HANGZHOU - Alibaba said on Wednesday stock prices should be based on company performance.

"Comments about the Chinese economy will not affect our confidence in allowing our performance to speak for the company," said the e-commerce giant's Vice Chairman Joe Cai.

Alibaba's stock price tumbled 4.69 percent on Tuesday to $60.91 per share, well below the IPO price of $68 per share.

The company denied media reports that its gross merchandise volume is expected to grow only from 1 to 9 percent in the second quarter, saying it held $18.59 billion in cash, cash equivalent and short-term investments as of June 30, 2015.

The company's revenues went up 28 percent in the second quarter, a slowdown in growth from 45 percent in the first quarter of this year.

The slower revenue growth came as a slowing economy dragged down consumer spending in the world's second-largest economy.