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Alibaba’s projected to unveil its slowest pace of third-quarter sales growth in five years on Feb. 2 while it confronts potentially the biggest crisis of its two-decade existence. Uncertainty began in November when regulators first torpedoed Ant Group Co.’s record initial public offering, then launched a probe into the e-commerce firm. Alibaba shares have dropped 16% since Ant’s aborted debut, the worst performance on Hong Kong’s benchmark Hang Seng Index. That’s in stark contrast to arch foe Tencent Holdings Ltd., which had briefly neared a $1 trillion valuation after its stock reached new highs this week.
Ma’s company, once the standard-bearer for China’s fast-rising private firms and booming internet sphere, now faces penalties of as much as 10% of its revenue or some $7.8 billion if it’s found to have abused its market dominance. Executives may also face questions about how a possible crackdown on sister company Ant may hurt its outlook, given the latter firm pro
The Chinese giant is projected to unveil its slowest pace of third-quarter sales growth in five years on Tuesday, while confronting potentially the biggest crisis of its two-decade existence.
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What happened
Shares of
Pinduoduo (NASDAQ:PDD) popped as much as 14% today after getting a bullish initiation from Wall Street. Bernstein commenced coverage of Pinduoduo with an outperform rating and assigned a price target of $210, which represents 22% upside from Friday s closing price. As of 11:10 a.m. EST, the stock had pulled back and was up 6%.
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