American billionaire George Soros' investment company has sold a majority of its shares in Alibaba and Baidu, and bought a substantial stake in a Chinese ETF company. This company invests in Chinese-owned and China-based corporations, according to its second quarter report. 

Alibaba's shares have suffered a loss of more than $100 billion since late last year, which may be the reason for the sale. Soros Funds now has around 60,000 Alibaba shares amounting to almost $5 million based on the mandated report.

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During the first quarter of 2015, Soros held more than 4 million Alibaba shares; valued at around $370 million.

Alibaba's share prices soared during the last quarter of 2014, but has lost almost 40 percent since then - which is equivalent to around $100 billion.

Alibaba's second quarter report showed a 34 and 28 percent increase in sales and revenues respectively. However, industry analyst were disappointed that actual receipts were only around $3.2 billion - slightly beliw their $3.39 billion forecast.

Besides Alibaba, Soros hedge fund has also ditched its Baidu shares as well, selling more than 350,000 shares. But Soros did not completely abandon the Chinese stock market. Over the same time period, the billionaire bought almost 2 million iShares in China Large Cap ETF and the same amount of shares in an ETF company that specializes in emerging markets.

While the Soros group has unloaded most of its shares in Chinese internet companies, it bought large amount of shares in Time Warner. This latest acquisition makes the American cable its third largest stock holding valued at around $260 million. The hedge fund also increased its Facebook holdings from around 100,000 shares to almost 2.5 million.

Soros gained notoriety in the early 1990s when he made heavy speculative bets against the British pound, which led to it's removal from the euro's predecessor, the European Union exchange rate mechanism (ERM).

The hedge fund reported more than $1 billion revenue last year. The fund is only limited to George Soros and his relatives as well as his charity institution.

Tagsgeorge soros, hedge fund, ishares China large cap etf, time warner, alibaba quarter report, etf company, pound speculation