Hong Kong Stock Market News | Alibaba rises more than 5%, institutions point out that overseas expansion is still the driving force for long-term revenue and profit growth of e-commerce platforms.
Alibaba rose more than 5%, as of the time of writing, it rose 4.89% to HKD 68.65, with a turnover of HKD 2 billion. In terms of news, according to the National Bureau of Statistics, China's online retail sales of physical goods reached RMB 15.4 trillion/13.0 trillion in 2023, with a YoY growth of 11.0%/8.4%. Based on the data, the YoY growth of online retail sales of physical goods/social consumer goods retail sales in December was 9.4%/7.4%, corresponding to a two-year CAGR of 6.8%/2.7%, which is a rebound from the 4.3%/1.8% two-year CAGR in November. Looking ahead to 2024, CMB International expects a moderate recovery in consumption. The bank predicts that online retail sales will grow by 6.8% YoY, supported by a 5.3% YoY growth in total retail sales of consumer goods. The growth rate of virtual goods online retail sales may continue to outpace that of physical goods. For e-commerce platforms, high-quality growth in domestic business will remain a key theme, while overseas expansion will continue to drive long-term revenue and profit growth. The bank maintains a "buy" rating on Alibaba.
Zhitong App learned that Alibaba (09988) rose more than 5%, as of the time of publication, it rose 4.89% to HKD 68.65, with a turnover of HKD 2 billion.
On the news front, according to the National Bureau of Statistics, China's online retail sales of physical goods reached RMB 15.4 trillion/13.0 trillion in 2023, with a year-on-year growth of 11.0%/8.4%. Based on the data, the year-on-year growth of online retail sales of physical goods/social consumer goods retail sales in December was 9.4%/7.4%, corresponding to a two-year CAGR of 6.8%/2.7%, which rebounded from the 4.3%/1.8% two-year CAGR in November.
Looking ahead to 2024, CMB International predicts a moderate recovery in consumption. The bank expects online retail sales to grow by 6.8% year-on-year, supported by a 5.3% year-on-year growth in total retail sales of social consumer goods. The growth rate of virtual goods online retail sales may continue to outpace that of physical goods online retail sales.
For e-commerce platforms, high-quality growth in domestic business will remain a key theme, while overseas expansion will continue to drive revenue and profit growth in the long term. The bank maintains a "buy" rating on Alibaba.