Franklin Templeton Sees China's Alibaba, Tencent Triumph In Future

While China's internet giants have taken a beating this year, the digitalization implies these companies will stay industry leaders in the "long-term," according to Franklin Templeton Investments, Bloomberg reports.
"You might have to wait a while for them to recover, but all those names are very powerful for China and will continue to be," CIO Manraj Sekhon said.
The Hang Seng Tech Index dominated by internet bellwethers like Alibaba Group Holding Ltd BABA and Tencent Holdings Ltd TCEHY rebounded in recent weeks yet remains over 40% below its February peak.
Sekhon is also exploring investments in China's renewables industry, particularly in the electric-vehicle and solar sectors.
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Price Action: BABA shares traded higher by 6.68% at $150.97 in the premarket session on the last check Thursday.