The Saudi Public Investment Fund increased its stake in PDD Holdings in the largest adjustment to its stock portfolio of $36.5 billion in the past quarter, raising its holding in PDD by 45% to 1.7 million shares.
Two of the world’s largest state-owned investors pumped money into Chinese consumer stocks during the third quarter, raising their bets on the turnaround of the world’s second-largest economy at a time when Western investors are pulling back on growth fears amid a mounting real estate crisis.
The sovereign wealth fund also increased its stake in the pharmaceutical company BeiGene by 12%, and maintained its position in the Alibaba Group after increasing its stake in June.
The Public Investment Fund is betting on the recovery of the consumer sector in China and enhances its stake in PDD
