Burry Adds JD.com Calls, Buys More BYD
Investor Michael Burry disclosed added bets on JD.com call options and additional BYD Co. shares in a Substack post.
Updated on Nov. 2, 2026 in Stock Picks
Michael Burry added to his position in JD.com with 2029 call options and bought more shares of BYD Co. Ltd., according to a Substack post published on a Monday. The disclosure came after Burry added to Sprouts Farmers Market 2028 LEAP calls struck in the low $100s on Friday.
Why it matters
Burry argues that JD.com and BYD have been flat since the Hang Seng Index peaked in 2021, a slump he compares to the Great Depression. For Hong Kong-listed stocks, the bet frames a valuation case based on balance-sheet strength rather than near-term growth.
Burry's disclosure cites JD.com's $24.3 billion in net cash, equal to about 71% of its market capitalization, with the operating business valued at roughly 3x owners' earnings. The exact size of the new JD.com call options and BYD share purchases was not disclosed.
The players
Michael Burry
Michael Burry is an investor known for predicting the 2008 housing crash and betting against the U.S. mortgage market.
JD.com
JD.com is a major Chinese e-commerce company listed in Hong Kong, known for its large net cash position.
BYD Co. Ltd.
BYD Co. Ltd. is a Chinese automaker and battery manufacturer and a leading producer of electric vehicles.
The details
Burry said JD is a large position for him and BYD a mid-sized one, and he disclosed the purchases in the Substack post. He argues the stocks have stagnated since 2021 despite the cash on JD.com's balance sheet.
Timeline
2021: Hang Seng Index peaked, beginning the stagnation Burry describes.
Friday before publication: Burry added to Sprouts Farmers Market 2028 LEAP calls struck in the low $100s.
Monday of publication week: Burry disclosed the JD.com and BYD purchases in a Substack post.
Market Dynamics
Burry's bet runs against the Hang Seng Index's stagnation since its 2021 peak, a multi-year slump he compares to the Great Depression. Positioning in Chinese internet and EV stocks has been driven by the same stretch of flat prices he is now betting will reverse.
Individual investors weighing Hong Kong-listed stocks can use JD.com's net cash position as a benchmark for downside protection. The disclosed call options give a concrete example of how a high-profile investor is structuring a long-dated bet.
The takeaway
Balance-sheet strength can matter most when a stock has gone nowhere for years. Check net cash against market cap before treating a long flat stretch as a signal to avoid.
Further reading
Explore more Stock Picks analysis for context on individual investor bets.
Source note: This article includes information reported by Benzinga.
