells China tech stocks

Gaining momentum: A Tencent booth at an exhibition during the China Internet Conference in Beijing yesterday. The decision to approve an acquisition for Tencent has eased some concerns about tech regulations. — Reuters

BEIJING: Cathie Wood’s Ark Investment Management has been selling Chinese tech stocks, with holdings in one of the firm’s funds falling to the lowest on record as Beijing’s crackdown on the sector intensifies.

China’s weighting in Wood’s flagship Ark Innovation ETF has plunged to less than 1% from 8% as recently as February, while that of the Ark Next Generation Internet ETF has fallen to 5.4%, the lowest compared to month-end figures since Bloomberg began compiling the data in October 2014.