Chinese tech giants Alibaba, Tencent, JD.com all posted slowest revenue growth on record

Chinese tech giants Alibaba, Tencent, and JD.com have all posted their slowest revenue growth on record as Covid-19 and Beijing’s tech crackdown took their toll.

Since the fall of 2020, China has fined corporations and scrutinized them for alleged monopolistic practices.

A Covid-19 resurgence since March has added pressure to growth, with travel restrictions and stay-home orders disrupting supply chains and logistics.

Reflecting the economic slowdown, e-commerce giant Alibaba reported on Thursday a drop in online shopping for its two main China platforms in the quarter ended March 31.

The company’s total revenue rose by 9 percent in the latest quarter from a year ago — the slowest on record, according to financial history accessed through Wind Information.

Tencent’s revenue for the quarter was little changed, while JD.com saw a roughly 18 percent increase from a year ago — both the slowest on record, according to Wind data.

Alibaba shares soared by nearly 15 percent in New York trading overnight after reporting better-than-expected results.

JD.com’s U.S.-listed shares rose by 5 percent, while Tencent’s climbed more than 1 percent in Hong Kong trading Friday.

This report’s information was first seen on CNBC; to read more, click this link.