The greatest drop in the stock price of Alibaba Group Holding Ltd. in the past three months highlights investor worry that China’s consumer rebound may fall short of high expectations.

The IT giant’s market worth has been reduced by $28 billion as a result of the e-commerce giant’s 9.1% decline this week. The losses have reduced the month’s gain to approximately 25%, but even at that level, it is still more than twice as large as the recovery for Hong Kong’s benchmark Hang Seng Index.

Concerns about Alibaba’s earnings recovering at the rate that has been anticipated among certain market players. That might negate the gains, which were stoked by optimistic projections from brokers earlier this month, including Citigroup Inc. and Goldman Sachs Group Inc., suggesting increased earnings potential for China’s internet sector given the reopening and loosening of regulatory restrictions.

According to Banny Lam, head of research at Ceb International Inv Corp Ltd., “some investors are feeling wary after such a fast increase and they are waiting for data on a fundamental rebound, including profits and company outlook.” The stock will continue to fluctuate in the near future.

Hangzhou-based Alibaba increased its rebound from an October low to 75%, posting gains in January that were greater than those of nearly every other Hang Seng stock. It hasn’t been the only company riding the bullish wave; Tencent Holdings Ltd. and NetEase Inc. have also displayed signs of overboughtness.

According to statistics gathered by Bloomberg, Alibaba’s 12-month forward earnings prediction has been reduced by nearly 4% since mid-December.

In Hong Kong, the put-to-call ratio of the stock has been increasing this month, indicating that investors are purchasing more insurance against potential price falls. Prior to Monday’s decline, Alibaba stock had been technically overbought for approximately three weeks.