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2026Q2 · 2026-06-30
Financial visuals and sources
Revenue, profit, cash measures and issuer outlook are presented separately. Subsequent events and unresolved scope differences are identified in the report.
Read full visuals, data and sources (Chinese) ↗Visual research edition · integrated September 13, 2026. Each source retains its reporting period and review date. Not investment advice.
Coverage Timeline3
Following since 2025.07- 20262026.04.035 min
Tencent and Alibaba: One Steady, One Stumbles, Both Down 7%
Alibaba and Tencent recently reported earnings. As the top holdings of many popular China-focused ETFs, their results offer key insights for investors. This analysis digs into the numbers.
- 2026.03.0423 min
Hang Seng Tech Down 30%: Can It Escape the Death Spiral?
The Hang Seng Tech Index has been in freefall, battered by massive CapEx, cash burn, fierce AI competition from unlisted ByteDance, and internal warfare among its own heavyweights. From food delivery wars to tax hikes and liquidity drains, the headwinds are relentless. This deep dive unpacks the structural crisis and the path to recovery.
- 20252025.07.193 min
Hang Seng Tech Rises Steadily, Investment Thesis Clears Up
On July 18, China's State Administration for Market Regulation summoned three food delivery platforms to regulate promotional practices and curb disorderly competition fueled by massive subsidies (e.g., RMB 25 billion spent by JD.com, Alibaba, and Meituan in Q2 2025), which had harmed rider rights and market ecology.
