Alibaba Group Holding Ltd - ADR BABA, Baidu Inc BIDU, Bilibili Inc - ADR BILI, JD.Com Inc JD and Pinduoduo Inc - ADR PDD are all seeing marked strength Tuesday afternoon. Shares of Chinese companies are trading higher amid multiple recent catalysts including the Biden-Xi G20 meeting, property sector support and lighter-than-expected US inflation data.
Additionally, a report released by the National Bureau of Statistics also showed online retail sales continued to increase and its contribution to overall retail sales also improved.
The NBS report showed online retail sales rose 7.2% year-over-year in the Jan-Oct period, faster than the 6.1% growth in the Jan-Sept period.
This report should bode well for Alibaba, JD and Pinduoduo, which are major players in the ecommerce industry.
According to data from Benzinga Pro:
- BABA is trading higher by 11.94% to $79.85
- BIDU is higher by 10.40% to $100.96
- BILI is higher by 28.57% to $16.56
- JD is higher by 7.87% to $54.85
- PDD is higher by 9.93% to $71.88
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