Chinese internet companies face a new reality after Donald Trump's surprise victory as US president-elect - and Alibaba Group Holding Ltd has the most to lose.

On the campaign trail, Trump promised to upend global trade, saying that China is " killing us" on trade policy and proposing tariffs on Chinese goods of as much as 45 percent. If implemented, his ideas could lead to "devastating" results, from global trade wars to higher costs of living, and "spell the end of globalization," according to Darrell West, a vice-president at the Brookings Institution.

"He was very critical of Chinese trade agreements and has threatened to rip them up," West said. "If he did that, the consequences for Chinese companies would be enormous."