Billionaire investor David Tepper ramped up his stake in China-related stocks and exchange-traded funds last quarter, just before the development of DeepSeek reignited a rally in the country’s shares.

The president and founder of Appaloosa Management, who made waves in September with a call to buy “everything” related to China, increased the firm’s holding of e-commerce company JD.com (9618) by roughly 43 percent in the fourth quarter, according to a filing released Monday.

The money manager also boosted his stake in Alibaba (9988), another e-commerce giant, by 18 percent. The stock remains the hedge fund’s largest holding, accounting for about 16 percent of its US$6.4 billion portfolio.

The moves came amid a volatile stretch for Chinese stocks, when investors showed signs of wavering commitment after Beijing rolled out a stimulus blitz in late September. The government’s efforts sparked a frenetic rally into early October, but the momentum faded in the following months amid disappointment over the scale of fiscal stimulus, a weak economic outlook and a property crisis. Alibaba fell 20 percent in the fourth quarter, while JD.com declined 13 percent.