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Tencent, Alibaba Look Like Utilities After $1 Trillion Drubbing

  • Twin Chinese giants may report their slowest growth on record
  • World’s largest game publisher is likely among the hardest-hit

For years they were two of the fastest-growing companies worldwide -- stock-market darlings worth a combined $1.7 trillion at their peak.

Now Tencent Holdings Ltd. and Alibaba Group Holding Ltd. are struggling to keep up with even the most staid utilities as China’s crackdown on internet giants takes its toll.