Everyone disagrees with Alibaba's stock, strategy, and management culture. Tencent vs Alibaba = choose Tencent, Pinduoduo vs Alibaba = choose Pinduoduo. Each key business unit of Alibaba has the potential to become a trillion-dollar enterprise, yet none have emerged. It seems like they are holding each other back; the mountain-top culture is essentially a miniature version of the Ming Dynasty. A friend said that Jack Ma should appreciate the 'Comprehensive Mirror to Aid in Government'... The strong 'exclusivity in corporate culture' has left almost all acquired companies with only half a life. It's even harder to achieve success overseas. Who can endure such a culture?

Meanwhile, ByteDance's old stocks are now valued at about 200 billion USD, and there's still a market, while Xiaohongshu's management is in turmoil...