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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.


jumped 9.8%, Kuaishou Technology

surged 8.7%, Tencent Holdings Ltd.

rose 8.0% and Meituan

was up 5.8%. The Hang Seng Tech Index

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

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