Alibaba's hot deals leave investors cold

Beijing

A YEAR since it went public in the biggest stock listing ever, China's Alibaba Group Holding has spent more than US$6 billion on everything from an electronics store chain to a robot maker. As shares hover below their debut price, investors in the e-commerce giant wonder just when it will all pay off.

The seemingly scattershot approach to deals has left shareholders asking how Jack Ma's baby, once the darling of bourses, analysts and investors alike, will pull new businesses together to manage a vital transition.

From dominance of a surging China, it must cope with saturation in a slowing economy where shoppers are beginning to tighten their belts. At the same time, smaller rival JD.com Inc's growing market share is cause for concern - especially as it's backed by Alibaba nemesis Tencent Holdings. "They are trying to do too many things at o…