China's Five Tech Giants Are Fading Fast

But there are increasing signs that even this slower rate is flimsy. That’s because profits are actually dropping. I analyzed the top companies by market cap: Baidu Inc., Alibaba Group Holding Ltd., Tencent Holdings Ltd., JD.Com Inc. and NetEase Inc...... For the September period, aggregate operating income fell 0.3 percent, after plunging 24 percent in the June quarter. Tencent was the only one that posted higher operating income, and even that’s misleading because 31 percent of its profit came from gains beyond its core business.

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