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Vipshop (VIPS) Stock Soaring in U.S. as Hong Kong Market Rises

NEW YORK (TheStreet) --Shares of Vipshop Holdings (VIPS - Get Report) are higher by 2.80% to $19.08 in midday trading on Wednesday, as some U.S. traded China-based stocks rally as the Hong Kong market closed up today.

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

Vipshop is a Guangzhou-based holding company that operates as an online discount retailer for brands in China.

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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.

The 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...


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