1. Alibaba sells Intime, marking a shift from its New Retail initiative to focus on core e-commerce, booking a $1.3bn loss. 2. The sale indicates New Retail's failure, with Alibaba likely to dispose of more non-core assets like Sun Art and Fresh Hippo. 3. Weak Chinese consumer demand and intense competition contribute to Alibaba's strategic shift; we remain bearish on Alibaba. 4. Recommend focusing on PDD for its low-cost leadership and global growth potential, especially through its Temu platform.