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Follow Us Spurs E-Commerce Rally on Mobile Revenue Outlook

(Corrects to remove sales reference in third paragraph.)

June 6 (Bloomberg) -- Inc., China’s second-largest e-commerce site, rose to a record in New York amid signs a push into social media by the nation’s online retailers is bolstering revenue. advanced 5.1 percent in New York for a 36 percent surge since its initial public offering last month. Vipshop Holdings Ltd., a web retailer of discounted fashion goods, jumped to the highest since March. The Bloomberg China-US Equity Index climbed 0.9 percent to 102.31. NQ Mobile Inc. slipped after surging 31 percent on June 4 following its announcement that an internal probe didn’t turn up any evidence of the fraud alleged by short seller Muddy Waters LLC.

A new direct entry link to in the Chinese version of Tencent Holdings Ltd.’s social media application WeChat has produced daily transaction volumes eight times that of a separate link that takes two clicks to access, according to a company press release. Tencent, which bought 15 percent of in March, has 400 million monthly active users on WeChat. Underwriters for online beauty product seller Jumei International Holding Ltd.’s May initial offering exercised their option to buy an additional 1.6 million shares.

“’s sales data is proof that popular social media platforms like WeChat can indeed help e-commerce companies make money,” Henry Guo, an analyst at JG Capital, said by phone from San Francisco. “Online shopping is really hot in China, so companies like, Jumei, etc. are doing well as they are dominant players in certain segments.”

ETF Rebounds

The iShares China Large-Cap ETF, the largest Chinese exchange-traded fund in the U.S., added 0.8 percent to $37.44, rising after the biggest drop in a month. The Standard & Poor’s 500 Index rose 0.7 percent to a record as the European Central Bank announced measures to counter deflation and investors awaited today’s employment report.’s American depositary receipts rallied to $25.78, the biggest gain in a week. Active users of the company’s mobile app quadrupled from a year ago, according to the report on Sina’s website. raised a larger-than-expected $1.78 billion in its May 21 IPO.

Vipshop, based in Guangzhou, surged 6.3 percent to $175.99, the highest level since March 6. Trading volume surged to 1.7 million ADRs, almost double the average level over the past 10 days, data compiled by Bloomberg show.

Jumei climbed as much as 7.4 percent before closing up 0.9 percent to $28.35, halting a two-day decline. The stock has gained 29 percent since it started trading in New York on May 16.

NQ Slips

NQ, a Beijing-based mobile-service provider, dropped 1.5 percent to $9.84, retreating from a three-week high reached after the company said that an investigative team found no evidence it engaged in the fraud and that its cash balances were ‘verifiable and consistent with public disclosures.’ Volume was more than three times the 90-day average.

21Vianet Group Inc., China’s largest independent web data-center operator, soared 5.3 percent to $26, rising for the first time this week. The Beijing-based company hired Barclays Plc to arrange a series of meetings with bond investors starting today for a yuan-denominated offering, according to a person familiar with the matter who asked not to be named because the details are private.

The Hang Seng China Enterprises Index, also known as the H-share index, climbed 0.5 percent to 10,364,58 yesterday, while the Shanghai Composite Index added 0.8 percent to 2,040.88, rising for the first time in a week.

To contact the reporter on this story: Belinda Cao in New York at

To contact the editors responsible for this story: Nikolaj Gammeltoft at Marie-France Han, Richard Richtmyer

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