Benzinga | Nov 18, 2021 08:59AM EST

Franklin Templeton Sees China's Alibaba, Tencent Triumph In Future

* While China's internet giants have taken a beating this year, the digitalization implies these companies will stay industry leaders in the "long-term," according to Franklin Templeton Investments, Bloomberg reports.

* "You might have to wait a while for them to recover, but all those names are very powerful for China and will continue to be," CIO Manraj Sekhon said.

* The Hang Seng Tech Index dominated by internet bellwethers like Alibaba Group Holding Ltd (NYSE:BABA) and Tencent Holdings Ltd (OTC:TCEHY) rebounded in recent weeks yet remains over 40% below its February peak.

* Sekhon is also exploring investments in China's renewables industry, particularly in the electric-vehicle and solar sectors.

* Related Content: How China's Continued Fintech Crackdown Affect Alibaba And Others?

* Price Action: BABA shares traded higher by 6.68% at $150.97 in the premarket session on the last check Thursday.