Chinese technology shares leapt on Friday after the country’s largest internet groups beat first-quarter earnings estimates despite the damage caused by Beijing’s zero-Covid policy and widespread lockdowns in the world’s second-biggest economy.

Hong Kong-listed shares of Alibaba surged more than 12 per cent after the ecommerce group reported revenues had risen 9 per cent year on year in the first three months of 2022 to Rmb204bn ($30bn). The stock rose a day after Alibaba’s New York-listed shares soared more than 14 per cent to close at $94.48, despite the company warning that logistics and supply chain disruptions caused by the lockdowns would hit income.

The robust performance bolstered sentiment across the sector, which has been subjected to a punishing regulatory crackdown over the past 12 months.