The numbers are grim: Among China’s Internet big three, messaging and gaming giant Tencent’s stock is down 41 percent from a year ago, e-commerce titan Alibaba’s has fallen 59 percent, and search king Baidu’s has sunk 37 percent. Prominent entrepreneurs who were once practically rock stars are also keeping their heads down. Tech executives who have stopped making social media posts and hidden their previous comments include Zhang, founder of Byte, which owns TikTok; Jean Liu, president of China’s ride-hailing giant Didi; and Wang Xing, founder of popular meal delivery app. Alibaba founder Jack Ma has kept such a low profile that false rumors circulated that he might have been detained. China’s tech industry is suffering the compounded challenges of a regulatory crackdown, coronavirus lockdowns at home and trade sanctions from abroad. These woes have investors fearing the ceiling for growth might be closer to their heads than they previously thought. “The optimism that I hear now ...
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