Today, I sold a partial stake of 1,800 Alibaba HK shares. It marks the end of a position I held for approximately four and a half years — and not in the way I had originally envisioned. At an average cost of around HKD 142, it’s ironic that after such a long holding period, I still have a realised -1% loss. What Made Me Decide to Sell First, Alibaba’s earnings trajectory has largely gone sideways. Revenue growth has slowed significantly from its earlier high-growth phase, transitioning from rapid expansion into a more mature, slower-growing profile. At the same time, earnings growth has not matched the revenue growth. Despite this, the stock continues to trade at around ~20x price-to-earnings, which is not particularly compelling given the lack of strong growth momentum. Second, the opprotunity cost of holding Alibaba has been substantial. In Singapore, listed REITs have consistently delivered 5%–7% yields annually, with additional upside from capital...