On October 11, the Hong Kong stock e-commerce sector saw a general rise, with Meituan, Alibaba, Tencent, and others all soaring.
Recently, there are a few things worth noting:
 
Charlie Munger, Cathie Wood, and Duan Yongping, among other experts, are buying the dip in Chinese concept stocks like Alibaba. Goldman Sachs, Hillhouse, Fidelity, Schroders, and other funds are increasing their shareholdings in Alibaba.
 
League of Legends official mobile gaming version launched in China.
 
Meituan received a fine from the State Administration for Market Regulation.
 
I believe that these few things put together roughly indicate that the severe winter of Chinese concept internet companies is over.
 
The collective buying of international capital typically signals the investment value of the company. Alibaba, Tencent's decline has exceeded 50%, and the valuation is basically at a historical low. As long as their business model and growth logic do not undergo fundamental changes, smart money will always flow downhill.
 
Those who understand Charlie Munger know that this centenarian's style is either not moving at all or making big moves. Li Lu once said, Munger has been persistently reading the Wall Street Journal for decades, and during that time, he found an investment opportunity on it, which most people would have given up on long ago. Munger's style is to buy high-quality companies at a reasonable price. I remember about two or three years ago, Buffett also lamented that not buying into alibaba was a regret, so alibaba should have been in their sights long ago.
 
I was a little surprised by how much Duan Yongping bought alibaba for. He had previously ridiculed alibaba for 'making it difficult to do business by forcing a choice between two options,' thinking that alibaba's business culture was problematic, so he had always chosen to buy Tencent over alibaba. I can only understand that, Mr. Duan indeed felt...