Alibaba Group Holding Limited (NYSE:BABA) shares are trading higher Wednesday due to upbeat results posted by the Chinese tech companies this week despite investor concerns.

Baidu, Inc (NASDAQ: BIDU) reported a first-quarter FY23 revenue growth of 10% year-on-year to $4.535 billion Tuesday, beating the consensus of $4.310 billion. Baidu's Core revenue increased 8% Y/Y to $3.35 billion

Revenue from IQIYI, Inc (NASDAQ:IQ) increased 15% Y/Y to $1.22 billion Tuesday, beating the consensus of $1.15 billion.

Also, Tencent Music Entertainment Group (NYSE: TME) reported first-quarter revenue growth of 5.4% year-over-year to $1.02 billion Tuesday, beating the consensus of $985.62 million.

Online music service revenues grew by 33.8% Y/Y to $510 million. Revenues from social entertainment services and others decreased by 13% Y/Y to $510 million.

On Wednesday, Tencent reported an 11% topline growth to 149.98 billion yuan ($21.70 billion) for the three months ended March 31, topping the 146.09 billion yuan consensus. 

Net profit rose 11% to 25.83 billion yuan, missing the 29.67 billion yuan consensus, Reuters reports. Domestic gaming revenue gained 6% to 35.1 billion yuan, while international gaming revenue rose 25% to 13.2 billion yuan.

Also, this week, Dan Loeb's Third Point ramped up its stake in Alibaba.

Price Action: BABA shares traded higher by 2.16% at $90.67 on the last check Wednesday.

Photo by  Rico Shen via Wikimedia