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.