"Valuations of most Chinese firms are relatively high at this stage," Liu said.
Some companies saw share prices surge by five times within a year, and it is hard to tell whether prices are done correcting yet.
On the other hand, analysts upgraded some companies after their share prices hit historic lows.
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Alibaba rival JD.com is reportedly planning an IPO for later this year.
Timeline
Major events in Alibaba's development
2000
SoftBank Corp invests $20 million in Alibaba. The company goes on to acquire more than 30 percent of Alibaba after its initial public offering in the United States.
August 2005
Yahoo Inc inks a strategic partnership with Alibaba, agreeing to invest roughly $1 billion to get a 40 percent stake in the e-commerce company.
2007
Alibaba lists its Alibaba.com (1688.com), a business-to-business site focusing on exports, in Hong Kong. At an IPO share price of HK$13.50, Alibaba.com raises HK$13 billion.
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