Alibaba Group Holding Ltd. defied the slowdown in China’s economy with sales that climbed by almost a third as the online emporium captured more of the nation’s shift to mobile shopping. Shares surged.
Sales jumped 32 percent to 22.2 billion yuan ($3.5 billion) in the three months ended September, the company said Tuesday, beating analyst estimates. Shares rose as much as 12 percent in pre-market trading as the stock heads for its best month since last year’s initial public offering.
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