In the minds of certain hedge fund managers, an investment in Alibaba was really risk exposure to the Chinese government, the degree of central control varying depending on the hedge fund manager’s outlook. The extent to which Alibaba Group Holding Ltd (NYSE:BABA)’s founder, Jack Ma, could succeed was heavily influenced by the government, the thesis goes. And the extent to which foreign investors could succeed, particularly if there is a military conflict with the west, would be influenced by the government and potentially tested as well, was the speculation.
Jack Ma’s deference...


