Hong Kong — China’s two largest companies have lost a combined $140bn in market value since the escalation of the US-China trade war in May. As Alibaba and Tencent, Naspers owns 31% of the latter, report earnings this week back-to-back, they will try to show the punishment is overdone.

The brutal market sell-off began three months ago as US President Donald Trump’s administration slapped restrictions on Chinese national champion Huawei Technologies, drawing the ire of Beijing. The Hong Kong benchmark has slid more than 10%, with the two giants dropping by similar amounts...

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