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I don't think BABA can do much without an economic boom in China.
Chinese stocks have been the worst performer over the last 3 years. Worse than Japan, Brazil, and US small caps.
But over the past year, it's been great for this type of options strategy.
This has nothing to do with the overall economic, it is a trade that happens once a while with known names. Just name one Japanese stocks you can trade with, nothing came to mind. Chinese stocks pdd jd baba are liquid with sufficient options volume, when they drop, some ETFs will buy them up.