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Winds pick up for China’s tech weathervane Alibaba

At 97, you might not expect legendary investor Charlie Munger to have much patience with Beijing’s regulatory chaos these last 12 months.
You’d be wrong, as Warren Buffett’s right-hand increases bets on Alibaba Group. Alibaba is China Inc’s “patient zero” on two fronts. It was the first big tech-sector success that President Xi Jinping’s economy put on the global scoreboard. Founder Jack Ma was also the first tycoon Xi’s Communist Party went after, when it scuttled a November 2020 initial public offering by Ant Group. Is the worst over for Alibaba, whose shares are down 45% over the last 12 months?
Amazon, by comparison, is down a less spectacular 5%, while Japan’s Rakuten Group is down about 10%.