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Publish date:, Tencent Draw Positive Comments From Morningstar will 'have little nicks and grazes, but we think overall, it’ll be ... relatively intact,' said Morningstar’s director of equity research in Asia.

Chinese technology titans  (JD) - Get Inc. Report and Tencent may avoid the wrath China’s government has directed at Alibaba  (BABA) - Get Alibaba Group Holding Ltd. Report and other major Chinese companies, Morningstar says.

That duo is “relatively more sheltered” from Beijing’s regulatory crackdown. Lorraine Tan, Morningstar’s director of equity research in Asia, told CNBC.

Regarding, “Some of the measures in terms of reducing ... monopolistic practices will actually favor some of the smaller e-commerce players — and is one of them,” she said.

“It’ll have little nicks and grazes, but we think overall, it’ll be ... relatively intact.” recently traded at $80.01, up 2%, and has rebounded 16% since Oct. 4. It’s still down 9% year to date.

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Morningstar analyst Chelsey Tam puts fair value for stock at $106.

“JD is one of the companies least adversely affected by the current industry regulations among our Internet coverage, but the intensity of the regulation rollout has dampened investors’ interests in any internet names,” she wrote in an August commentary.

“We like several things in JD’s second-quarter results -- some color on the government’s positive feedback on JD, a record net quarterly add in new users, solid revenue growth, and improving customer retention. We think JD is on track to meet our full-year assumptions.”

As for Tencent, which doesn’t trade on a U.S. exchange, the government appears to be focusing on its gaming business. 

But Tan told CNBC that its other units, including cloud services and WeChat, will enable it to “deflect” some of the government’s assault.