After a Long Surge, Investors Make the Case Against Chinese Tech Giants

The unthinkable has happened: Not everyone is overly bullish on big Chinese internet and tech stocks anymore.

Two investor presentations at this week’s Sohn Investment Conference in Hong Kong painted mixed pictures of the sector. One recommended a hedged options trade on Tencent Holdings Ltd., which would profit from a big selloff. Another pitched shorting—or betting against—online retailer JD.com Inc., saying the company has made “regrettable and silly” investments and that its stock is poised to go much lower.

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