Alibaba Can't Defy China Slowdown Forever - Wall Street Journal

Alibaba is making the best of a tough situation. That may not ultimately be enough for shareholders.

For a while, China’s e-commerce market seemed immune to the broader Chinese economic slowdown. That is no longer the case. Growth in gross merchandise volume, the total amount of transactions hosted on Alibaba’s marketplaces, is clearly feeling some impact.

Alibaba’s GMV rose 23% from a year earlier in the December quarter....