Hedge funds Aspex Management (HK) Ltd and Oasis Management Co are among a group of Asia-focused funds that have increased their positions in Alibaba Group Holding Ltd and Sea Ltd during the second quarter of the year following a year-long rout of Chinese tech stocks, according to a report by Bloomberg.

Thew report cites analysis of the latest 13F filings –  quarterly reports of US-listed holdings – of 15 Asian asset managers who had holdings of at least $200 million at the end of Q2, as revealing that the number of Alibaba shares held by the Asia-focused funds increased 311% during the period, while that of Sea jumped by 110%.

Regulatory crackdowns and geopolitical tensions have caused problems for Chinese tech stocks with one Nasdaq gauge of the sector down 67 per cent since hitting a peak back in February 2021.