The risks for Alibaba are more than political. $BABA, Alibaba Group Holding Limited / H1 The company you are buying in BABA is an offshore shell company. More importantly, the Chinese government has demonstrated recently they can seize control of a company, its assets, and do anything at any time and for any reason. I agree it is undervalued by traditional metrics but these risks will always make it trade at some delta below paper value. However, once that “base” is established, it should be a solid floor for it to rise from