Cathie Wood’s ARK Invest Buys Over 1.3 Million Shares of ZhongAn Online
One of Cathie Wood's Ark Invest funds bought over 1.3 million shares of ZhongAn Online on March 15.
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One of the ARK exchange-traded funds run by ETF star Cathie Wood made a huge purchase on Monday. Accordingly this fund bought over 1.3 million shares of ZhongAn Online P & C Insurance Co., Ltd. (HKSE: 6060.HK) shares on Monday, as the price of this ETF was relatively flat on the day. Note that this ETF is still up over 100% in the last year.
ARK Fintech Innovation ETF (NYSEARCA: ARKF) bought 1,331,781 shares of ZhongAn Online. At Monday’s closing price this would have valued this purchase at roughly $70 million in Hong Kong Dollars. Even though this is a small fraction of the total holdings, every little bit counts. ARKF is up 163% in the last year.
For some quick background on this company, it as an online insuretech company, provides internet insurance and information technology services in China.
The company operates through Insurance, Technology, and Others segments. It offers property and casualty insurance products covering accident, bond and credit, health, liability, cargo, household property, and motor insurance, as well as shipping return policy insurance.
Catherine Wood, the CEO and CIO of ARK Investment Management LLC is a minority and non-voting shareholder of 24/7 Wall St., LLC, owner of 247wallst.com.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
