Alibaba, Tencent’s $66 Billion Party Starts to Fade

China’s largest tech companies Alibaba Group Holding Ltd. and Tencent Holdings Ltd. have gained $66 billion in market value since May’s end, propelled by expectations of a gradual return to pre-crackdown growth and a litany of official promises to unshackle the private sector. Yet some investors warn the celebration may be premature.

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