The post Michael Burry is now up 65% in just 3 months on this Chinese stock appeared on BitcoinEthereumNews.com.

Though most famous for ‘The Big Short’ during the Great Recession of 2008, Michael Burry’s major recent bets have been long positions on a string of high-profile Chinese stocks. For many months, these investments have been seen as controversial as the stock market of the People’s Republic had been experiencing a strong downturn that had ensured the shares of most firms remained severely depressed. The most recent developments – including generous government stimuli – have sharply altered the situation. JD.com (NASDAQ: JD), one of Burry’s biggest positions, rose as much as 65.76% between the latest 13-f filing and the Tuesday, October 1 JD close at $42.93. JD stock 6-month price chart with date of latest 13-f filing marked. Source: Google The rally proved strong enough that the 250,000 shares, valued at $6.4 million at the end of the second quarter (Q2), are now worth approximately $10.7 million. The rise becomes even more impressive once the extended session between October 1 and October 2 is taken into account as JD surged another 9.13% after the closing bell. Indeed, between the 13-f filing date of August 14 and the early morning on Wednesday, the Chinese stock rallied 80.90% to its press time price of $45.85. Chinese stock market enters a Q4 2024 renaissance The stellar rise of Burry’s JD.com holding is hardly surprising as the Chinese stock market has been experiencing something of a renaissance in late September and early October. For example, Monday, September 30, was one of the market’s best days on record as various indices tracking either Mainland or Hong Kong stocks rose between 4.2% and 22%. The rally was driven by a string of measures implemented by the Chinese government, including the lowering of interest rates, a $114 billion boost for the equity markets, and a new bank…

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Filed under: News - @ October 2, 2024 11:16 am