Just became my fourth largest holding this week. It has been hit with a barrage of bearish news over the past couple months, and is risky for reasons that have nothing to do with the core business. If you remove the US china tension aspect, BABA has great margins, and the chinese middle class is growing rapidly. Their cloud business is also about to turn profitable for the first time and has a big market share in china. Any positive news from biden easing trade tensions, ANT group restructured IPO, or chinese antitrust resolution will send this back to $300+ imo. But of course things could also get worse before they get better.