Alibaba rose as much as 6.5 percent on July 26 after announcing its decision to apply for a primary listing in Hong Kong that paves the way for millions of mainland investors to directly buy the stock. It surrendered those gains within days as investors assessed the implications of co-founder Ma ceding control of Ant. Compounding matters, Alibaba became the latest to join a growing roster of Chinese firms that face removal from US bourses because of Beijing's refusal to permit American officials to review their auditors' work.