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Tencent, Alibaba Look Like Utilities After US$1 Trillion Drubbing

Bloomberg5/17/2022 07:31 AM GMT+08  • 5 min read
Tencent, Alibaba Look Like Utilities After US$1 Trillion Drubbing
Bloomberg: Shanghai Skyline
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For years they were two of the fastest-growing companies worldwide -- stock-market darlings worth a combined US$1.7 trillion at their peak.

Now Tencent Holdings Ltd. and Alibaba Group Holding Ltd. are struggling to keep up with even the most staid utilities as China’s crackdown on internet giants takes its toll.

Tencent results on May 18 are expected to show revenue rose by a mere 4.3% in the March quarter, while growth at Alibaba is projected at 7.1%. Both would be record lows and lagging the 8.6% average growth reported by the 10 largest utilities including Duke Energy Corp. and The Southern Co. last year.

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