Is Alibaba a Buy Right Now?
For the last year or so, Alibaba (NYSE: BABA) has been the poster child for the meltdown in China stocks.
As Chinese tech names have plunged, no one has gotten more attention than Alibaba, which has been singled out by Beijing on multiple occasions.
Investors first caught a whiff of what was to come in November 2020 when Ant Group, the financial arm of Alibaba, had its IPO blocked by financial regulators. That move was seemingly in retaliation for disrespectful comments that Jack Ma made to financial regulators at a public forum, and Ma retreated from public life in the aftermath, sparking rumors about his whereabouts. The stock continued to spiral after regulators announced an anti-monopoly probe and eventually fined it $2.8 billion, and the government followed that up by ordering it to divest from several of its media businesses and restricting its vendor relationships.
Source Fool.com
