china is still only high single digits so a long runway for a penetration story free commerce in kmooin china. >> a huge market but not without risks and my favorite part on the reports have the upside scenario of 136 and then the down side of 65 dollars a share. that is quite a big range. what is the risk for one side or the other. >> i think the upside scenario we highlight is obviously faster than expected growth. continued strength in the margins. alibaba is obviously one of the most profitable companies in the globe in terms of the model they have today. and that would point to the upside obviously. on the downside, macro is one thing we highlighted. the second is corporate governance concerns with alibaba specifically. both the control jack ma and the alibaba partnership have over the listing structure and the share structure. >> eric, compared to a lot of other ipos this year, they have traded in a narrow range. that range getting a little larger now. but what accounts for that. why has it stuck so close to the first day's trade. >> you are looking at a company with a very large market