$BABA-W(09988.HK)Although Jack Ma has stepped back from the spotlight, his lengthy letter still pointed out the issues at Alibaba, which are actually common problems for large corporations. The bigger the company, the more prone it is to mistakes. Whether looking at actual market performance or stock price, Alibaba's performance over the past two years has been very poor. For Alibaba, the complexity of its businesses, inefficient organization, loss of users, and lack of shareholder-friendliness have been major issues in recent years. Fortunately, Alibaba's current stock price already reflects these negative factors. If Alibaba can truly undergo thorough reform, its stock price may recover, especially since it has billions in annual buybacks to cushion the fall.