Alibaba Tencent online retail sales ChinaAlibaba Tencent online retail sales 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 Tencent online retail sales China

Alibaba Group Holding Ltd.


jumped 9.8%, Kuaishou Technology

jumped 8.7%, Tencent Holdings Ltd.

up 8.0% and Meituan

has grown by 5.8%. The Hang Seng Tech Index

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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