Economics
Easing Alibaba Concern Helps Vipshop Surge to Record
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Chinese online fashion retailer Vipshop Holdings Ltd. rose to a record in New York as concern waned that Alibaba Group Holding Ltd. will lure investors away from smaller rivals.
Vipshop surged 4.3 percent to $229.29 on Oct. 31, capping an 11-week stretch that saw the company’s American depositary receipts lose 26 percent of their value leading up to and immediately after Alibaba’s $25 billion initial public offering, before rallying 34 percent to an all-time high. The Bloomberg index of the most-traded Chinese stocks in the U.S. rose 1.4 percent for a 3.3 percent advance in October.