A great quarter for Tencent and Alibaba despite storm clouds | Business News | SupChina
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A great quarter for Tencent and Alibaba despite storm clouds

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China’s two biggest internet companies have announced healthy results. Reuters reports:

Tencent Holdings Ltd posted record quarterly profit on Wednesday, smashing market expectations, as the social media and gaming giant booked a rise in the value of its investments while fintech and cloud revenues helped make up for declines in games. Even so, revenue grew at its slowest-ever rate, as heightened regulatory scrutiny hobbled its gaming operations.

From Bloomberg via Yahoo:

Alibaba Group Holding Ltd. posted sales and earnings that topped estimates as the Chinese e-commerce giant overhauled shopping recommendations to defy a slowing economy.”

These results come on the same day as new economic data indicates China’s economy continues to slow. Some of the evidence:

  • “Chinese dream readjusted: why aspirations dim” is a Financial Times piece (paywall) on the effects of slowing growth, including growing pessimism. One interviewee says: “It won’t be like in the past, when living standards improved every year, they may be stagnant or even drop. But the middle classes haven’t changed their mindset yet.”
  • “China’s economic activity cooled last month as growth in factory production, investment and retail sales slowed,” reports MarketWatch.
Jeremy Goldkorn

Jeremy Goldkorn worked in China for 20 years as an editor and entrepreneur. He is editor-in-chief of SupChina, and co-founder of the Sinica Podcast.

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