Hong Kong — Alibaba and Tencent can count themselves among the world’s costliest technology companies after a stellar run. To justify those lofty valuations, China’s two largest corporations have to deliver on some of the riskiest bets they’ve placed in years. Alibaba, which created China’s largest online bazaar but has scant brick-and-mortar experience, spent $8bn investing in a string of retailers including Suning Commerce Group to prove it can transform old-school shopping. Tencent is extending a gaming empire built around social phenomenon WeChat, buying studios and creating content to evolve into an entertainment powerhouse. Those multibillion-dollar bets come under the microscope when both report earnings this week. The aim is to sustain the sort of growth that’s driven their share multiples in excess of Facebook, Apple or Google parent Alphabet — members of the vaunted FAANG quintet that also includes Amazon.com and Netflix. Alibaba and Tencent are projected to report June-qu...
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