Lost in translation? Hot deals by China's Alibaba leave investors cold as its investment portfolio grows US$16 billion since 2013

A year since it went public in the biggest stock listing ever, China’s Alibaba Group has spent more than US$6 billion on everything from an electronics store chain to a robot maker. As shares hover below their debut price, investors in the e-commerce giant wonder just when it will all pay off.

The seemingly scattershot approach to deals has left shareholders asking how co-founder and chief executive Jack Ma Yun’s baby, once the darling of bourses, analysts and investors alike, will pull new businesses together to manage a vital transition.

From dominance of a surging China, it must cope with saturation in a slowing economy where shoppers are beginning to tighten their belts. At the same time, smaller rival JD.com's growing market share is cause for concern - especially as it’s backed by Alibaba nemesis Tencent.

"They are trying to do too many things at once," said John Ettinger, a co-portfolio manager of the US$5.6 billion Federated Kaufmann fund, which has owned Alibaba shares since the fanfare of the initial public offering.

Close to US$140 billion has been wiped off the company’s market value since last November’s peak. The shares have fallen 28 per cent since the end of their September 19 opening day surge, versus a 0.8 per cent fall in the S&P 500.