Group 1 - Scion Asset Management, led by Michael Burry, has reversed its stance on Chinese equities by rebuilding exposure to Alibaba through call option contracts in Q2 2025, after previously liquidating its direct stake earlier in the year [1][5] - As of June 30, 2025, Scion disclosed holding 250,000 call options on Alibaba valued at $28.35 million, with an estimated average strike price of $147.10, while BABA shares closed just above this level [1][2] - The current trading price of Alibaba at $153.87 as of September 12, 2025, indicates that Burry's call contracts are in-the-money by $6.77 per share, resulting in an unrealized profit of approximately $169 million [2][4] Group 2 - During Q2 2025, Alibaba's stock experienced significant volatility due to U.S.–China trade tensions, with shares trading as low as $132.20 on April 1, 2025, before rebounding [3][4] - The 250,000 call contracts held by Scion translate into exposure to 25 million shares, giving the position a notional value exceeding $3.8 billion at current prices, although the actual capital at risk is lower [4] - Earlier in 2025, Scion completely liquidated its 200,000 BABA put contracts, removing its bearish exposure, and has since initiated positions in JD.com with one million call options valued at $32.6 million [5]