(Yicai Global) Aug. 18 -- JD.Com’s shares rose after China’s second-biggest online retailer reported a 34 percent year-on-year increase in second-quarter revenue, the snappiest pace of growth in 10 quarters.

The company’s Hong Kong-listed shares [HKG:9618] jumped 9.5 percent today to close at HKD265.60 (USD34.27), after touching a 52-week high of HKD266. In pre-market trading in New York, its stock price [NASDAQ: JD] traded at USD68.35, a 2 percent gain, as of 4.58 a.m. local time.

Net revenue at JD.Com was CNY201.1 billion (USD28.5 billion) in the three months ended June 30, according to the Beijing-based firm’s earnings report released yesterday, the first since its secondary public offering in Hong Kong in mid-June. That was more than the average CNY191 billion forecast by analysts thanks to the June 18 shopping festival, China’s almost three-week long mid-year retail extravaganza that JD.Com initiated in 2004.

“Both the release of pent-up demand and a structural shift of consumer purchasing behavior from offline to online have added to our strong performance in the quarter,” Chief Financial Officer Sandy Xu said on the company’s earnings conference call.

JD.Com laid a solid foundation for the quarterly financial results during the shopping festival relying on its economy of scale, cost controls and higher operating efficiency, Xu said in a press release.

The ranks of the platform’s users are burgeoning along with its robust business growth. The company had 417.4 million annual active customer accounts in the 12-month period to June 30, rising 30 million quarterly and up 30 percent from a year earlier to an 11-quarter high, per the report.

In the first quarter, net revenue was CNY146.2 billion amid the Covid-19 pandemic, boosted by JD.Com’s self-operated logistics, up 21 percent from a year earlier and better than market expectations.

Editor: Ben Armour