Plan to tap demand for German products sends higher in US trade

PUBLISHED : Saturday, 10 October, 2015, 1:36am
UPDATED : Saturday, 10 October, 2015, 1:36am

E-commerce company led the gainers among US-listed Chinese stocks at midday trade in New York on Friday.

It rose 4.2 per cent to US$28, after announcing the launch of “German Mall” on Friday morning to tap growing Chinese demand for “Made in Germany” products.

The online direct sales company said the mall will offer a wide range of authentic German products, and that it has signed strategic agreements with the German Agricultual Society and Beierdorf, German cosmetic brand Nivea’s parent company.

Alibaba shares rose 1.45 per cent to US$68.68 as it announced the opening of its second US data centre in Silicon Valley for its cloud business.

Jumei International, a smaller e-commerce company, was up 1.1 per cent at midday while search engine Baidu gained 1.53 per cent.

In contrast, online travel agent Ctrip was down 1.27 per cent.

The Deutsche X-trackers Harvest CSI300 China A-Shares ETF slid 0.95 per cent to US$33.74, while BlackRock’s iShares China Large-Cap ETF, which invests in a basket of highly capitalised Chinese stocks that trade on the Hong Kong stock exchange, was down 0.80 per cent to US$38.53.