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.