Ray Dalio insists that the swings in Chinese markets are little more than “wiggles.” But for a certain subset of hedge-fund managers, the consequences of Beijing’s crackdown might seem more like an earthquake.
Philippe Laffont’s Coatue Management, Gabe Plotkin’s Melvin Capital Management and Andreas Halvorsen’s Viking Global Investors added new positions in Beijing-based JD.com Inc. in the second quarter, only to see its American depositary receipts tumble 19% since June 30.
