Revenue and adjusted earnings came in as expected, but the big news is that Baba is not spinning off the cloud computing unit at this time. The market sold it off heavily, down 8-9% so far. Other big news is a 1.3% annual dividend.

I actually prefer to keep the cloud unit inside BABA at the moment, wasn't looking forward to tracking all these different stocks I was going to get. And I'm fine with getting a dividend.

International revenue showed robust growth.

The big key with Baba is whether you can trust the ownership interest in the company represented by each BABA ADR, or will those owners get screwed while the Chinese owners get rich.

The laws and enforceability of ownership rights is the crux of the issue. Otherwise I'm very, very bullish on BABA as a company and the value of BABA relative to price right now. It's a gamble though, which way will the winds of the Chinese government (Xi) blow?