China Tech: Michael Burry bets big

China Tech: Michael Burry bets big Shares of Chinese technology companies are actively rising on the trading floors of Hong Kong, almost in sync with a similar trend in the US. Michael Burry Berry began buying up Chinese assets immediately after China lifted its Covid Zero policy and doubled Alibaba Group Holding (NYSE: BABA) and JD.com (NASDAQ: JD) in its portfolio over the past two quarters.In Hong Kong, Alibaba rose 1.6% on Tuesday and another 0.8% yesterday, while JD.com jumped 4.7%. The moves track Monday's rise in the Nasdaq Golden Dragon China index, as Alibaba's promise of a huge investment in its Taobao trading app and the US Securities Regulator's FY2022 report also buoyed sentiment.The scandalous money manager who predicted the 2008 housing crash recently hit the headlines again after an executive order in a 13F report that personally brought in regional lenders ahead of the failure of Silicon Valley Bank and First Republic Bank. Now Michael refuses to comment on this topic.Now the author of the Big Short decided on the Chinese Big Long. These two stocks have become the largest assets of his fund Scion Asset Management - approximately 20% of the portfolio. The success of this deal depends on the ability of the Chinese giants to recover, despite all the geopolitical risks.However, the deal looks very risky. The MSCI China index was unchanged for the year, consumer spending and industrial activity in China have not yet lived up to expectations. Earnings estimates for the Hang Seng Tech Index fell to near-record lows as fierce competition in the e-commerce sector put pressure on margins.But Michael Burry maintains his reputation as an enemy enemy and again goes against the market crowd: he made a name for himself as an adversary, and this has not changed. In this case, he is betting that concerns about China Inc. are exaggerated.Let's see what happens.Profits to yall!#ForexChief #MichaelBurry #stocks #Market #forexnews #Alibaba #worldnews #nyse #Nasdaq