Alibaba, Tencent lead Hong Kong tech shares higher after upbeat data on online retail sales in China

Shares of Chinese internet giants jumped in Hong Kong after official data showed better-than-expected October retail sales in the world’s second-largest economy.

Alibaba Group Holding Ltd.
GRANDMA,
+0.79%

9988,
+10.63%

jumped 9.8%, Kuaishou Technology
1024,
+10.71%

jumped 8.7%, Tencent Holdings Ltd.
700,
+10.28%

up 8.0% and Meituan
3690,
+5.88%

has grown by 5.8%. The Hang Seng Tech Index
HSXTCHINDXXX,
+7.08%

gained as much as 7.7% and was last up 6.1%

The sharp rise in the sector came after China’s National Bureau of Statistics reported that online retail sales of physical goods rose 7.2% in the first 10 months of the year. The number, closely watched by investors as an indicator of the country’s consumption trends, outpaced growth of 6.1% in the January-September period.

Jefferies analysts estimated that online retail sales rose more than 15% in October, accelerating from the three straight months of growth below 10% since July.

Write to Yifan Wang at [email protected]

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