When (NYSE: BABA) went public at $68 per American depositary share (ADS) on Sept. 19, 2014, the Chinese e-commerce and cloud leader raised $25 billion and eclipsed Facebook -- now known as Meta Platforms -- as the largest U.S. IPO in history. Its stock eventually rallied to an all-time high of $317.14 on Oct. 27, 2020.

But today, Alibaba's stock trades at about $83 a share. The bulls retreated as Alibaba faced three major headwinds: China's antitrust crackdown on its core e-commerce business, China's economic slowdown, and the unresolved delisting threats for U.S.-listed Chinese stocks. So should investors view Alibaba as a contrarian buy or a falling knife right now? Let's review the main reasons to buy, sell, or hold this polarizing Chinese stock.

Image source: Alibaba.

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Source Fool.com