Alibaba Group is a publicly owned, China-based global company founded in 1999. Its primary business is software development, and it also operates within the IT and retail sectors. As of 2023, Alibaba employed approximately 80,330 people and generated revenue exceeding $1 billion. Its headquarters are located in China.
On September 19th, analysis of southbound Hong Kong connect flows highlighted flows for Alibaba, among other companies. Later, Alibaba's cloud service experienced a disruption lasting almost two hours, impacting customers in mainland China, Hong Kong, and the United States on an unspecified Monday. A separate report indicated strong sentiment supporting an overweight bias for Alibaba, although elevated downside risk was also noted due to a lack of additional long-term support signals. Alibaba was also mentioned as a company that reached extreme valuations following a significant rally, raising concerns about the sustainability of its market leadership. The company's recent performance follows years of challenges including regulatory pressure, slowing domestic consumption, and competition.
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