(https://www.sec.gov/Archives/edgar/data/1577552/000119312526361902/xslF345X06/ownership.xml) $15.3M in shares on the same day the tariff headlines crushed sentiment. That's not panic buying — that's signal. BABA's net margin and ROIC suggest the core business is defending profitability in a compressed growth environment, but the tariff thesis rests on incomplete data.

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