(Bloomberg) -- It’s not the e-commerce business that’ll command the most attention when Alibaba Group Holding Ltd. posts earnings Wednesday. It’s the nascent cloud computing division that investors will scrutinize instead.

China’s largest internet company reports just a week before Katy Perry and other stars headline a launch party for the annual Singles’ Day online shopping extravaganza. Yet it’s the less flashy internet-based computing unit that’s in the spotlight now that its e-commerce juggernaut is plateauing and the payoff from nascent businesses such as entertainment remains years away.

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