Alibaba co-founder Jack Ma has stepped down as president of an important business group in his home province, as the Chinese billionaire continues to shun the limelight while spending time abroad. Before running afoul of Chinese president Xi Jinping’s crackdown on tech companies, Ma often gave lively speeches at the annual year-end bash of the General Association of Zhejiang Entrepreneurs, which he helped found in 2015. The association is China’s most prominent networking group for founders, helping Zhejiang’s legions of entrepreneurs connect with each other throughout the country and around the world.
Zacks.com users have recently been watching Alibaba (BABA) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
Pinduoduo's stock surged 13% on Nov. 28 after the Chinese e-commerce company's third-quarter numbers easily cleared analysts' expectations. Bilibili's stock soared 22% on Nov. 29 after the gaming, digital media, and e-commerce company's Q3 earnings also comforatably beat analysts' estimates. Is it safe to buy either of these Chinese tech stocks right now as their home market grapples with slowing economic growth, COVID-19 lockdowns, social unrest, and unpredictable crackdowns and regulations?