"Chinese internet company Alibaba was a top detractor for both the quarter and the fiscal year ending September 30. Regulatory headwinds and heightened competition continued to challenge the company's operating results. Earlier in 2021, the Chinese government fined Alibaba Group $2.8 billion—the largest antitrust penalty issued in the country's history. The fine, which represents 4% of the company's 2019 annual domestic revenue, was imposed because China's State Administration for Market Regulation found that Alibaba's merchant exclusivity requirements hindered competition. Later, the company's share price plunged upon the release of fiscal full-year earnings, even though these were largely in line with our full-year estimates on an organic basis. Along with the earnings release, management announced it would reinvest all incremental profits in the current fiscal year, which disappointed investors.