12 Comments
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Bobby Lee's avatar

great research, however, i think there’s no way to correctly assess the risk of the CCP even if this discount looks nice.

Twilio deep dive soon?

Ben Lamprecht's avatar

Thanks for a great article Packy. For an alternate, highly critical view of Alibaba, see the numerous articles at http://www.deepthroatipo.com/

Packy McCormick's avatar

these are very good

TY's avatar

Wow didn't realize Ali cloud had such strong market leadership in China. If that's the case, Ali cloud itself will be worth $$$ - we got to recognize SaaS in China is still nascent and most corporations are not on the cloud yet.

sheep's avatar

he is right in the center with christmas hat , googly specs, orange t shirt, blue jeans, smiling ..check my profile image

Neetu Barmecha's avatar

This was really informative. Thank you so much

Frederik's avatar

That Article is really great. Thank you for your work, much appreciated!

Henry WC's avatar

A masterpiece Packy. Thank you, even though I know most of the history of Alibaba and Jack Ma, this felt so new and fresh.

Henry WC's avatar

Also wanted to point out the fact of "Alibaba takes $96 of every $100".

"Merchants are left with $4 in profits of every $100 in revenue".

That is very hard to stomach, very unsettling.

Badassmofo's avatar

Im curious where does Packy get information such as this?

David's avatar

Great write-up. This article from Tech Buzz China does a good job of further explaining Ant and it's extreme leverage.

https://www.techbuzzchina.com/newsletter/signup/extra-buzz-19-ant-group-the-biggest-ipo-that-wasnt?fbclid=IwAR3T9V0ThoGj3W-vS3e-TCZJ1wpyKXJkmBZoUXLYeMBIpBcaMy1COgw2Qbs

Juju's avatar

Rehash of investor presentation.

No dive into the bizarre accounting (too big too fail surely...), why a company with $60bn cash on hand needs to raide debt (!!!).

Talking about Pinduoduo, a company resting on thin air...