Alibaba (NYSE: BABA), the Chinese e-commerce giant, continued to struggle in 2023 as a hoped-for recovery in the Chinese economy failed to materialize, the company continued to lose market share to PDD Holdings, and a plan to spin off its non-core businesses took a step back due to new U.S. chip export restrictions.

As a result, the stock finished the year down 12%, according to data from S&P Global Market Intelligence.

As you can see from the chart below, the stock got out to a strong start before giving up those gains and slumping over the rest of the year.

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Source Fool.com