July 11, 2015 2:22 a.m. ET
Chinese Internet companies, led by search provider Baidu and wide-ranging conglomerate Tencent Holdings, held their value for nearly a month after the broader Chinese market started crumbling in late May, and with good reason. These two fast-growing giants, along with Chinese e-commerce king Alibaba Group Holding and its upstart rival JD.com, are listed on U.S. and Hong Kong exchanges. They are bought by global tech investors a world away from the mom-and-pop Chinese punters who have been borrowing money to gamble on little-known companies traded in Shanghai or Shenzhen.