Forget Alibaba, This Chinese Tech Stock is a Better Buy Right Now
Over the past three months, Alibaba's (NYSE: BABA) stock has tumbled more than 20% as the Chinese tech giant faced unprecedented challenges.
In November, Ant Group's long-awaited IPO was abruptly suspended after Jack Ma, the fintech company's founder, criticized China's banking system. Ma, who co-founded Alibaba and previously served as its CEO and executive chairman, subsequently disappeared from public view. Shares of Alibaba, which owns a 33% stake in Ant, dropped after those unexpected developments.
In December, Chinese regulators delivered two more blows. First, they fined Alibaba for its unapproved takeover of the department store chain InTime Retail, which could derail its future brick-and-mortar plans. Second, they launched an antitrust probe into Alibaba's e-commerce business over its pricing strategies and exclusive deals with merchants.
Source Fool.com
