(March 1): Tencent Holdings Ltd. rallied Tuesday in Hong Kong, after a state-run newspaper reported that a mainland billionaire investor has placed heavy orders for the Chinese tech giant’s US-listed shares. 

The internet and video gaming firm rose as much as 4.2% in the Asian financial hub, before finishing up 2.3% and marking its best closing performance since Feb 9. 

The gains reversed a three-day losing streak that brought the stock to the verge of oversold territory amid a global selloff in risky assets following Russia’s invasion of Ukraine. Tencent shares also came under pressure last week after Beijing’s fresh scrutiny of rival Alibaba Group Holding Ltd.’s fintech arm rekindled concerns about a wider tech industry crackdown. 

Strong buying emerged after the Shanghai Securities Journal reported late Monday that Duan Yongping, a billionaire entrepreneur dubbed China’s Warrent Buffet by local media, has placed orders for more than US$5 million of Tencent’s New York-traded shares. The report cited Duan’s posting on a domestic social media platform that showed records of his buy order. 

It’s not the first time for Duan to boost his investment in Tencent. According to the report, he bought the stock in August, when it slumped to a near 13-month low. It’s unclear whether his latest attempted purchases had gone through. 

Calls to Duan’s office went unanswered. 

Despite Tencent’s 0.7% loss in Hong Kong Monday, mainland investors were net buyers of the stock via a trading link with the Shenzhen bourse, a channel widely considered more popular among retail investors. Before last week’s stretch of weakness, onshore investors had boosted their stakes in beaten-down Tencent and delivery giant Meituan to the highest level in more than seven months.