Tech Insider: More Sluggish Tech Earnings, Foxconn Plans Malaysia Chip Plant 

Welcome to Caixin’s Tech Insider, your twice-weekly wrap on the movers, shakers and deal-makers in China’s tech scene.

Tencent, Xiaomi report lackluster earnings

Tencent Holdings Ltd. and Xiaomi Corp. lost steam in the first quarter as Covid-19 lockdowns continued to weigh on businesses.

In the three months through March, Tencent’s net profit attributable to shareholders plummeted 51% year-on-year to 23.4 billion yuan ($3.46 billion), on basically flat revenue of 135.5 billion yuan, according to its Wednesday financial report.