Alibaba (9988) crashed from around HK$100 per share to HK$71 per share in less than a week. This is an incredulous plunge in value of almost 30%. US Sanctions on China over Ukraine interference, China regulatory on Tech firms as well as potential delisting of China businesses on US Stock market culminated in the spectacular downfall of China tech stocks and Alibaba was knocked out. The speed of investors bailing out of China equities reminded me of the days in 2008 Global Financial Crisis.
Thankfully, Alibaba and most tech stocks rebounded today (16th March 2022) by over 20% after the irrational selling the day before. It closed at HK$90,70 as at 16th March 2022. I have already exited the bulk of my Alibaba investments on the 1st week of March 2022 and currently still vested in 100 shares of Alibaba 9988. I am also fortunate to have stopped additional investments into Alibaba from my Tiger Brokers portfolio since 2nd December 2021 as I decided to mitigate the
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