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Tencent, Alibaba and the fight to control China's online ecosystem

Earnings beat estimates but competition intensifies over payment and cloud

The fight between Tencent and Alibaba extends to mobile payments, cloud computing and other areas of the digital economy.

NEW YORK/HONG KONG -- Alibaba Group Holding and Tencent Holdings both exceeded expectations and reported healthy quarterly earnings on May 15, as China's two largest internet companies appear set to fight for dominance in the country's online sector.

New York-listed Alibaba said net income rose more than 250% on the year to reach 23.4 billion yuan ($3.4 billion) during the January-March quarter, far surpassing the projected 16.9 billion yuan based on analysts polled by Refinitiv.

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