「聰明錢」押注中國成風：Q3「大空頭」原型增持阿里、京東等中概股，基金新星Keystone建倉三大中概ETF

Recently released holding reports show that in the third quarter of this year, overseas 'smart money' betting on Chinese stocks seems to be a trend, including fund manager Michael Burry, who became famous for shorting during the 2008 US subprime mortgage crisis and the movie 'The Big Short'.

On Thursday, November 14th, Eastern Time, Michael Burry's hedge fund, Scion Asset Management LLC, disclosed 13F holding report Documents show that the fund continued to increase its holdings in the third quarter. $Alibaba (BABA.US)$ and $Baidu (BIDU.US)$ In addition to the significant reduction of shareholding in the past, $JD.com (JD.US)$ also increased hold positions, but at the same time allocated corresponding put options to cautiously hedge related risks.

According to the public 13F filing submitted to the U.S. Securities and Exchange Commission (SEC) by Scion:

• Scion increased its holdings of Alibaba's U.S. stock ADRs by 0.045 million shares to nearly 0.2 million shares in the third quarter, while holding corresponding put options for 0.1689 million ADRs, with the notional value of the put options equivalent to 84% of its Alibaba stake;

• Doubling its position in JD.com during the quarter, Scion increased its holdings of JD.com's ADRs by 0.25 million shares to 0.5 million shares, while holding corresponding put options for 0.5 million ADRs;

• Increased their holdings of Baidu by 0.05 million shares to 0.125 million shares for the quarter, while also holding corresponding put options for 0.0833 million ADR shares.

Public data shows that as of the end of September, Scion's holdings in the three Chinese concept stocks mentioned above were valued at $54 million, accounting for approximately 65% of the fund's total stock holdings, compared to only about 46% at the end of June. In other words, the percentage increased by 41% in three months.

Although it is unclear when Scion, led by Burry, acquired the aforementioned Chinese concept stocks, as previously reported by Wall Street News, based on the stock trend in October, the 'big short' made profits.

Since the Central Political Bureau meeting released a significant signal of fiscal and monetary support at the end of September, the csi 300 index has risen by 32% in the following two weeks, while the Nasdaq Golden Dragon Index tracking U.S.-listed Chinese concept stocks surged by about 37%. However, Chinese concept stocks have retreated since then, with the stock prices of Alibaba, JD.com, and Baidu dropping by over 20% from their peaks in early October, returning to the levels of the end of September, mainly experiencing further declines after entering November.

Data from the 13F form released this Thursday also showed that in the third quarter, Keystone Investors Pte, headquartered in Singapore, significantly increased its interest in U.S.-listed Chinese concept stocks and ETFs.

In the third quarter, the new positions in Keystone included three major Chinese concept stock ETFs, among which, $iShares China Large-Cap ETF (FXI.US)$ there are 1,570. $KraneShares CSI China Internet ETF (KWEB.US)$ There are 6090 shares. $Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR.US)$ There are 0.225 million shares.

At the same time, Keystone also built a long position in the third quarter. $Alibaba (BABA.US)$ 、 $Li Auto (LI.US)$ ， $H World Group (HTHT.US)$ 、 $Yum China (YUMC.US)$ , shareholding $PDD Holdings (PDD.US)$ ， $Trip.com (TCOM.US)$ ， $Taiwan Semiconductor (TSM.US)$ , sell off $TAL Education (TAL.US)$ 、 shareholding $New Oriental (EDU.US)$ 。

On Wednesday, Nomura's chief China economist, Lu Ting, raised his forecast for China's fourth-quarter GDP and full-year GDP growth in his latest viewpoint. Previously, UBS Group and JPMorgan had raised their expectations for China's economic growth this year. Mark Haefele, chief investment officer at Pictet Asset Management, upgraded the rating of Chinese stocks from 'neutral' to 'overweight', citing strong economic prospects.

Editor/rice