Alibaba Shares Jump As Chinese E-Commerce Giant Posts Record TransactionsAlibaba’s stock jumped in Hong Kong after the Chinese e-commerce giant reported
record transactions on its digital platform even as the resurgence of Covid-19 infections battered the world’s second-largest economy.
The company — which counts Japanese billionaire Masayoshi Son’s SoftBank as its biggest shareholders — said
net profit in the full year ended March 31 dropped to 62 billion yuan, the lowest in five years, from 150.3 billion in the previous year. Still, Alibaba shares jumped more than 12% in morning trading in Hong Kong, continuing its rebound from record lows seen in March.
Gross merchandise value on the group’s e-commerce platform climbed to a
record 8.3 trillion yuan for the year from 7.5 trillion yuan, driven by strong demand from Alibaba’s 1.3 billion active users across China and international markets. The surge in transactions helped drive the firm’s full year revenue 19% higher to 853 billion yuan.
