That is about investor confidence, not company performance. The companies are for the most part still making boatloads of money, just not as much as investors naively expected to get from taking over a market with 1.4B people.

And even if foreign investors are more cautious now, there is plenty of money trapped by capital controls, so that it doesn't look like new tech companies have trouble raising capital anyway.

At some point, we should kinda accept that "China's X, Y, Z industries are about to collapse" headlines are just bad at predicting the future. They've proven again and again how they can pivot fast. Applies to tech as well.

I'm assuming you don't have any working relations with any Chinese companies, because on-the-ground shows something much different than what these headlines promise.