T1 is ~123 first level, but has potential to reach T2 around 131 - 132 before the end of January.
The ADRs are more about 'what is happening with China regulation' more than anything else. HOWEVER, BABA has one of the best abilities long-term in my opinion. The earnings have been great and their ability to evolve will surely happen -- just as it has with Amazon (AMZN). The big difference is BABA will have the capability to change the landscape by becoming competitive with Apple (AAPL) through chip manufacturing and potentially acquiring companies that compliment companies here in the U.S., who are dependent on specific technologies.
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