From Tencent Holdings Ltd. to Alibaba Group Holding Ltd., China's tech leaders delivered underwhelming numbers for a quarter beset by economic and geopolitical uncertainty. Whether or not they can win back investors may increasingly hinge on Beijing's actions.
In call after call with investors, China's internet pioneers described how the uneven economy was undermining their business and clouding the future. Most offered cautious optimism for how the unprecedented government stimulus unleashed late in the summer would help grease the wheels and pleaded for patience. But the group that once defied Silicon Valley and defined the country's private economy was short on new ideas and ambitious goals.