Viking Global Investors’ Andreas Halvorsen (Trades, Portfolio) disclosed he established a 4% stake in Jianpu Technology Inc. (JT, Financial) on Nov. 20.
Halvosen invested in 6.6 million shares of Jianpu for an average price of $7.40 per share, giving it 0.32% portfolio space.
The Beijing-based financial technology company operates an online open platform that offers various financial products, including loan applications and credit card services. It debuted on the New York Stock Exchange on Nov. 16, offering 22.5 million American depositary shares for $8 per share. It raised $180 million.
In its first day of trading, shares rose as much as 3.8% to $8.30. Since then, the stock price has dropped to around $5.22 on Friday with a price-book ratio of 53.84. The market cap is $865.04 million.
GuruFocus ranked Jianpu’s financial strength 6 of 10 and its profitability and growth 2 of 10.
Managing a portfolio of 59 stocks, Halvorsen is largesly invested in the technology and financial services sectors. Viking, which was founded in 1999, utilizes intensive fundamental research to identify stocks to hold for the long term. The firm’s top five holdings as of the end of the third quarter are Alphabet Inc. (GOOGL, Financial), Encana Corp. (ECA, Financial), Visa Inc. (V, Financial), Facebook Inc. (FB, Financial) and Microsoft Corp. (MSFT, Financial).
Disclosure: I do not own any stocks mentioned.
