China’s clampdown on internet and fintech giants has pummeled shares of Alibaba Group Holding Ltd., erasing US$165 billion of market value and prompting some investors to reassess their holdings.

After a 19 per cent plunge from record highs at the end of October, including a nearly 10 per cent drop on Wednesday in Hong Kong, here’s what five investors are doing with their positions in the crown jewel of Jack Ma’s business empire:

Octahedron Capital Management

The San Francisco-based hedge fund increased its stake after shares tumbled earlier this month on the suspension of Ant Group Co.’s initial public offering. Alibaba owns a third of Ant, which was also co-founded by Ma.

Ram Parameswaran, Octahedron’s founder, expects Ant to resume its IPO and is holding onto Alibaba shares despite China’s unveiling of new anti-monopoly rules.

“It’s one of the cheapest commerce businesses in the world if you use a reasonable sum-of-the-parts valuation framework,” Parameswaran said. “There’s lots of monetization runway in the core business with live streaming and recommendation engines.”

Despite a slowdown, Alibaba’s revenue is still increasing at least 20% per quarter, while its cloud unit is on track to become profitable for the first time in the year through March. Its Cainiao delivery network is also expanding at its fastest pace on record, boosted by cross-border trade.

Coronation Capital

The Hong Kong-based family office bought more shares of Alibaba after they tumbled on Wednesday and is planning to increase total exposure to about 3% from 0.5% over time.

“Alibaba is still going to be a trillion-dollar company in the future,” said founding partner Jin Zi, whose firm manages about US$300 million of assets. “Yes, the company is going to come under pressure in the next three-to-five months, but we are investing for the next three-to-five years, and we don’t think other competitors can topple Alibaba.”

Kamet Capital

The family office has been trimming its position in Alibaba, which is one of its largest investments. But it’s still retaining some exposure because Alibaba is highly correlated to a rebounding Chinese economy.

The firm’s next moves will depend on how China’s recovery holds up and how policy makers implement the new anti-monopoly rules, said Kerry Goh, the firm’s Singapore-based chief investment officer.

“Alibaba will be under pressure,” Goh said. “We want to see how the regulatory pressure balances out the economic recovery.”

Commonwealth Avenue Asset Management

The macro-oriented investor has confidence that Chinese regulators know what they’re doing and that Ant will likely list within a year from now, albeit at a lower valuation.

“Alibaba will still get benefits from the listing,” said Chong Sze King, the firm’s managing director in Singapore. “We think it’s a good time to buy.”

Long Corridor Asset Management

The Hong Kong-based hedge fund, which oversees about US$200 million, boosted its Alibaba position by one-third after the Ant IPO was pulled, said a person with knowledge of the matter who asked not to be named because the information is private.

Ali Sheikh, Long Corridor’s chief operating officer, declined to comment.