On May 18, Tencent, China’s leading social media and video game company, announced its 2022 first-quarter results. This news triggered a selloff of Tencent’s and other tech companies’ shares as the company missed the market expectation of its earnings by 4%. Investors were already expecting poor results, but the revelation of a 51% decline in its profit for shareholders came as a big disappointment. Tencent’s subpar performance re-ignited the debate over whether China’s crackdown on its tech giants was coming to an end.