这些举措发生在中资股波动期间，当时投资者在9月底推出刺激计划后显示出信心动摇的迹象。政府的努力引发了10月初的疯狂反弹，但随后几个月的势头因对财政刺激规模的失望而逐渐减弱。阿里巴巴在美国上市的股票在第四季度下跌了20%，而京东下跌了13%。Michael Burry, the globally renowned hedge fund manager and inspiration for the Hollywood movie "The Big Short", reduced some of his investments in Chinese technology stocks before DeepSeek's AI breakthrough reignited the $1.3 trillion rebound in the Chinese stock market.
According to the Form 13F regulatory filing on Friday, Scion Asset Management, led by Michael Burry, reduced its holdings in JD.com and Alibaba Group by the end of last year.
In the fourth quarter, Scion Asset Management cut its stake in JD.com by 40% to 300,000 shares. Its shares in Alibaba also decreased by 25% during the same period. Despite the reallocations, JD.com, Alibaba, and Baidu remain among Scion's largest holdings.
These moves occurred amid volatility in Chinese stocks, during which investors showed signs of waning confidence after a stimulus plan was rolled out at the end of September. Government efforts triggered a frenzied rebound in early October, but the momentum gradually weakened over the following months due to disappointment regarding the scale of fiscal stimulus. Alibaba's stocks listed in the USA fell by 20% in the fourth quarter, while JD.com dropped by 13%.
Scion did not cut its holdings in all of its Chinese investments. It opened a new position in PDD Holdings, Alibaba's competitor in the Chinese e-commerce sector, holding 75,000 shares. The company maintained its holdings in Baidu.
As of December 31, this investment was worth $40.9 million, accounting for 53% of Scion's total equity holdings, with data showing that this proportion has decreased from about 65% over the past three months.
According to the documents, Scion purchased Put Options in the third quarter to provide downside protection and no longer Holds them as of December 31.
The Chinese stock market performed strongly at the beginning of the year, with some Stocks benchmark Indexes outperforming their USA and Europe counterparts. This is partly due to the increasing influence of China in the AI sector, especially after the success of DeepSeek's AI model.
Therefore, investors are re-evaluating the country's troubled Stocks, although they are also assessing the impact of President Trump imposing a 10% tariff on China. Over the past month, the total market value of its stock market has increased by more than 1.3 trillion dollars. The MSCI Chinese Index is expected to outperform its Indian counterpart for the third consecutive month, which is the longest streak in two years. This year, the stock prices of Alibaba and JD.com increased by 47% and 19% respectively, while the stock prices of PDD Holdings and Baidu rose by 28% and 16% respectively.
Burry has been one of the few hedge fund managers bullish on Chinese Stocks, alongside David Tepper of Appaloosa Management, even before China's significant policy shift last September. David Tepper increased his Holdings in China-related Stocks and Exchange Traded Funds last quarter.
Editor/lambor
