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Alibaba’s US$10 billion share sale does not stun just Michael Burry

The deal is sowing discomfort in Hong Kong’s finance circle

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    • Alibaba’s American depository receipts tumbled 8.6% on Aug 21, making it the worst single-day decline in more than a year, even as US-listed Chinese names rose.
    • Alibaba’s American depository receipts tumbled 8.6% on Aug 21, making it the worst single-day decline in more than a year, even as US-listed Chinese names rose. PHOTO: REUTERS

    Shuli Ren

    Published Tue, Aug 25, 2026 · 04:59 PM

    [HONG KONG] Alibaba’s HK$80 billion (US$10.2 billion) share sale is Hong Kong’s biggest follow-on offering on record. But it is being met with scepticism.

    Michael Burry of The Big Short fame, for one, criticised the deal, saying that he moved his entire Alibaba position into rival JD.com not too long ago, and that the e-commerce giant’s shares would have to fall by half for him to become interested again.

    “I cannot bless share issuances,” the American investor wrote on X.

    AlibabaHong Kong Stock ExchangeChinaStocksshare sale

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