Tencent and Alibaba, China’s biggest tech groups and two of the country’s most acquisitive buyers, have stepped on the brakes after a dealmaking binge that saw the duo mint an aggregate 243 investments last year.
The numbers, calculated by IT Juzi, a research company, and boutique investment bank China Renaissance, highlight the extent to which Tencent and Alibaba’s hunger for building conglomerates has led them to dominate the turf traditionally held by financial sponsors — and to rely on investments for as much as one-third of profits.
However, Tencent’s buying spree in particular abated sharply after striking 70 deals in the first quarter of 2018 — roughly half the full-year tally — as China’s “capital winter” began to bite.
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