Chinese technology shares jump as Alibaba sales exceed forecasts

E-commerce company's revenues rise 9% to 204bn yuan despite weakening economy

Chinese technology shares jumped after strong results from internet companies, including better-than-expected sales at the e-commerce firm Alibaba despite an economic slowdown driven by Beijing's Covid-19 lockdowns.

The Hangzhou-based company beat analysts' forecasts with its sales and profit figures for the first quarter despite a weakening economy, and it did better than local rivals such as Tencent. Revenues rose 9% to 204bn yuan (24bn) in the first three months of the year.