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.
BABA
HK:9988
jumped 9.8%, Kuaishou Technology
HK:1024
surged 8.7%, Tencent Holdings Ltd.
HK:700
rose 8.0% and Meituan
HK:3690
was up 5.8%. The Hang Seng Tech Index
XX:HSXTCHINDXXX
has gained as much as 7.7% and was last up 6.1%
The sector’s sharp upturn came after China’s National Bureau of Statistics said 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 a 6.1% rise in the January-to-September period.
Jefferies analysts estimate that online retail sales grew more than 15% in October, accelerating from the three consecutive months of below-10% growth seen since July.
Write to Yifan Wang at [email protected]
