Amazon.com Inc.’s recent bid to acquire Whole Foods Market Inc. inflamed concerns in the U.S. about big tech companies taking over America.

In China, that’s already happening. Alibaba Group Holding Ltd. and Tencent Holdings Ltd. are online-offline conglomerates each with hundreds of millions of users. The pair—directly or through companies they invest in—provides services and products across a range of businesses from retail, media…


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