Big hedge funds soured on Chinese stocks in the second quarter as Beijing’s regulatory crackdown across the private sector ramped up. X But they loaded up on new IPO stock and Chinese ride-hailing giant Didi Global (DIDI), the latest hedge funds’ 13F filings show. The so-called Uber (UBER) of China went public at the very end of Q2. Since then, however, the stock has sold off more than 40% as it became a top target of China’s government. The latest filings come after Cathie Wood has disclosed that her ETFs have been steadily unloading Chinese stocks. On Monday, her ARK Fintech Innovation ETF (ARKF) revealed more sales of Tencent (TCEHY) and Alibaba (BABA). In Q2, George Soros’ Soros Fund Management dumped many of its U.S.-listed Chinese stocks, including Baidu (BIDU), Vipshop (VIPS), Tencent Music Entertainment (TME) and IQiyi (IQ). But it picked up 2.7 million shares of DIDI stock, worth more than $38 million as of June 30. Activist investor Dan Loeb of Third Point slashed a JD.com (JD) stake by 12%, or 400,000 shares. But he picked up 13 million shares of Didi, worth nearly $185 million. Chase Coleman’s Tiger Global Management trimmed JD.com and Alibaba, while slashing New Oriental Education (EDU) and TAL Education But the Tiger fund bought 2 million shares of DIDI stock, worth $28.2 million, and retained a $1.79 billion stake in Pinduoduo (PDD). David Tepper’s Appaloosa Management exited Baidu and IQiyi, while slashing Alibaba almost in half. D1 Capital Partners, run by Dan Sundheim, sold its 25 million shares in New Oriental Education, while Eric Mandelblatt’s Soroban Capital exited a massive stake in Alibaba, according to the latest 13F filings. Chinese Stocks Didi rose 4.4% to 8.47 on the stock market today. That is below its IPO price of $14 amid China’s expanding crackdown. The China ride-hailing giant debuted on the stock market June 30, the last day of Q2 and right before the crackdown began in earnest. Alibaba, Baidu, Tencent and JD.com lost nearly 4% to 5% each on Tuesday. TME stock sank 12%. Chinese stocks came under further pressure Tuesday, when the country’s market regulator issued draft rules banning unfair competition on the internet. And on Monday, SEC Chair Gary Gensler also gave a stark warning about the risks of investing in Chinese stocks. Last week, China stocks sold off after the Communist Party’s Central Committee released a new five-year plan that calls for greater regulation across a broad scope of businesses and the economy. YOU MAY ALSO LIKE: 5 Best Chinese Stocks To Buy And Watch As Beijing Crackdowns Continue These Are The Best EV Stocks To Buy And Watch Now Stocks To Watch: Top-Rated IPOs, Big Caps And Growth Stocks Find The Latest Stocks Hitting Buy Zones With MarketSmith