Chinese technology giants are coming off the back of their worst quarter of growth in history as a big slowdown in the world’s second-largest economy, stoked by Beijing’s strict Covid policy, takes its toll.

In the second quarter of the year, e-commerce firm Alibaba posted its first ever flat year-on-year quarterly revenue growth and social media and gaming company Tencent reported its first sales decline on record. 

JD.com, China’s second-largest e-commerce player, posted its slowest revenue growth in history, while electric vehicle maker Xpeng posted a wider-than-expected loss as well as weak guidance.

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