File - People ride a tandem bicycle past a logo of Alibaba Group at the company's headquarters on the outskirts of Hangzhou, Zhejiang province in this November 10, 2014. REUTERS/Aly Song
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A year since it went public in the biggest stock listing ever, China's Alibaba Group Holding Ltd. has spent more than $6 billion on everything from an electronics store chain to a robot maker.Shares in microblog platform Weibo Corp, retailer Haier Electronics Group Co. Ltd., online video firm Youku Tudou Inc. and mobile dating firm Momo Inc have underperformed the broader markets since Alibaba pumped cash into them.Even those whose shares have gained have struggled to make profit. In February, Alibaba invested $590 million in obscure Chinese smartphone maker Meizu Technology Co. to compete in a market which is already saturated and seeing margins flatten and competition intensify.In August, Alibaba paid a hefty 146 times Suning Commerce Group Co. Ltd.'s earnings to take a $4.6 billion stake in the brick-and-mortar electronics retailer, an investment it says is a logistics play.
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