Investors in Alibaba once hoped the Chinese ecommerce giant could become the next Amazon. They were wrong. Three years ago Amazon had the same market value as Alibaba. Now it is worth twice as much.
But there is an upside to this failure. Years of unfruitful attempts to expand in the US have provided Alibaba with some unexpected good luck. As President Trump considers further bans on Chinese companies and services Alibaba is out of the firing line.
Even if relations worsen and the company is dragged into the fight, Alibaba’s limited presence overseas — which accounts for less than a tenth of total sales — should shield it from material impact.
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