By Paul R. La Monica, CNN Business
Chinese consumers were hunting for bargains on Singles Day, the online shopping extravaganza that takes place every November 11 which was originally launched by e-commerce giant Alibaba.
But investors have been betting that Alibaba’s top rival JD.com might be an even bigger Singles Day winner. Shares of JD.com are up nearly 17% in the past three months, while Alibaba has fallen almost 15% during the same time frame.
Beijing has been cracking down on Alibaba as of late, along with other top techs such as WeChat owner Tencent and search giant Baidu. Regulators have gone after these companies over antitrust and data protection concerns.
JD.com has mostly avoided the glare of the Chinese government so far, and investors are betting that it will continue to stay out of trouble with regulators.
The company had also already released solid sales figures for Singles Day promotions that begin earlier this month. JD said Thursday that its overall gross merchandise value (GMV) during the first eleven days of November soared nearly 29% from the same period last year to hit a new record.
Shares of JD.com surged nearly 8% in midday trading in New York on Thursday.
And it looked like most other Chinese e-commerce companies enjoyed a solid Singles Day.
Alibaba was up more than 3%. The company said Thursday that Apple and beauty products L’Oreal posted strong sales, helping to lift overall GMV for Alibaba…even though growth was slower than a year ago.
Pinduoduo, a smaller Chinese online retailer, was up about 7% too.
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