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A rejuvenated Alibaba takes off, but with Beijing in tow

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Angela Tan

Angela Tan

Published Fri, Jan 27, 2023 · 05:50 AM
    • Signage at the Alibaba Group Holding Ltd. offices in Beijing, China, on Tuesday, Jan. 17, 2023. Meme-stock investor Ryan Cohen has taken a stake in Alibaba and is pushing the e-commerce leader to buy back more of its shares, in a rare case of activism targeting a prominent Chinese firm.  Source: Bloomberg
    • Signage at the Alibaba Group Holding Ltd. offices in Beijing, China, on Tuesday, Jan. 17, 2023. Meme-stock investor Ryan Cohen has taken a stake in Alibaba and is pushing the e-commerce leader to buy back more of its shares, in a rare case of activism targeting a prominent Chinese firm.  Source: Bloomberg Bloomberg

    ALIBABA shares are shining again as analysts call a “strong buy” on the Chinese e-commerce giant that has been sidelined since 2020 after its founder Jack Ma fell foul of Chinese President Xi Jinping.

    Since the start of the year, the company’s shares have risen more than 30 per cent to around US$120. Compared to last October, the price has doubled. 

    Alibaba, which is often referred to as the “Amazon of China” and seen as a proxy to China is enjoying a “strong buy” consensus rating based on 16 resounding “buy” calls.

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