Alibaba announces service fee for Taobao merchants, boosting Q3 revenue and net income

From Forbes: 2024-07-29 10:08:02

Asian equities had a strong day despite a stronger US dollar; Alibaba announced a 0.6% service fee for merchants on their Taobao site, boosting Q3 revenue and net income. Tencent, CNOOC, and Meituan also gained. Real estate underperformed; Wharf Holdings fell -7.1%. China’s 10-Year Treasury Bond yield hit a 52-week low.

Hang Seng and Hang Seng Tech indexes gained, while Shanghai, Shenzhen, and the STAR Board diverged. The top-performing sectors were Consumer Discretionary, Financials, and Technology. Real Estate and Health Care fell. Southbound Stock Connect saw Mainland investors net $95 million buying Hong Kong-listed stocks. Northbound Stock Connect saw foreign investors selling Mainland stocks.

Join the upcoming webinar on Hedgeye’s risk range signals and a new ETF for US equities. Read the latest article on optimism in Hong Kong amidst a tested rally. Exchange rates show CNY per USD at 7.26, yield on 10-Year Government Bond at 2.16%, and changes in copper and steel prices.



Read more at Forbes: Alibaba’s Monetization Moves The Stock, Domestic Investors Plead “Jia You”