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A one-sentence summary of the major targets of Hang Seng Tech:
Tencent—AI lagging behind, other sectors being outperformed by ByteDance, major shareholder continuously selling pressure.
Alibaba—AI suspected to be ahead, but still competing in food delivery; Wang Xing probably offended Jack Ma in a past life, and the management team is a mess.
Baidu—Trying to diversify but failing, relying on Q&A.
Xiaomi—Liu's reputation damaged, vehicle sales stagnant, help us.
Meituan—Initially outperformed by JD.com, then overtaken by Alibaba. Heartbreaking. Also, the food delivery business, which is profitable, gets criticized; if unprofitable, shareholders complain.
Ctrip—A travel and business trip platform that makes money passively, but recently faced severe sanctions.
In the end, they all have an eternal parent—ByteDance.