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Alibaba’s revenue growth was supported by higher mobile online purchases. Photo: Reuters

New | China’s Alibaba rallies after third-quarter results beat expectations

E-commerce giant report a better-than-expected 32 per cent rise in sales

ERIC NG

Shares of Alibaba Group Holding surged 4 per cent to US$79.50 at midday on Tuesday in New York after the mainland e-commerce giant reported a better-than-expected 32 per cent rise in sales growth in the three months to September 30.

The revenue growth, supported by higher mobile online purchases, was despite the further slowdown of the mainland's economic growth in the quarter.

Qunar and Ctrip.com International had divergent performances after seeing sharp gains following the two firms’ Monday announcement of a share swap and business partnership that would create China’s largest online travel services provider.

Qunar, a Chinese travel search engine operator controlled by Baidu, gained 14 per cent to US$48.65, while rival Ctrip, the nation’s biggest online travel agency, declined 2 per cent to US$89.

Meanwhile, Baidu, which will become the majority shareholder of Qunar after the merger, gained 3.1 per cent to US$171.4, extending Monday’s rally.

Meanwhile, the Deutsche X-trackers Harvest CSI300 China A-Shares ETF slid 0.51 per cent to US$35.74, despite the Shanghai Composite Index ended 0.14 per cent higher on Tuesday.

The iShares China Large-Cap ETF tracking Hong Kong-listed Chinese shares declined 0.94 per cent to US$39.1, after the Hang Seng China Enterprises Index dropped 0.31 per cent on Tuesday.

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