China's Web Giants Expected to Post Sales Growth Above 40%
- Both web giants expected to post sales growth above 40%
- Shopping, online games lure Chinese users to spend more
An employee mops the floor in a building lobby at the Alibaba Group Holding Ltd. headquarters in Hangzhou, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s internet titans are set to supply ample evidence that online spending continues to defy a slowdown in the world’s second largest economy.
Tencent Holdings Ltd. and Alibaba Group Holding Ltd. -- the dominant forces in Chinese online gaming and shopping, respectively -- should both report 40 percent-plus sales growth when they deliver quarterly earnings this week, outstripping Amazon.com Inc. and Alphabet Inc. With market values of more than $300 billion each, the Chinese companies are now their nation’s biggest, underscoring the rise of the new economy as traditional industry sputters.