Can we talk about BABA?

I have no position in it, and I understand the risk associated with it can essentially devalue the company an enormously variable amount.

BUT, how can this company be so cheap still? It's almost approaching book value and has revenue growth YOY. Profits per share are increasing YOY.

How is this thing down almost 70% in a year?

Secondly, what's up with ADR stocks? Does that also reasonably pose risks? Or have companies that have gone bankrupt or sold off actually seen their investors get some money through ADR stocks?