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Alibaba’s Hong Kong stocks plummeted 10 percent on Friday, a day after the Chinese e-commerce giant forecast that annual sales will grow at the slowest rate since its 2014 debut.

The company’s New York-listed shares fell more than 11 percent on Thursday.

Alibaba’s second quarter results fell short of expectations due to slowing consumption, increased competition and regulatory crackdowns.

The group on Thursday reported an 81 percent decline in net income to $ 833.5 million in the third quarter, missing a Bloomberg consensus estimate of $ 3.76 billion.

Revenue rose 29 percent to $ 31.4 billion in the three months to September compared to the same period last year and missed analysts’ forecasts of $ 32.3 billion.

Chinese buyers have become more cautious on spending, in part due to new Covid-19 outbreaks. In addition, Beijing cracked down on technology companies, citing antitrust and national security issues.

Alibaba CEO Daniel Zhang said increasing competition and declining consumption in China were the main drivers of weaker growth.

Maggie Wu, Alibaba’s chief financial officer, told analysts that competitors “have increased investment to attract users and show high levels of spending”.

Another Chinese tech giant, Tencent, saw its slowest sales growth last week since it went public in 2004.

Alibaba’s competitors have lured lower-cost merchants away from its Taobao e-mall business, but Barclays analyst Thomas Chong said Taobao remains an attractive platform.

“Domestic consumption, globalization and the cloud continue to advance, with Taobao being the destination for consumers with different preferences,” he said.

Chong said Alibaba has also made “solid strides” on a number of initiatives, including attracting an increasing percentage of new consumers from lower-city cities.

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