Alibaba's Massive Share Offering Causes Hong Kong Stock Plunge, Michael Burry Says He Won't Consider Buying Again Unless Stock Price is Halved

BlockBeats News, August 24th, Alibaba announced on Sunday that it plans to conduct a new share sale in Hong Kong. The company stated that the total amount of this sale is 80 billion Hong Kong dollars ($10.2 billion). This transaction will be the largest-ever secondary listing by a Hong Kong-listed company.

Following this news, according to Bitget data, Alibaba's stock in Hong Kong opened lower today and fell further, with a maximum intraday decline of over 10%. The current decline has narrowed to 9%. The Hang Seng Index was dragged down, dropping 1.9% intraday, and the Hang Seng Tech Index fell 3.58%.

In addition, "The Big Short" investor Michael Burry also updated his views on Alibaba on Platform X. Burry stated that he had switched his Alibaba holdings to JD.com several months ago. "Because stock issuance is now Alibaba's new normal. Unless the stock falls by half from here, I won't consider it again."