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Chinese Tech Bulls Load Up, but Doubts Remain

After a more than $1 trillion selloff, many investors think China’s three largest tech stocks have bottomed out. But skeptics say the biggest problems facing the sector still haven’t been resolved.

Alibaba Group Holding Tencent Holdings and Meituan have collectively lost more than $1.2 trillion in value since February last year, when the combined market capitalization of the trio peaked. That was part of a wider rout in Chinese tech stocks. China’s ultra-strict “zero Covid” policy, a domestic economic slowdown and a crackdown on the sector by the Chinese government have all pushed down shares.