Meanwhile, JPM Greater China A Fund had axed its Alibaba ADR holdings since February, later liquidating the entire ADR exposure in August, according to Morningstar data. That means, the fund's 5.7% assets in Alibaba represent shares listed in Hong Kong only. In August (the latest data available), Morningstar's records show that the Invesco fund liquidated the position of Alibaba (both ADR and Ordinary Shares), which amounted to 9.9% of the fund's assets at the end of July. At the end of September, the aggregate position of Alibaba (both ADR and Ordinary Shares) amounted to slightly more than 8% in the UBS China Opportunity Equity Fund (Bronze rated, under the China Equity Category), down from the 9.5% level maintained throughout the first two quarters. The fund couldn't avoid the hit by the market retreat. Meituan There's another online platform that the Value Partners manager prefers.