Poor report cards likely at China’s Big Tech after regulatory crackdown

SHANGHAI: China’s biggest listed companies Tencent and Alibaba are expected to report a fall in profits and slowing revenue growth in the July-September quarter, hurt by the year-long regulatory crackdown that has upended its tech industry.

Beijing has reasserted control over its once-freewheeling internet sector, punishing well-known names for engaging in what were previously considered regular market practices and drafting new rules to change how they compete and engage users.