David Tepper's Appaloosa LP boosted its stakes in Chinese stocks during the fourth quarter and now counts Alibaba Group Holding as its largest position, according to a securities filing released Monday.

Alibaba shares jumped 7.6% on Monday.

The billionaire investor has become a fan of the depressed Chinese market in the past six months. He views the stocks as offering some of the best potential rewards relative to their risks in the world.

Tepper, the owner of the Carolina Panthers NFL football team, has a strong investment record dating back three decades. His moves are closely followed on Wall Street.

In September, Tepper said that he was buying "everything" in China, with stocks there trading at single-digit price/earnings ratio but offering "double-digit growth rates" in earnings.

Appaloosa disclosed more than $6 billion of equity holdings in a quarterly 13-F filing with the Securities and Exchange Commission. It said that during the fourth quarter, it boosted its stake in Alibaba by 18% to 11.8 million shares now worth more than $1.2 billion.

It increased its stake in JD.com by 44% to 10.5 million shares, now worth more than $400 million with the stock at nearly $42. Appaloosa lifted its stake in Chinese e-commerce operator PDD Holdings by about 1% to 5.4 million shares.

The firm cut its stakes in both Meta Platforms and Amazon.com by about 20%. It had 2.6 million shares of Amazon worth $570 million at year-end, and 490,000 shares of Meta worth $287 million.