Risks in Alibaba fell when: 1. $BABA paid a fine back in April 2. Jack Ma was "found" for the first time 3. $BABA announced stock buybacks after last earnings 4. $BABA committed itself to the common prosperity initiative 5. $BABA gave up its media assets one by one 6. Jack Ma resurfaced for the second time 7. China announced that the Evergrande contagion can be absorbed At each point, the CCP and the Chinese regulators found a novel way to surprise me. There was hope dangled at every bullet point above and yet the stock found a way to see new lows. At this point, it's a toss of the coin. Mind you, $BABA's fundamentals remain strong. What's uncertain is the regulatory pressure. There is no way to quantify or assess that, because they come out so randomly and the stock price reacts to it.notes from user $BABA, Alibaba Group Holding Limited / H1