Chase Coleman’s Tiger Global Management further reduced its stake in Inc. as the Chinese e-commerce company continued its retreat from a record high last June. The hedge fund, which has been betting big on the country’s Internet stocks, owned about 44 million shares as of the end of March after cutting roughly a quarter of its holdings, data compiled by Bloomberg show. That’s down from a peak of 70 million shares at the end of the second quarter of 2015.

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