07:59 AM EDT, 05/16/2024 (MT Newswires) -- Scion Asset Management increased its investments in JD.com ( JD ) and Alibaba Group ( BABA ) during the first quarter as Chinese stocks hit a low point, Bloomberg reported citing a filing with the Securities and Exchange Commission.

JD.com ( JD ) became Michael Burry's investment firm's top holding after increasing its stake in the e-commerce company by 80%, the report said. Alibaba ( BABA ) became Scion's second-largest position, valued at around $9 million after Burry acquired an additional 50,000 shares, it added.

Scion also added a $4.2 million stake in Baidu's American Depositary Receipts, according to Bloomberg.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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