(Bloomberg) -- A technology-focused China equity fund outperforming 98% of peers this year advises caution over the frenzy in artificial intelligence themes, sa

China Fund Beating 98% of Peers Spurns AI Trade on Risks - Yahoo Finance

Shares of Alibaba (BABA) began to slide on Friday after Morgan Stanley analyst Eddy Wang gave the company a downgrade from 'Overweight' to 'Equal weight,' cutti

Alibaba stock trades lower on Morgan Stanley downgrade

Users will go to Alibaba and JD and but not PDD for high-priced and branded merchandize except for those that are subsidized by PDD. Success in these categories could be worse than expected.

With the government’s request to tear down the internet giants’ walled garden, consumers can more easily share Alibaba’s products via Weixin than before. The comparative advantage of being Tencent's investee will reduce gradually.

Sales and marketing expense/sales ratio could be at a level higher than our bear-case scenario if monetization rate is stagnant. Profitability will suffer.

PDD could be able to penetrate the high-price categories and less price-sensitive consumers better than expected.

As the early player in the consumer-to-manufacturer model, PDD is likely to possess the largest sales volume in the existing C2M products. Hence, it is hard for Alibaba’s C2M offerings of the same products to have lower unit costs compared with PDD.

PDD has the most incentive to put the most effort into increasing online sales of agricultural products. This should help it continue to attract continuous traffic.


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