BILI - Alibaba Pinduoduo lead Chinese stock gains following '618' shopping event

Chinese Internet stocks joined in a broad rally across Wall Street Tuesday as much of the sector rose following what was seen as a moderately upbeat assessment of China's consumer sentiment. Over the weekend, China completed what is known as its "618" shopping season which covers the first 18 days of the month of June--hence, the 618 label--and is the country's second-largest consumer shopping event next to its annual Singles Day event that is held in November. It was also China's first such major consumer-related shopping event since the Beijing government locked down a handful of cities and production facilities due to a recent spike in Covid-19 cases in the country. Only so much detail was made public about how the 618 season turned out. However, J.P. Morgan analyst Andre Chang said that the limited data available on the gross market value of goods sold during the period suggested that

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Alibaba, Pinduoduo lead Chinese stock gains following '618' shopping event