What: the Chinese e-commerce group’s days of unchecked growth are likely over.

Why is it important: A return to previous growth rates cannot be achieved without government support.

Sales rose 37% as changing consumer buying habits boosted demand for online shopping. But the pace of sales growth has been slowing. For most quarters in the past five years, it was more than 50%.

More concerning is the potential damage from antitrust probes. The main focus of investigations has centred on e-commerce and fintech sectors — two of Alibaba’s core businesses. A massive regulator-led overhaul is underway at its digital payments affiliate Ant Group.

Unlike companies such as Tencent that can diversify sales and regulatory risks geographically by selling games globally, Alibaba’s focus is on China. For Alibaba, a return to previous growth rates — whether it is through new technology, marketing or pricing — cannot be achieved without government support.

Alibaba growing pains