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China tech giants offer upside surprises

As Chinese Communist Party leaders gathered at the beach resort of Beidaihe in recent days, the many storm clouds on the horizon were impossible to ignore.

Between an economic slowdown, deflationary forces, new property market distress and ongoing hostilities with the West, Chinese leader Xi Jinping has a full slate of headwinds with which to contend.

Yet it’s worth noting key areas where Beijing is picking up potentially powerful tailwinds, too. Despite the various sources of turbulence, Chinese tech earnings are racking up some impressive gains.

From Ant Group making a net profit of 13.37 billion yuan (US$1.85 billion) in the three months to March 31, a 17.5% year-on-year jump, to Huawei reporting 2.2% year-on-year growth in consumer business revenue for the first half of the year, there’s reason for optimism that the worst may be over for China’s battered tech giants.

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