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Goldman Sachs picks the Chinese cloud stocks to buy as internet users soar

AliCloud’s headquarters in Hangzhou, Zhejiang Province of China.

VCG | Visual China Group | Getty Images

Analysts at Goldman Sachs have picked three Chinese cloud stocks set for strong growth, with potential upsides to their share prices of more than 50%.

China’s online population surged during the pandemic and by the end of last year it had nearly 1 billion web users. Internet companies reaped the benefits; Douyin, the Chinese version of short-video sharing app TikTok, for instance, hit 600 million daily active users.

But these web giants — TikTok-owner ByteDance, Alibaba, Microsoft and the like — rely on data centers to host their vast cloud computing operations, and Goldman has identified three stocks in the space with big potential.

Goldman’s buy-rated picks, all due to report earnings in the coming weeks, are:

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