NewAlibaba shares rise in New York but rival JD.com falls after acquisition announcements

Shares of Chinese e-commerce giant Alibaba rose 2.51 per cent to US$80.80 at mid-day in New York (midnight Hong Kong time), after it said it would spend 28 billion yuan to buy nearly 20 per cent of Nanjing-based bricks-and-mortar electronics retailer Suning.

Chinese online retailer JD.com slid 6.22 per cent to US$30.08, after it announced on Friday that it expected slower third-quarter year-on-year profit growth compared to the first half. It also announced on Friday that it bought a 10 per cent stake in domestic supermarket chain Yonghui Superstores for 4.31 billion yuan, to leverage its existing network of physical stores to expand its supply chain and offline product offerings.