You're in good company. As you probably know, Warren Buffett's co-chair Charlie Munger was in this stock for part of last year and this year for similar reasons, and then dumped the stock as it kept slip-sliding lower.
I also attempted to catch the bottom on
$BABA last fall for similar reasons. When it made a new low, we took the small loss and moved on.
It's one of those stocks where it's tempting to average down.
But the stock has yet to make a new near-term high. So the lower-risk play (see chart) might be to wait until it makes a new weekly or monthly high, and THEN buy.
In that case, the bet would be that Chinese smartmoney is anticipating that some of the dark clouds hanging over the stock - delisting threats, slowing growth, Chinese regulators, rising rates, etc - might go away in the future (for reasons that may not be entirely clear at the moment when BABA's stock finally makes its move).
