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China tech

Alibaba buries hatchet with Tencent as regulatory walls close in

Antitrust pressure and murky outlook loom heavy over China's e-commerce king

Despite holding a dominant position in China's e-commerce market, Alibaba Group Holding has struggled to gain traction in new business fields like cloud services.   © Kyodo

SHANGHAI -- With China cracking down on the country's tech giants, Alibaba Group Holding has extended an olive branch to longtime rival Tencent Holdings in a shift away from exclusionary platforms long at the heart of its business strategy.

The leading e-commerce provider has long enjoyed strong earnings buoyed by its grip on the massive Chinese market. But antitrust pressures and its struggle to diversify have cast doubt over its ability to continue growing long term, especially as the company grapples with its first-ever quarterly loss since going public in 2014.

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