If people can buy bitcoin, people can buy shares of a Cayman Island company as long as Alibaba recognises them. That's all that matters. If Alibaba doesn't, why waste billions doing share buybacks?
Also, capital chases opportunity, doesn't matter which market. If institution investors sell, there will be buyers if the price is right. As US price is tied to HK price, if price falls, mainland Chinese will buy using HK connect. Also questionable is whether institution investors have to sell at a loss or they rather hold the stock in OTC market if Alibaba growth rate is still decent
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