Shares of the Chinese tech giant have fallen 68% over the past three years and show few signs of recovery, despite hopes that the Chinese economy would recover from the pandemic, that a plan to split the company would unlock its value, and that business would recover from Beijing’s crackdown on the tech sector.

Those theses have not yet come true, but that doesn’t mean Alibaba is hopeless. Let’s take a look at the reasons to buy, sell and hold Chinese e-commerce stocks today.

Alibaba stock is cheap when compared to historical performance, and Alibaba is still generating significant profits. The stock trades at a price-to-earnings ratio of less than 10, which gives it ample room to grow if it can show continued growth. Additionally, the stock has room to grow if investors reassess China and the discount applied to most Chinese stocks shrinks.

Alibaba also delighted investors with plans to spin off some secondary businesses outside of its core e-commerce business. While this plan was shelved when the company said it would not spin off its cloud division due to restrictions on chip exports from the U.S., it still intends to spin off businesses such as its logistics segment and digital entertainment, which could generate returns for investors.