Alibaba's stock has plunged over 75% in the last 3 years, falling below $77 per share from over $300 in 2020. Scrapped cloud IPO plans and management shakeups reflect deeper issues for the company that was once a bellwether for foreign investment in China. Canceled IPOs mean employees can't cash out lucrative shares, breaking incentive mechanisms. Alibaba's dominance in e-commerce and live-streaming commerce is being challenged by ByteDance's Douyin and Pinduoduo, while Huawei is encroaching on its cloud market share in China.