Citi released a report on the outlook for Chinese technology stocks in 2026, listing the capital expenditure forecasts for Alibaba (9988.HK), Tencent (00700.HK), and Baidu (09888.HK) from 2025 to 2027:
Stock│Capital Expenditure Forecast for This Year (RMB)│Capital Expenditure Forecast for Next Year (RMB)│Capital Expenditure Forecast for 2027 (RMB)
Alibaba-W (9988.HK)│126.8 billion│144 billion│143.8 billion
Tencent (00700.HK)│72.9 billion│84 billion│103 billion
Baidu-SW (09888.HK)│8.2 billion│8.3 billion│8.7 billion
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The bank also predicts the proportion of capital expenditure to operating cash flow for Alibaba, Tencent, and Baidu in 2027:
Stock│Forecast Proportion of Capital Expenditure to Operating Cash Flow in 2027
Alibaba│69%
Tencent│25%
Baidu│21%