---
title: "Citi lists Alibaba, Tencent, and Baidu's capital expenditure forecasts for 2025 to 2027 (Table)"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/268195807.md"
description: "Citibank released a report on the 2026 outlook for Chinese technology stocks, predicting the capital expenditures of Alibaba, Tencent, and Baidu from 2025 to 2027. Alibaba's capital expenditures are projected to be 126.8 billion yuan, 144 billion yuan, and 143.8 billion yuan; Tencent's are expected to be 72.9 billion yuan, 84 billion yuan, and 103 billion yuan; Baidu's are forecasted to be 8.2 billion yuan, 8.3 billion yuan, and 8.7 billion yuan. Additionally, it is predicted that in 2027, the capital expenditures of Alibaba, Tencent, and Baidu will account for 69%, 25%, and 21% of their operating cash flow, respectively"
datetime: "2025-12-02T07:02:24.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/268195807.md)
  - [en](https://longbridge.com/en/news/268195807.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/268195807.md)
---

# Citi lists Alibaba, Tencent, and Baidu's capital expenditure forecasts for 2025 to 2027 (Table)

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

\--------------------------------------------------------------------

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%

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