Hedge fund giants are rushing into Chinese concept stocks.Regulatory filings show that in the first quarter of this year, the well-known American billionaire investor and hedge fund legend David Tepper's hedge fund Appaloosa Management doubled its position in Alibaba, making Alibaba the largest holding in its $6.7 billion stock portfolio.The fund also increased its holdings in Pinduoduo and Baidu, initiated positions in JD.com, FXI, and KWEB, reduced its holdings in JD.com, Nio, and Li Auto.In contrast to the Wall Street focus on technology stocks, Appaloosa significantly reduced its holdings in Nvidia and Meta in the first quarter, with reductions of 45% and 40% respectively. Microsoft and Amazon were also reduced, by 18% and 4% respectively.According to data, as of the first quarter, Chinese concept stocks and Chinese ETFs accounted for 24% of Appaloosa's stock portfolio.Similarly, Michael Burry, the prototype character in &#34;The Big Short&#34; and legendary investor, increased his holdings in JD.com and Alibaba in the first quarter, as well as adding $4.2 million worth of Baidu ADRs.Regulatory information shows that JD.com is currently the largest holding in the fund's portfolio, with Alibaba as the second largest holding.<h2>Chinese Stock Market Boom: Foreign Giants &#34;Buying Big&#34;</h2>Since the beginning of this year, supported by the &#34;national team&#34; and favorable policies, the Chinese stock market has rebounded strongly, with the MSCI China Index soaring nearly 30% since its January low.Furthermore, the improving profitability of internet technology companies and the overall low market valuations have further enhanced the attractiveness of Chinese stocks.Compared to Burry, Tepper's return appears more aggressive.Data shows that by the end of the first quarter, Appaloosa's total investment in Alibaba had exceeded $800 million, with the number of shares held increasing significantly from 4.35 million to approximately 11.25 million, representing a 12% stake, making Tepper one of Alibaba's largest shareholders.Additionally, Appaloosa is also one of the largest institutional investors in iShares FTSE China 50 Index (FXI) and KraneShares CSI China Internet ETF (KWEB).It is worth noting that Citron Research, an institution once known for shorting Chinese concept stocks, also posted on social media in favor of Alibaba during early trading on Thursday.Citron stated that Alibaba is gaining upward momentum, with the stock price expected to surpass $100, as investors recognize Alibaba's AI cloud prospects and strategic investments

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In the first quarter, hedge fund tycoon David Tepper significantly increased his holdings in Alibaba, Pinduoduo, and Baidu, with Chinese concept stocks and China ETF positions reaching 24%

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Iconic switch? Major hedge funds reduce holdings in US stocks such as the "Seven Sisters" and increase holdings in Chinese concept stocks like Alibaba