Chinese retail sales grew by 4.8% year-on-year in October picking up from September’s 3.2% growth, as per the National Bureau of Statistics on Friday. That annual retail sales forecast exceeded the 3.8% growth precited by a Reuters poll.

What Happened: The robust growth in Chinese retail sales in October was fueled by the monetary stimulus measures that the People’s Bank of China unveiled in the latter half of September as a last-ditch effort to revive the country’s struggling economy.

The share price of the top three Chinese e-commerce players, Alibaba Group Holding Limited BABA, PDD Holdings PDD and JD.com JD were in red in Hong Kong on Friday.

Meanwhile, Alibaba Group Holding‘s American Depository Receipts BABA have plunged by 11.90% over the last month, according to Benzinga Pro data. PDD Holdings PDD and JD.com JD ADRs have declined by 13.10% and 18.93%, respectively. The shares have underperformed their index, as the NYSE Composite rose by 0.28%, while the Nasdaq Composite advanced by 4.32% in the same period.

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Why It Matters: The Chinese stimulus is aimed at stimulating spending and investment in an economy that’s been suffering from weak demand and a cooling property market. The measures also include a stimulus package of around 1 trillion yuan, or more than $140 billion, in liquidity.

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