That's the big one; until the VIE structure is better defined with respect to the Chinese legislation, this is a speculative play only slightly better than crypto.

The bull case would be the CCP backing down and making this a legitimate way for non-Chinese to hold ownership in a Chinese company, but even as highly regarded as I am, I can't convince myself that this is happening with the current regime.

The bear case would be a crackdown (again), driving prices down (again)

I think OP is missing out on the worst-case scenario, though, where at any time, a simple statement from Xi could render BABA shares less valuable than the 10 or so bytes of storage space my trading app allocates to it