Can China's national tech champions continue to grow?

For many years now, Chinese internet companies have been producing notable earnings expansion on the back of consumption-led growth in China.

As investments, these companies are not only growing strongly but they are cash generative and require little capital expenditure. Good examples are the Chinese internet companies NetEase (online gaming) and JD.com (e-commerce). These have demonstrated their ability to grow profitably with a healthy focus on costs. Investment Conundrums: Newton CIO Custard eyes 'significant bounce back' for post-coronavirus China JD.com produced higher-than-expected profit numbers in 2019 primarily due to cost control, while NetEase sold a loss-making e-commerce business to Alibaba, showing a willi...