E-commerce giant Alibaba Group Holding Ltd will probably never have another year like 2014, when it drew global attention with its record $25 billion initial public offering on the New York Stock Exchange.

But less than a year after its September listing, investors are already souring on the company as they see flaws in its business plans that may outweigh the delay of new taxes on the industry.

Ahead of the release on Thursday in New York of Alibaba's results for the fiscal fourth quarter, which ended on March 31, Bloomberg reported that about $70 billion had been wiped off the company's market capitalization since November.