Michael Burry Increases Alibaba Investment in China Tech Wager

Michael Burry, the investor famous for predicting the 2008 housing crash, has doubled down on his bullish bets on Chinese e-commerce giants JD.com and Alibaba Group Holding, making them the largest holdings of his Scion Asset Management, accounting for 20% of his stock portfolio. Burry's contrarian bet comes as many of his peers offloaded the stocks, with hedge funds selling 4 million shares of JD.com. Despite the disappointing performance of the so-called reopening trades, Burry is betting that fears about China Inc. are overdone.