Veteran value investor Bill Miller spots an opportunity in an e-commerce giant whose shares have slid to five-year lows. "We have a position, and a growing position in Alibaba, which I think is the cheapest big cap stock in the world," Miller said Wednesday on CNBC's " Squawk Box ." The stock "price is there" within the next 12 months of earnings, and it's trading at a five-year low for a company that's "a dominant global player," Miller said. The Chinese e-commerce giant's stock is down about 55% over the last 12 months. Miller's comments come amid growing tensions between China and the U.S., which have put Chinese companies like Alibaba at risk of getting delisted from U.S. exchanges over the next few years . Newly finalized rules from the U.S. Securities and Exchange Commission allow the agency to delist foreign stocks if they fail to meet audit requirements. It seeks to combat China's past refusal to allow inspectors from the Public Company Accounting Oversight Board to review audits for some companies. In December, Chinese ride-hailing giant Didi announced it would start delisting from the New York Stock Exchange and opt to list in Hong Kong. Alibaba and rival JD.com have already undertaken listings in both countries. Chinese regulators have also cracked down on tech companies , issuing data protection laws and anti-monopoly rules. Last month, Alibaba reported its slowest-ever growth in quarterly revenue since it went public in 2014. Sales fell below analysts' forecasts as competition intensifies in China's e-commerce space.
Signage for Alibaba Group Holding Ltd. covers the front facade of the New York Stock Exchange November 11, 2015.
Brendan McDermid | Reuters
Veteran value investor Bill Miller spots an opportunity in an e-commerce giant whose shares have slid to five-year lows.