Alibaba’s decline can be analyzed from many perspectives, and the following are several key factors:

Strategic mistakes. Alibaba’s series of strategic decision-making mistakes, such as blocking competitors and adjusting internal business, had a negative impact on its image and market share12.

Neglecting core business. Alibaba’s failure to effectively respond to market competition, especially in terms of technological innovation and customer service, led to the weakening of its market advantage23.

Regulatory pressure. The suspension of Ant Financial’s IPO and the subsequent rectification of its financial business dealt a major blow to Alibaba’s financial condition and market value34.

Intensified competition. With the intensification of market competition, especially from emerging companies such as Pinduoduo and Meituan, Alibaba’s advantages in e-commerce and financial services have been challenged13.

Technological progress and changes in consumer behavior. Technological progress and changes in consumer behavior have put traditional retailers under greater pressure, which has also affected Alibaba’s business performance5.

To sum up, Alibaba’s decline is the result of multiple factors, including strategic mistakes, regulatory pressure, intensified market competition, and changes in technological advances and consumer behavior12.