(Bloomberg) — Just as investors are watching whether a flurry of earnings reports due next month could revive Chinese technology shares, analysts slashed their forecasts on Alibaba Group Holding.

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The company is expected to report on November 5, a week before China’s busiest online shopping festival that’s dubbed “Singles’ Day.” Analysts have lowered their consensus 12-month earnings projection by nearly 5% over the past three weeks to the lowest since July 2020, Bloomberg-compiled data show, amid weak momentum in domestic consumer spending.

Daiwa Capital Markets Hong Kong Ltd. said the e-commerce firm was facing “one of the most challenging quarters,” as it cut estimates recently. Alibaba’s Hong Kong-listed shares rebounded 24% from a record low in the four sessions through Monday, but have since lost steam as concerns remain over China’s technology regulations and slowing economic recovery.

The stock traded little changed as of 11:20 a.m. local time as peers such as Tencent Holdings and JD.com Inc. gained at least 2.1% each.

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