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Why Jumei Int’l (JMEI) Stock is Spiking Wednesday

NEW YORK (TheStreet) -- Shares of Jumei International (JMEI - Get Report) are higher by 6.09% to $10.97 on Wednesday afternoon, as the rally in the Hong Kong market sends U.S. traded China-based stocks soaring today.

Chinese stocks in Hong Kong hit close to a seven week high as investors are waiting for mainland markets to reopen on Thursday, after being closed for a week long national holiday, Bloomberg reports.

The Hang Seng China Enterprises Index added 4.7% to close at 10,394.79, it biggest close since August, Bloomberg added. The Hang Seng Index grew by 3.1% to $22,515.76 at the close.

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The Hang Seng (H) shares were being driven by the rise in oil prices.

"Over the next week, H shares will stay strong ahead of the fifth plenary session of the Communist Party of China. People may be optimistic that supportive policies will come out," CMB International Securities analyst Daniel So told Bloomberg.

Jumei International is an online retailer of beauty products to...