Agencies and staff reporter

Chinese tech giant Alibaba (9988) saw a 53 percent growth year-on-year in its net profit for the nine months ended December, powered by strong year-end shopping sales and the success of its strategy to attract cost-conscious consumers.

Net profit for the first three quarters was 117.09 billion yuan (HK$125.02 billion), compared to 76.47 billion yuan in the same period of 2023, according to a filing with stock exchange.

The Hangzhou-based e-commerce firm generated revenue of 759.89 billion yuan over the nine months, up 5.46 percent from 719.29 billion yuan a year ago.