Tiger Pacific Capital also initiated a new position in Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL) by purchasing 519,700 shares for a value of $8.26 million during the fourth quarter. The casino gaming and entertainment company is developing a fifth hotel tower in Cotai, Macau. Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL) reported third quarter 2016 earnings of $0.126 per share, exceeding the $0.07 consensus estimate, while evenue of $1.15 billion also surpassed analyst estimates of $1.1 billion. The stock has returned more than 25% over the last year. At the end of the third quarter, 16 funds from our database held shares of the company worth $370 million, versus 16 funds holding $171 million worth of stock a quarter earlier.
During the year end quarter, Tiger Pacific Capital also bought a new stake in SINA Corp (NASDAQ:SINA) and held 135,441 shares worth $8.23 million at the end of 2016. Sina Corporation (NASDAQ:SINA) is an online media company in China and has a large user base for its e-commerce solution. The company announced that it will distribute Weibo Corp (ADR) (NASDAQ:WB) ordinary stock (majority-owned subsidiary of SINA) on a pro-rata basis to increase value for its shareholders. SINA Corp’s (NASDAQ:SINA) advertising revenues continue to grow primarily due to Weibo which is a leading its social media platform in China. The stock is up by a whopping 77% over the last year outperforming the market. At the end of September, the number of funds tracked by us long SINA Corp (NASDAQ:SINA) increased by 12 on the quarter to 33 and the value of their holdings stood at $796 million.