Investors rushing back into Chinese technology stocks on recent market upgrades face a pitfall in the form of weak corporate earnings. The latest results from Tencent Holdings and JD.com show it may still be a falling-knife market. The two industry stalwarts missed the market consensus by a wide margin in their first-quarter performance, with the full brunt of lockdowns in Shanghai and economic toll yet to be accounted for. That’s an ominous sign for Meituan and Alibaba Group Holding, which will issue their report cards this week. China’s hardline zero-Covid strategy in tackling the Omicron infections suggests President Xi Jinping...