Continued concerns over China's economic prospects, coupled with ongoing geopolitical tensions, saw several US-based hedge funds including Coatue, D1 Capital and Tiger Global cut their exposure to Chinese companies in Q2, according to a report by Reuters.

The report cites 13-F regulatory filings as revealing that Tiger Global made a 12% cut in its position in JD.com to $719.3m from $1.1bn, and also reduced its holding in Kanzhun, while Coatue Management reduced its positions in Alibaba, JD.com, Kanzhun, KE Holdings, Li Auto, and PDD Holdings.

The hedge fund also slashed its position in Alibaba by roughly 90% between March to June, while D1 Capital Partners sold its entire holding of 1.7 million shares in the e-commerce company, worth $176.8m.

Moore Capital Management also exited its position in Alibaba, selling shares worth over $200 million, while Scion Asset Management dumped its own small positions in both Alibaba and JD.com.