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.
