As Chinese tech juggernauts Alibaba and Tencent navigate a challenging business environment, one analyst says the former is the better stock to own now.
navigate the challenging test of rising tensions between Beijing and Washington, one analyst says the former is the better stock to own.
His comments came after the two internet giants released financial results that beat expectations on Wednesday.to 93.50 billion yuan for the three months that ended on March 31, beating estimates of 91.58 billion yuan, according to IBES data from Refinitiv. With e-commerce penetration in China currently at 19%, he added, there is "still a lot of room to grow further" and Alibaba is likely to be the "biggest beneficiary" as online shopping spreads.
Game approvals restarted in December, with Tencent receiving permission to launch major title "Perfect World Mobile" in the January-March quarter. "'Game of Peace' generated $50 million revenue within the first 72 hours of its launch, and it could offset the ongoing decline in 'Honor of Kings,' which lost 12% of its monthly active players in March," Sun said, referring to Tencent's other major gaming title.Trade war impact
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