The stock of tech giant Alibaba — whose shares had been beaten down since Beijing's yearslong Big Tech regulatory crackdown — has soared 38% this year so far in Hong Kong. The stock's dual listing on the New York Stock Exchange is up 33%.

Alibaba faces a lot of formidable challenges, but it will likely remain China's top e-commerce and cloud company for the foreseeable future. If you expect it to weather the near-term headwinds as it expands its higher-growth overseas commerce, logistics, cloud, and AI businesses, then it could be the perfect time to buy its undervalued stock.