Alibaba latest quarterly results revealed how its largest 2 performing segment- local E commerce and cloud, have evolved into a mature state business. Revenue is growing in single digits which shows the difficulty of the company growing further. Cainaio is the only positive with a large growing in revenue and further steps to profitability. My Thoughts Alibaba China e commerce have cloud are still churning through with margin improvements being made. This has helped the company to report flattish profits. However, what is terrible was its digital commerce group, in particular South East Asia. South East Asia is turning to be a financial black hole because Tiktokshop and Shopee are present and desperately fighting for market share. In my view, South East Asia is too small a market of 3 e commerce players to be earning billions. Previously Tokopedia, Shopee and Lazada were fighting. Only Shopee was profitable churning at an estimated profit level of US$1.2 billion  ...