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.