HomeBusiness & MoneyAlibaba, Tencent, lead Hong Kong tech stocks higher after upbeat China online...

Alibaba, Tencent, lead Hong Kong tech stocks higher after upbeat China online retail sales data


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,
+0.79%

9988,
+10.06%

jumped 9.8%, Kuaishou Technology
1024,
+9.65%

surged 8.7%, Tencent Holdings Ltd.
700,
+9.75%

rose 8.0% and Meituan
3690,
+5.81%

was up 5.8%. The Hang Seng Tech Index
HSXTCHINDXXX,
+6.49%

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 yifan.wang@wsj.com



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