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.
  • Related Content: How China's Continued Fintech Crackdown Affect Alibaba And Others?
  • Price Action: BABA shares traded higher by 6.68% at $150.97 in the premarket session on the last check Thursday.
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