Investors looking for an end to the freefall in shares of Chinese e-commerce company Alibaba Group Holding Ltd. may be in for a long wait, if options traders are correct.

The stock’s 75% tumble from a 2020 record high has driven its valuation to an all-time low and put its market capitalization on a par with upstart rival PDD Holdings Inc. The derivatives market indicates further pain, with the options skew showing increased bearishness ahead of Alibaba’s earnings report due Wednesday.

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