OZ Management Loads Up On Shares Of Slumping Bitauto Hldg Ltd (ADR) (BITA)

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Daniel S. Och‘s OZ Management has initiated a stake in the cratering Bitauto Hldg Ltd (ADR) (NYSE:BITA), purchasing some 3.31 million shares valued at $154.61 million of the company, according to a recent 13G form filed with the Securities and Exchange Commission. The holding amasses about 5.22% of the $2.80 billion company’s outstanding shares.

Och-Ziff Capital Management

The New York-based Och-Ziff Capital Management, or OZ Management for short, is one of the world’s largest hedge funds, with about $67.1 billion in regulatory assets under its management. The investment firm, which was established in 1994, employs a multi-geography approach and also has offices in London, Mumbai, Beijing, and Hong Kong. The technology sector constitutes about 20% of the firm’s public equity portfolio.

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Bitauto Hldg Ltd (ADR) (NYSE:BITA), the operator of the bitauto.com and taoche.com websites, which provide information on new and used automobiles along with promotions and consumer feedback of China’s automotive industry, has been hit hard by the recent sell-off on the Shanghai Stock Exchange and an overall weakness in the Chinese economy.

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