When Alibaba conducted its IPO in September 2014 it was every bit the blockbuster anticipated, selling more shares at a higher price than planned and surging more than 35% when it opened for trading. A year later though, the stock has stumbled below its $68 offering price and become a flashpoint for fierce debate between bulls and bears.
The summer of 2015 has turned up the heat on Alibaba, culminating in last weekend’s critical Barron’s cover story chronicling issues ranging from the company’s problems with counterfeit goods to corporate governance and its lofty market valuation (even with shares already well below their peak). In a point-by-point rebuttal, Alibaba argued that its valuation is much closer to eBay EBAY at a comparable period in that company’s growth cycle and that it has taken substantial steps to identify and penalize merchants dealing in fake goods.
Bulls were quick to defend Alibaba, pointing to past examples of poorly-timed market and stock calls from various financial publications over the years. But many of the issues raised by Barron’s are not easily dismissed.
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