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Billionaire Usmanov Aims at China After Apple, Facebook Sale

Billionaire Alisher Usmanov sold shares in Apple Inc. and Facebook Inc., focusing on technology investments in China such as Alibaba Group Holding Ltd. and may expand stakes in Russian assets, an executive said.

“Chinese companies account for about 70 percent to 80 percent of the portfolio of our foreign Internet investments,” Ivan Streshinskiy, head of Usmanov’s asset-management company USM Advisors LLC, said in an interview on March 14 in Moscow. Most of the investment is in “Alibaba, and some other companies with great potential,” Streshinskiy said.