Michael Burry moved all of his Alibaba shares into JD.com before Alibaba completed its US$10.2 billion Hong Kong share placement last weekend. Burry stated on X that he "could not endorse the stock issuance" and that Alibaba's stock price would need to fall by half before he would consider buying back. Alibaba's American Depositary Receipts (ADRs) fell 8.6% last Friday, marking their largest drop in over a year, while other US-listed Chinese concept stocks recorded gains. The placement involved the issuance of 710 million shares at HK$112.70 per share, raising a total of HK$80 billion (US$10.2 billion), setting a record for the largest follow-on offering in Hong Kong's history. Alibaba stated that all net proceeds would be used for its AI infrastructure development.