Manuel Muhl, who downgraded Alibaba Group Holding Ltd. to a sell in late July before its 39 percent plunge, said the stock remains a valuation trap, SCMP reports. Alibaba’s intrinsic value appeal is not adequately reflected in the stock price as China’s regulatory risks and U.S. delisting pressures continue to mount. “The fear that the ADRs will be delisted, the worry that more regulatory pressure is on the way, have led to those massive sell-offs, and right now it is not possible to find an adequate risk premium for the sector,” he said. Alibaba lost 39 percent in NYSE since Muhl cut his rating to a sell on July 26, precipitating a $220 billion loss of market value. Muhl remains the only analyst with a sell rating among 62 tracked by Bloomberg. He lowered his price target to $130 on November 19. While Alibaba’s stock is still expected to be …