Alibaba stocks have taken a beating. The once hyped stock has been plagued on a bearish slope since the 2014. The stock that has a market cap of around $165b and a P/E ratio of close to 42 will not take well on the Chinese devaluation of its currency.
Alibaba stock is closely tied to the Chinese economy with most manufacturers being based in China but the hard driving fact is that almost all transaction are covered in USD giving buyers in countries outside the US little incentive to purchase via Alibaba or AliExpress, its retail oriented arm. At least in the near term.
Jack Ma and his US friendly positions and role as a intermediary face of US-China trade relations will need to find better ways to recover his stock as the aggressive sharks will start roaming the waters around Alibaba as the stock is becoming takeover friendly.