E Fund Management Co. Ltd. Cuts Position in Alphabet Inc. (NASDAQ:GOOGL)

E Fund Management Co. Ltd., a Hong Kong-based investment management company, has announced that it has cut its position in Alphabet Inc. (NASDAQ: GOOGL) by 10%. The company had previously held a 5% stake in the company, but after careful analysis and consideration of market conditions, they have decided to reduce their position.

Alphabet Inc. is a multinational technology company that operates through several subsidiaries, including Google, YouTube, and Google Cloud Platform. The company's stock has been performing well in recent years, with its share price increasing by over 50% in the past year alone. However, E Fund Management Co. Ltd. believes that the market for Alphabet Inc.'s stock is currently overvalued, and they have decided to reduce their position accordingly.

The company has not disclosed any further details about their decision-making process or the reasons behind their reduction in position. It is worth noting that E Fund Management Co. Ltd. is a major player in the Hong Kong investment management industry, with assets under management of over HKD 1 trillion (approximately USD 130 billion).